SBI share price NSE: Analyst remains bullish; puts target price at Rs 450 in next 2-3 months

SBI share price today: After crossing a major resistance level of Rs 365, the State Bank of India (SBI) stock is now positioned well to achieve its next target price of Rs 450, Technical Analyst Nilesh Jain of Anand Rathi Securities said. The SBI stock has been seeing a great run and Jain said that he remains bullish on this counter. 

At 11:47, SBI share was trading around Rs 400, a target price which was given by Jain on 3 February. It was up by almost 1.7 per cent from the previous close on Friday. This stock has already touched Rs 408.35 on 5 February 2020, which is also its 52-week high level.  

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The SBI stock continues to look strong on the technical charts, Jain said. He said that the levels around Rs 450 are expected to be achieved in next 2-3 months and the way this stock has been going, the investors may well see it even before. The positional medium term target is Rs 450 while the long term target is Rs 500, he added.   

Jain said that SBI is a stock to bet on from short term positional medium term and long term perspective. The SBI stock is looking very strong on the technical charts and it is heading towards its lifetime high of Rs 365 achieved in 2019. He said that he expected a big break out in this stock.  

Jain said that the breakout from Rs 365 has been decisive and has come with good volumes. It came with a rectangle pattern breakout of 10 years, Jain further said.  

He said that a 10-year consolidation was previously seen in Reliance Industries stock, which traded in a range between 2009 and 2017. The moment it came out of that range, the prices have moved from Rs 600 to round Rs 2000.  

The 52-week low is Rs 149.45 which was achieved on 22 May 2020.