SBI share price outlook: After a great rally in State Bank of India (SBI) stock which catapulted the share price to around Rs 230, the stock has seen some correction. It is likely to see some more correction, Technical Analyst Nilesh Jain of Anand Rathi Securities said. He, however, maintained that the structure of this stock on technical charts still looked quite positive and he expected a bounce back to the above levels.

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This level could be achieved in a one-month period, Jain said. The stock is currently in a consolidation phase, he added. The SBI stocks were trading at Rs 213.90 on NSE, down by over 1 per cent, minutes before the closing of the markets.

He said that there is a strong support zone of around Rs 210. Even if it falls to Rs 205, the trend still remains on the upside. This stock has been making higher tops and higher bottoms. It has made a higher top and now to make a higher bottom, it will have to come down from the current levels.

In the recent times, this stock reached the levels around Rs 200 at least 3-4 times before seeing a breakout. Every time it managed to break its previous highs and previous bottoms.

Calling it a remarkable feat, Jain said that the stocks have recently seen a break out after languishing below the Rs 200 mark for a long time. The breakout has opened an upside for this stock, he further said.

Any negative trend is likely to happen at levels round Rs 193, he said adding that till the time this does not happen, the stock is in a safe zone.

Jain has a long term view on this stock and investors can hold on to the stock.

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.