SBI share price today: Stock ready to make new HIGHS after some consolidation ! On course to reach Rs 450 in just 2 weeks
SBI share price today: After making a lifetime high of 427.70 on 18 February 2021, SBI share price has seen some correction. On Thursday, at 1:30 pm, SBI was trading at Rs 409.85 on the NSE, gaining almost 0.8 per cent from the previous close on Wednesday. The stock is now ready to achieve its positional medium target of Rs 440 given by Technical Analyst Nilesh Jain, earlier
SBI share price today: After making a lifetime high of 427.70 on 18 February 2021, the State Bank of India (SBI) share price has seen some correction. On Thursday, SBI share price, at 1:30 pm, was trading at Rs 409.85 on the NSE, gaining almost 0.8 per cent from the previous close on Wednesday. The stock is now ready to achieve its positional medium target of Rs 440 given by Technical Analyst Nilesh Jain, earlier. He said that SBI share price is ready to make fresh highs.
Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that SBI share is moving strongly on the technical charts and is all set to reach levels around Rs 440. He expects these levels to be achieved within a fortnight. He puts the stop loss at Rs 385.
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For people who already have SBI stock can continue to hold it, he said. For investors who have a long term perspective on SBI share price can also continue to hold it. He said that the target price is Rs 500 for such investors.
At the time of consolidation, Jain had recommended a wait-and-watch strategy in SBI stock.
Investors who want to take fresh positions in SBI shares should buy on dips. The right levels to enter the markets is around Rs 385, he said.
Another thing that works for SBI share is the current momentum in the PSU bank stocks, Jain said.
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.
The AVP said that there is a strong support on SBI stock at levels around Rs 385. 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.
The 52-week low is Rs 149.45 which was achieved on 22 May 2020.
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