Stock market today: After the gapdown opening in the early morning session on Thursday, the Indian stock market witnessed a strong rebound after intensified buying in the PSU segment. Shares of State Bank of India (SBI) also witnessed buying interest among Dalal Street bulls. SBI share price today opened downside at ₹770.65 apiece on NSE, but the Indian banking major bounced back strongly and touched an intraday high of ₹806 per share level, which turned out a new lifetime high for the SBI shares. According to stock market experts, SBI shares are rising after strong buying in the PSU stocks after the down market opening. They said that RBI’s new guideline on Kotak Mahindra Bank is also working for the market is expecting that big banking players like Axis Bank, SBI, Bank of Baroda, and ICICI Bank may benefit from the business loss taking at the Kotak Mahindra Bank’s end after the RBI”s ruling. They predicted more upside in SBI shares as the bank is expected to deliver strong Q4 results 2024.
Why SBI share price is rising today?
Highlighting the reasons that are fueling SBI share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “SBI shares are rising as people are looking at PSU stocks while bottom fishing. As the Indian banking major is expected to benefit post-Lok Sabha elections when infrastructure projects will be running in full swing, the market is expecting strong quarterly numbers from the PSU bank. They are expecting the banking major to deliver strong Q4 results in 2024 due to the high-interest rate regime.”
Avinash Gorakshkar said that some credit can be given to the recent RBI ruling on Kotak Mahindra Bank, which is expected to fuel the credit card business of its competitors in various parts of India. SBI’s credit card business is expected to benefit in the tier-2 cities whereas in metros private banks like Axis Bank, ICICI Bank, etc are expected to benefit from this RBI ruling.
SBI share price target
Expecting more upside in SBI share price, Sumeet Bagadia, Executive Director at Choice Broking said, “SBI share price today gave a fresh breakout at ₹800 apiece on chart patterns after breaching its hurdle of ₹780 per share level. Now, SBI shareholders are advised to hold the scrip updating their stop loss from ₹735 to ₹780 for the short-term target of ₹850 per share.”
On the suggestion to the fresh investors, Bagadia said, “Fresh investors can buy SBI shares at the current level and maintain a buy-on-dips strategy on every big dip till the scrip is above ₹780 apiece. The stock may soon touch ₹850 per share level.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 25 Apr 2024, 02:55 PM IST