ICICI Direct suggests buying this PSU bank stock for 3 months, check target and stop loss

On Friday, June 14, Indian benchmark indices ended on a positive note on June 14 with Nifty hitting a fresh record high. The Sensex was up 181.87 points or 0.24 per cent at 76,992.77, and the Nifty was up 66.70 points or 0.29 per cent at 23,465.60.

The stock market will be closed for trading on Monday, June 17, in honour of Bakri Eid. This closure comprises all segments, such as stocks, derivatives, and SLBs. Normal trading will resume on Tuesday, June 18, according to BSE's official website.

However, the market will resume on Tuesday, June 18.

Also Read: Eid-ul-adha 2024: Stock market to remain closed on June 17 for Bakri Eid

Meanwhile, Brokerage ICICI Direct has suggested buying this PSU bank stock to add to your portfolio for three months. Let's take a look at the target price and stop the loss of the stock.

PSU Bank stock to buy

ICICI Direct has recommended buying State Bank of India (SBI) shares for around three months. 

SBI: Share price target 

The brokerage suggested to buy in the range of Rs 825-845. It has given a target price of Rs 945 each and a stop loss of Rs 788.

Zee Business analyst Kushal Gupta suggests investors buy PSU bank SBI stock for one year. Gupta has given a target price of Rs 1,000 per share. The target implies an upside of almost 20 per cent from Tuesday's closing price.

SBI Q4FY24 results

For the January-March period, the bank posted a standalone net profit of Rs 20,698.35 crore. In the corresponding period a year ago, the bank reported a net profit of Rs 16,694.51 crore.

Net Interest Income (NII) at the lender grew by 3.13 per cent on year to Rs 41,655 in the March-ended quarter as against Rs 40,393 crore in the same quarter of the previous fiscal year. Read more 

SBI share price history

The stock has given good returns in the last one year. The stock gained over 45 per cent in a year. The stock has shown a rise of 35 per cent in the last six months. The return in three months was 13 per cent. The stock has given returns of about three per cent in the last one month. The 52-week high of the stock on BSE is 912.1 and the low is 543.2. The market cap of the company is more than Rs 7,49,845 crore.