SBI share price has been trading sideways in the range of Rs 160 on the lower side to Rs 190 on the upper side. In the last one month’s trading sessions, SBI shares have made a low of Rs 172.90 per stock levels while in the same period, it has made high of Rs 192.45 pr stock levels. Stock market experts are of the opinion that public sector bank stocks are under pressure and SBI being a PSB stock is expected to showcase any trend only when it breaks either side of the range in which it is trading currently for the last one month.
Speaking on the SBI share price, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “SBI share price is trading range-bound and its lower range is Rs 160 per stock while its upper range for the last one month is Rs 190. Bullish or bearish trend in the stock can become visible only when the counter breaks either side of the range.” Singre said that SBI is a PSU stocks and majority of the PSU banks are feeling the heat these days. So, the numbers given on both sides of the range has to be kept in mind if someone is interested in buying of selling of the SBI shares.
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Highlighting the risk involved in banking stocks, Prakash Pandey, MD & CEO at Plutus Advisors said, “PSU stocks are good for investors but nor for traders or short-term investors. For an investor, PSU Banks have always remained favorites and SBI being the largest Indian commercial bank heads the list of favorite PSU banking stocks.” He said that the fundamentals of the stocks are still intact. In fact, it has emerged stronger during the COVID-19 pandemic and announced various measures to help its customers. Pandey said that SBI shares have strong support at Rs 165 to Rs 160 levels while it is facing resistance at Rs 195 to Rs 200. So, an investor must keep these numbers in mind while making any investment decision in the SBI stocks.