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Home > Stock Market > SBI share price outlook: No strong indicators now to breach 200 mark, expert says

SBI share price outlook: No strong indicators now to breach 200 mark, expert says


SBI share price outlook: The State Bank of India (SBI) stock has failed to breach the Rs 200 mark at least on four occasions since April creating a big barrier for this PSU stock, technical analyst Nilesh Jain of Anand Rathi Securities said.

The stock, which was trading close to Rs 178.75 today around 2:20 pm, is exhibiting tendencies for a further slide, he said. Today the SBI stocks were down by over 3 per cent on the Sensex from the previous close on Friday.

Jain said he sees a downside for the stock at Rs 160 with an immediate support around Rs 169.

He further said that the stock could reach Rs 250 very soon if this barrier is broken. After a break out, the stock may reach this level within two months.  He however feels that it will require a strong trigger to go past the Rs 200 mark, which under current circumstances, is not likely to happen. There are still no strong indicators as of now to catapult the stock, Jain said.

Though, the stock’s position looks consolidated for now, there could be some pressure if it comes a bit higher.

On the PSU bank stocks as a whole, the analyst said that SBI is a trend setter for PSU stocks because of its weight. Some PSU bank stocks including Bank of Baroda did appreciate a bit when a small recovery came, but it could not sustain it. The strength is not adequate for these stocks to gain appreciably.

Moreover, it is expected that the NPAs will likely rise for the state-run banks because of the government packages. Most of it is being given by the PSU banks, he reasoned.

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The SBI stock has traded in a big range over a 52 week period. While, it attained a high of Rs 373.70, the 52-week low of the stock is at Rs 149.55.   


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