Have SBI shares? Want to know about price performance in the future? Check this
Investors willing to invest in SBI stocks need to take a long term view on the stock instead of looking for gains in a near to medium term
Investors willing to invest in SBI stocks need to take a long term view on the stock instead of looking for gains in a near to medium term, Technical Analyst Nilesh Jain of Anand Rathi Securities has recommended. Jain reasoned that most of the public sector stocks including the SBI have been underperforming because of a variety of reasons.
According to Jain, the Stop-Loss for SBI share price is around Rs 302. It has major support around this level. He said that at current levels hovering around Rs 315, the risk and rewards for SBI shares could be gauged in the long term. If the stocks go down below the Rs 300 levels, it could be termed as asymmetrical cycle breakdown. The investors should expect a 10% correction from those levels.
Jain said that the capital infusion by the government at regular intervals has a temporary bearing on the stock but that does not impact the stock over a long period.
Jain was hopeful that the government would bring some positive changes in the upcoming Budget 2020, that could lift the stock prices. But the impact will be seen over a longterm period.
SBI's shares today ended the day at Rs 313.95, down by almost 1.3% on the Sensex from Friday's close. On Friday, the SBI stock prices ended at Rs 318.
See Zee Business Live TV Streaming Below
The stocks of India's largest lender today opened at Rs 320.70. The SBI stocks attained an intraday- high of Rs 321.45 while touching the lowest point at Rs 313.45.
The SBI stock quantity that traded today was 6,22,800 meanwhile the deliverable quantity (Gross across client level) stood at 253,352. The percentage of deliverable quantity to Traded Quantity was at 37.85%.
The SBI stock reached the highest peak of Rs 335.25 while the lowest point of Rs 310.65 over a week period.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.