SBI share price today: Strong pull back rally, expert says
SBI share price today and outlook: The State Bank of India (SBI) stock has seen some momentum in the last few trading sessions and had touched a very crucial levels of Rs 197.45 yesterday, Nilesh Jain of Anand Rathi Securities said. This is the third time in the last five months when the SBI stock has tested this level
SBI share price today and outlook: The State Bank of India (SBI) stock has seen some momentum in the last few trading sessions and had touched a very crucial levels of Rs 197.45 yesterday, Nilesh Jain of Anand Rathi Securities said. This is the third time in the last five months when the SBI stock has tested this level. On March it reached a peak of Rs 211 and since then, it has failed to break the 200 barrier.
SBI share price is seeing resistance at this level. There is a cluster resistance zone between Rs 198-Rs 200. The technical analyst said that on 8 June the stock attained Rs 197.5. On Wednesday, the prices returned after being almost there.
He however, said that the chart looks much better now as the stock has seen a pullback rally. SBI stock could reach a target price of Rs 215-RS 220, if this cluster resistance zone is breached.
He further said that the stock could reach Rs 250 in no time if this barrier is broken. After a break out, the stock may reach this level within two months. He feels that it will require a strong trigger to go past the Rs 200 mark.
The thing which works for this stock is that it has seen a significant correction of Rs 125 and downward movement is unlikely. The stock has a very strong support zone at Rs 170.
He said that the downside is capped as most of the factors have been accounted, including the likelihood of NPAs.
The stock was trading close to Rs 195.35 today around 1:50 pm, up by over 1.7 per cent on the Sensex from the previous close on Wednesday.
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The SBI stock has traded in a big range over a 52 week period. While, it attained a high of Rs 373.70, the 52-week low of the stock is at Rs 149.55.
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02:33 PM IST