SBI share price makes new lifetime peak. Good time to buy?

Market


SBI share price: On account of strong second quarter result expectations, State Bank of India or SBI share price today made a new lifetime high of 491.90 on NSE. SBI shares today opened with an upside gap of 0.30 per share and went on to climb its new lifetime high, logging around 1.80 per cent rise from its yesterday’s close. However, stock market experts see more surges in the PSU bank stock.

According to stock market experts, investors are expecting strong second quarter results as overall retail credit growth may accelerate further in the run-up to the festive season, led by mortgages. As SBI is an undisputed leader in home loan business, market is expecting strong Q2FY22 SBI results. Technically, SBI share price has given fresh breakout at 485 and it may go up to 525 in short-term.

Speaking on the reason for rise in SBI share price; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “SBI share price is surging on strong Q2FY22 results expectations. Investors are expecting overall retail credit growth to accelerate further in the run-up to the festive season, led by mortgages and home loan business. Since, SBI is an undisputed market leader in home loan business and real estate sector is witnessing rise in demand ahead of festival season, the largest commercial bank of India is expected to get benefit of this development in real estate sector.”

Highlighting the technical reasons that may fuel SBI share price in short-term; Sumeet Bagadia, Executive Director at Choice Broking said, “SBI share price has given fresh breakout today at 485 levels. If the stock manages to close above this level, then we can expect this counter to go up to 525 in short-term. One can buy SBI shares at CMP for 510 to 525 targets maintaining stop loss at 465 levels.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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