SBI Share Price: State Bank of India or SBI share price hit a new lifetime high today on strong second quarter results expectations ₹491.90 on NSE. SBI shares opened with today’s gains ₹0.30 per share and went on to climb to its new lifetime high, registering a rise of nearly 1.80 percent from yesterday’s close. However, stock market experts are seeing more upside in the stock of PSU Bank.
According to stock market analysts, investors are expecting strong Q2 results as overall retail credit growth may pick up further ahead of the festive season. Since SBI is the undisputed leader in the home loan business, the market is expecting strong results for SBI in Q2 FY22. Technically, SBI share price has given fresh breakout at ₹485 and it can go up ₹525 in the short term.
Speaking on the reason for the increase in SBI share price; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “SBI share price is rising on expectations of strong Q2FY22 results. Investors expect retail credit growth to pick up further during the festive season on the back of mortgage and home loan business. SBI is the undisputed market leader in the home loan business and as the real estate sector is witnessing a surge in demand ahead of the festive season, India’s largest commercial bank is expected to benefit from this growth in the real estate sector.
Highlighting the technical factors that could drive up SBI’s share price in the short term; Sumeet Bagdia, Executive Director, Choice Broking said, “SBI share price has given a fresh breakout today. ₹485 level. If the stock manages to close above this level, then we can expect this counter move ₹525 in the short term. SBI shares on CMP from 510 to . can buy up to ₹525 target maintain stop loss ₹465 levels.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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