SBI share price may gain momentum, says Anand Rathi Securities's Nilesh Jain
SBI Share Price Today: Investors should not take a short-term view of SBI shares. The stock may benefit from the post-Budget 2020 announcement. SBI share price has appreciated over a week period
SBI Share Price Today: Though public sector banks, including the largest state-run lender the State Bank of India (SBI) has been in red for quite some time and has been underperforming for quite some time, investors should take a medium-to-longterm view of the stock, Technical Analyst Nilesh Jain of Anand Rathi Securities has recommended.
SBI share price has appreciated by almost Rs 7 over a week period.
Jain said that those investors who are willing to invest in SBI shares need not be worried because of the current stock performance. Jain said that he does not see a flurry of activity in the stock in the near term but definitely believes that going forward the stock would gain momentum and take off.
Jain said that SBI is not the only PSU bank stock that is not doing well - others were underperforming too.
According to Jain, the Stop-Loss for SBI share price is around Rs 302-Rs 303. It has major support around this level. The stock is currently hovering around Rs 315, the risk and rewards for SBI shares should be gauged by investors in the long-term. If the stock goes down below the Rs 300 levels, it could be termed as asymmetrical cycle breakdown. Then investors should expect a 10% correction from those levels.
Jain said that 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 price.
SBI share price today was trading around Rs 320, down by almost 1.3% on Sensex from Friday's close.
The shares of India's largest lender today opened at Rs 320.70. SBI stocks attained an intraday- high of Rs 321.45 while touching the lowest point at Rs 313.45.
At around, 11:20 am, 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%.
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The 52-week adjusted high of SBI stock was 373.70 on 18 July 2019 while 52-week adjusted lowest point of Rs 244.35 om 19 October 2019.
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