SBI share price today: The State Bank of India (SBI) shares attained their 52-week high on Tuesday attaining levels at Rs 415.75. This stock is well positioned now to attain its positional medium term target of Rs 450. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the SBI counter remains strong on the charts. 

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The rally is this strong remains strong and SBI stock gained by over Rs 10 in Wednesday trade at Rs 412.90. He said that the short term target of SBI stock is between Rs 430-Rs 440. 

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SBI Stock Strategy 

The AVP recommended buying in this stock on dip. The traders can buy it on dip. He said that the right levels to enter in this stock is Rs 400. He said that the stock opened with a gap on 5 February from levels around Rs 350 to Rs 380. He sees a strong support zone in this range,  

Jain puts the stop loss at Rs 385. The short term target price is between Rs 430-Rs 440. 

SBI Stock – Top triggers 

The senior technical analyst said that the PSU banks have been doing well with SBI, Indian Overseas Bank and Central Bank leading from the front. This segment has been lagging behind for quite a long time, he said adding that the PSU stocks are now moving from being underperformers to outperformers.  

The sentimental impact on PSU Bank stocks is positive now, he further said.       

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, Jain had recently said. The SBI stock has been seeing a great run and Jain said that he remains bullish on this counter.  

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.   

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.