SBI share price today: Stock hits its near-term target price of Rs 215; expert Nilesh Jain says party not over yet

SBI share price outlook: The rally in State Bank of India (SBI) stock continued today and it ended the day at Rs 216 on NSE, gaining almost 3 per cent in the intraday trade. The Price of SBI shares were by Rs 6.15 apiece from the last close on Wednesday

Jain said that the next target price of Rs 220 could be achieved in the next 1-2 trading sessions. Source:PTI

SBI share price outlook: The rally in State Bank of India (SBI) stock continued today and it ended the day at Rs 216 on NSE, gaining almost 3 per cent in the intraday trade. The Price of SBI shares were by Rs 6.15 apiece from the last close on Wednesday.

In the process, it achieved its first target price of Rs 215 as was suggested by Technical Analyst Nilesh Jain of Anand Rathi Securities. Jain had on Tuesday said that that the stock would hit Rs 215-220 levels in the immediate term.

Jain said that the next target price of Rs 220 could be achieved in the next 1-2 trading sessions. He said that he was bullish on this stock and the stock may test levels between Rs 230-240 in the September month.

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He said that this stock has remained a laggard for a long time, trading at sub 200 levels, despite reaching here on a few occasions. This time it is different as the SBI stock has seen a decisive breakout and has been able to sustain it, he added.

The upside for this stock is open now, he further said.

He reiterated his earlier point that the stock looked strong on the charts. It has been showing strength on the charts for quite some time and the situation is likely to remain so in near term.

This stock is still trading at a much-discounted price from its previous high of Rs 351, which is also its 52-week high. The SBI stocks hit a 52-weel low of Rs 149.45 in many this year.

On the likely triggers that would help it gain further momentum, Jain said that, there are no specific indicators as of now. The stock has been missing in action despite a strong market performance.

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He maintained that the PSU Bank stocks were now poised to do well and since SBI has a big market cap and is one of the index stocks, its outperformance in the PSU Bank space is quite likely.

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