SBI share price today: WAIT and WATCH as stock sees profit-booking; Know complete short term strategy here!
SBI share price today: Planning to invest in the State Bank of India (SBI) stock? Wait and Watch before you spend in this stock? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking tells why the current strategy needs some course correction
SBI share price today: Planning to invest in the State Bank of India (SBI) stock? Wait and Watch before you spend in this stock? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking tells why the current strategy needs some course correction.
The SBI stock has been having a dream run of late. This stock is making new highs on a daily basis. It attained its 52-week high on Thursday (18 February) achieving levels at Rs 427.70.
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The SBI stock is well-positioned to attain its positional medium-term target of Rs 450. He had earlier indicated that there could be a small correction and would require a slight change in the strategy.
Today, the SBI stock ended in the red, falling by 2.8 per cent or over Rs 11 on the NSE. The SBI stock closed at Rs 388.30. Jain said that this was because of the profit booking done by the investors/traders.
His advice to those investors who want to make fresh positions on SBI stocks is to wait and watch. He said that the profit booking is being shown across the PSU banks.
The AVP said that there is immediate support on SBI stock at levels around Rs 384. He said that if this level is breached downwards then a runaway gap will open for the stock. This gap will be between Rs 360 and Rs 384.
The downside will open till levels around Rs 360.
SBI Stock Strategy
The AVP recommended buying in this stock on dip. The traders can buy it on dip. The positional target price is between Rs 430-Rs 440. The outlook for positional medium term to long term remains intact, he said.
After crossing a major resistance level of Rs 365, the State Bank of India (SBI) stock is now positioned well to achieve its next target price of Rs 450, Jain had recently said. The SBI stock has been seeing a great run and Jain said that he remains bullish on this counter.
The long term target is Rs 500, he added.
The 52-week low is Rs 149.45 which was achieved on 22 May 2020.
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