SBI share price today: What to do with this stock? This expert has the answer

SBI share price today: The stocks of State Bank of India (SBI) continue to have a positive outlook according to Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking. He said that this counter is looking strong on the technical charts. 

The AVP said that SBI shares, Nifty and Bank Nifty – all three have filled their runaway gaps respectively. This stock has a strong support around Rs 357 – a low that was achieved by this stock on an intraday basis on Friday, Jain said. The SBI stocks have shown two-way trade over the last 8-10 trading sessions. 

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Investors who have a long position on the SBI stocks can stick with this view. The positional medium term view on this stock is also “good” Jain said. The trend for investors is positive he said. 

For traders, the strategy is to hold the stock with a stop loss at Rs 355 as the stock is likely to see a pull back in the near term, Jain said.  

The immediate target price is around Rs 385, this technical analyst said.  

He said that the trend is positive and this stock could see a bounce back till levels around Rs 385.    

From the highs of Rs 427.70 made by the State Bank of India (SBI) on 18 February 2021, the stock has corrected by almost Rs 60 in the last four weeks. Any price correction should be seen as a 'buy on dip opportunity', Jain said.  

The SBI shares are currently under some consolidation, Jain had said adding that the investors should not be too worried about recent correction as this is a gradual decline. It can be seen as a healthy correction. He said that the SBI stock has seen a rally from levels around Rs 260 till 420. There was no healthy correction during its journey, Jain said.    

The SBI stock is well positioned to attain its positional medium term target of Rs 450.  

 The 52-week low is Rs 149.45 which was achieved on 22 May 2020.  

SBI Share Price – Fundamental Analysis     

- Kotak Securities maintains Buy. In its report of 5 February 2021, it estimated over 26 per cent upside.  

- Puts Target Price at Rs 450