SBI share price: Analysts see strong uptrend ahead of Budget; see up to 15% returns
SBI Share Price NSE: The bank on Friday informed that it raised Rs 10,000 crore through its maiden infrastructure bond issuance. This is the largest single-infra bond sale by any domestic lender.
SBI Share Price NSE: Shares of the country's largest bank, State Bank of India, NSE: SBIN, stages a stunning recovery in the afternoon session on Monday, December 5, to lift the Nifty PSU Bank index. The stock opened with marginal gains at Rs 608.50 and traded in a range before strong buying pulled the stock to hit day's high of Rs 615 apiece on NSE at 12:25 PM.
The bank on Friday informed that it raised Rs 10,000 crore through its maiden infrastructure bond issuance. This is the largest single-infra bond sale by any domestic lender.
"The 10-year money will be utilized to enhance long-term resources for funding infrastructure and affordable housing segment," the bank said in a statement.
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SBI Share Price Target
Ravi Singhal, CEO at GCL Securities, said that SBI's near strong support zone is Rs 597 - Rs 609. A break out will come above Rs 612 if the counter holds. One can buy SBI for a price target of Rs 640. The stop loss would be Rs 596.
Manoj Dalmia, Founder & Director at Proficient Equities said that banks are set to see increasing business due to an uptake in credit with increased spending although inflation levels and interest rates are of slight concern.
"The stock can face some profit booking at current levels, but investors can accumulate at Rs 574 as the long-term prospects are bright," he added.
Kunal Shah, senior technical and derivative analyst at LKP Securities, recommended buying on the counter with a price target of Rs 700. He said that the stop loss should be placed at Rs 545.
"The stock on all the time frames has been trading in a strong uptrend with higher high and higher low formations intact. The momentum indicator RSI is trading above the level of 60 which confirms the strength of the stock. The PSU bank rally is likely to continue with the budget rally and SBIN being a heavyweight will continue to outperform," he added.
Shares of SBI have yielded a positive return o more than 30 per cent in the past one year. At current today's level, the stock has a market cap of Rs 5.43 lakh crore.
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