SBI shares give breakout. What drives this bank stock – explained | Rare Techy

According to stock market experts, SBI’s related business like cards, insurance, gold loan, etc. have performed well in recent quarters and are expected to continue this momentum in the future. They said credit growth and the recent correction in stocks are expected to attract bullish and position investors who have been tracking Indian stocks after the recent sell-off.

Example of SBI share price chart

Anticipating further rise in SBI’s share price, Sumeet Bagadia, Managing Director at Choice Broking said, “SBI’s issues have just surfaced. ₹485 levels on a closing basis in Wednesday’s session. As the Nifty Bank index is also in an uptrend, one can expect further gains in the SBI scrip in the near term.”

Basics of SBI shares

On what is driving SBI share price growth, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “SBI is expected to report strong credit growth in the current fiscal and its ancillary businesses like cards, insurance, gold loan, etc. .In the last quarter and this momentum is expected to continue. In fact, SBI’s gold loan exceeded ₹1 lakh crore AUM, which is a huge number from a public sector bank’s perspective.” However, Avinash Gorakshkar said some treasury loss is expected for India’s public sector banks in Q1FY23 and SBI will not recover from it. In this case, in some volatility in the stock may be expected in any rise.

SBI share price target

On stock market investors’ recommendation about SBI, Sumeet Bagadia of Select Broking said, “SBI issues are a strong support in ₹470 also has strong resistance around it ₹525 levels together. People can shop around ₹485 maintains a stop loss below ₹470 while those who have this stock in their portfolio should maintain below a trailing stop loss ₹470 per share.”

Statement: The views and recommendations made above are those of individual analysts or brokerage firms, and not those of Mint.