SBI share price outlook: The State Bank of India (SBI) stock gained by almost 3.4 per cent today, ending the day at Rs 208.25. This is indicative of a good rally for the stock in the near term, Nilesh Jain of Anand Rathi Securities said. The stock has been a laggard for quite some time rallying at sub 200-levels. 

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Despite looking technically good on the charts, the stock did not see a breakout for far too long, the analyst said. It was facing a cluster resistance zone between Rs 198 and Rs 200. 

In the near term this stock is expected to attain a target price of Rs 215-Rs 220, Jain said. Over the next 3-4 months, this SBI share prices may even go up to Rs 240-Rs 250.  

This stock is still trading at a very 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. 

On the likely triggers would help it gain further momentum, Jain said that, there are no specific indicators as of now. The stock has been missing in action despite a strong market performance. 

He said that the PSU Bank stocks are now poised to do well and since SBI has a big market cap and is one of the index stocks, its outperformance in the PSU Bank space is quite likely. 

This stock is placed well in short term and positional basis, Jain said. 

The ascending triangle break out which looked like coming but did not come for far too long, have come and is expected to sustain. 

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Among other important PSU stocks, the analyst rates Bank of Baroda highly, behind the SBI stock. He said that the stock looks strong on charts. Following these two stocks is the Canara Bank stock, he added.