SBI share price outlook: While the recent rally in the State Bank of India (SBI) stock, which  catapulted this PSU bank stock to the levels around Rs 230, will be difficult to replicate in the near term, the structure of this counter still remains positive, Technical Analyst Nilesh Jain of Anand Rathi says.  

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Jain said that investors should buy this stock only with a long term view if. As for traders, right opportunities should be seen before buying the SBI stock and profit booking should be done in small bouts. 

The SBI stocks closed on Tuesday at Rs 199.80 on NSE, up over 1.3 from the previous close on Monday.  

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The recent low made by this stock was at Rs 192.50 which was slightly better than the previous low of Rs 191.5. It is making a higher top and higher bottom pattern too. This indicates that a pullback could be expected if it does not breach the Rs 192 mark. The target price in this stock is Rs 210 and Rs 220 in the near term. These levels are still intact, he added. 

The technical analyst said that the PSU bank stocks were not doing well and SBI is the only counter among the PSU bank stocks that the investors can place their bets on. Being an index stock and a public sector heavy weight, only SBI qualifies for investment among other peers. But the strategy will be to sell on every available opportunity.  

He reiterated his position saying that this stock should be bought for investment purposes only if the horizon is big. He said that investors are advised to remain invested for a longer time frame.  

This stock is still trading at a much-discounted price from its previous high of Rs 351, which is also its 52-week high. The SBI stocks hit a 52-weel low of Rs 149.45 in many this year.