Shares of State Bank of India (SBI) are trading bly at ₹880 and have emerged as a top gainer on Nifty50. Jigar S Patel has indicated support at ₹860 and a potential buying opportunity up to ₹895. Motilal Oswal has set a target price of ₹1000 for SBI.
SBI shares: Shares of State Bank of India (SBI) are trading bly at ₹880 today, becoming the top gainer in the Nifty50 index. Jigar S Patel of Anand Rathi Investment Services stated that buying shares around ₹860 could be profitable, and a breakout from the ₹885 level could lead it up to ₹895. Brokerage firm Motilal Oswal has given a 'Buy' rating and a target price of ₹1000 for SBI shares.
SBI's Market Performance
This morning, SBI shares opened at ₹862 and reached an intraday high of ₹883.75. Currently, the shares are trading around ₹880. This upward trend began last month in September, and after a month of consolidation, the shares have once again shown an increase.
Jigar S Patel, Senior Manager of Equity Research at Anand Rathi Investment Services, shared some key levels for investing in SBI shares. He explained that if the share closes above ₹885 on the weekly chart, it would confirm a breakout. Following this, the share could reach ₹895. Meanwhile, the ₹860 level is considered b support.
SBI Share Target and Strategy
Brokerage firm Motilal Oswal Financial Services has set a target price of ₹1000 for SBI shares. Nitin Agarwal, Group Vice President and Head of BFSI at the company, stated that the upward trend in public sector bank shares will continue. He identified State Bank of India, Punjab National Bank, and Indian Bank as preferred choices among top PSU bank shares.
Investment Environment in Public Sector Banks
Investor confidence in public sector banks is consistently growing. Due to b fundamentals and good performance in this sector, domestic brokerage firms maintain a positive outlook. The rise in public sector bank shares is expected to provide long-term benefits to investors.
Technical Analysis and Investment Levels
According to Jigar S Patel, a breakout signal in SBI shares could prove to be an important level for investors. If the share closes above ₹885, the next target can be considered up to ₹895. Conversely, if the share approaches ₹860, it can be seen as a good buying opportunity.
Investors' Focus
Investors are now keeping a close eye on SBI's price and the trends in the banking sector. Due to the bullish sentiment in the stock market, investors are currently attracted to bank shares. According to experts, the trend of stability and b returns in public sector bank shares may continue in the future.
