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    Home»Money

    SBI Stock Hits New High Amid Market Recovery: Should You Buy or Sell?

    April 25, 2024 Money
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    In the wake of a gapdown opening on Thursday, the Indian stock market saw a robust recovery fueled by heightened buying in the PSU sector. Notably, shares of State Bank of India (SBI) garnered considerable interest among investors. While SBI initially opened lower at ₹770.65 per share on NSE, it swiftly rebounded, reaching an intraday peak of ₹806 per share, marking a new all-time high. Market analysts attribute this surge in SBI shares to significant buying activity in the PSU segment following the market’s initial downturn. Moreover, the recent RBI directive regarding Kotak Mahindra Bank is anticipated to benefit other major banking players such as Axis Bank, SBI, Bank of Baroda, and ICICI Bank. Optimism prevails regarding SBI’s future performance, especially in light of expectations for robust Q4 results in 2024.

    Avinash Gorakshkar, Head of Research at Profitmart Securities, sheds light on the factors propelling SBI’s share price. He notes a renewed interest in PSU stocks, particularly as investors perceive potential post-Lok Sabha election gains when infrastructure projects are anticipated to gain momentum. Moreover, the market anticipates strong quarterly figures from SBI due to the prevailing high-interest rate environment.

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    Gorakshkar underscores the impact of the recent RBI ruling on Kotak Mahindra Bank, which is expected to stimulate credit card business among its competitors across India. While SBI stands to benefit in tier-2 cities, private banks like Axis Bank and ICICI Bank are positioned to gain in metro areas.

    Foreseeing further upside potential in SBI’s share price, Sumeet Bagadia, Executive Director at Choice Broking, notes a significant breakout at ₹800 per share, surpassing the previous resistance level of ₹780. Bagadia advises existing shareholders to maintain their positions with a revised stop loss at ₹780, targeting a short-term price of ₹850 per share.

    For new investors, Bagadia recommends purchasing SBI shares at current levels and adopting a buy-on-dips strategy, provided the price remains above ₹780 per share. He foresees the stock approaching ₹850 per share in the near future.

    DISCLAIMER: The opinions and suggestions aforementioned stem from individual analysts or brokerage firms and do not represent EpomTimes. We recommend investors seek advice from accredited professionals before making investment choices.

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