SBI Cards Share Price: Shares of SBI Cards and Payment Services Ltd, NSE: SBICARD, traded lower today, December 23, amid heavy selling pressure in the benchmark indices -- Sensex and Nifty50. The stock opened in green at Rs 788.45 on NSE but succumbed to the weak sentiment in the domestic market. At 12:10 PM, the counter traded at Rs 775 apiece, down by 1.50 per cent.

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Global Brokerage firm Morgan Stanley has recommended an 'overweight' rating on the stock with a target price of Rs 1100. It noted that the credit card company continued to gain market share in cards in force, with 30 per cent share in incremental cards and 17 basis point month-on-month uptick in outstanding cards in force.

"Spends market share marginally improved month on month to 18.3 per cent in November, YTD market share maintained at 18 per cent," the report added.

Another global firm Macquarie in its report maintained an 'outperform' rating with a price target of Rs 1200.

Ravi Singh, VP and head of research, Share India, said that SBI Cards share price is currently witnessing profit booking and may test Rs 750 in short term. On technical setup, reverse cup and handle pattern is formed on daily chart. 

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"Investors may take a short position at the current level for the target of 750 levels," he said.

Shares of SBI Cards have delivered a negative return of 15 per cent in 2022 so far. The stock has gained 7 per cent in past 6 months.

At the current level, the company has a market cap of Rs 74,000 crores. The stock's 52-week range is Rs 1,028.65 - Rs 655.70.

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