Gladiator Stocks - State Bank of India - ICICI Direct

Technical View

The share price of SBI has rebounded after forming higher base around Rs. 400 levels over past 3 months coinciding May 2021 breakout area, suggesting elevated buying demand thus offering favourable risk-reward for fresh entry

Key point to highlight is, the stock has been held its 100 day moving average twice in past one year followed by a move towards 52 week high .In current scenario we expect same rhythm to be maintained

On oscillator front, Stochastics has generated bullish crossover, validating positive stance. Stochastics is also placed at same support level where previous swing lows were made

Fundamental View

SBI is a public sector bank and also the largest bank in India with a balance sheet size of over Rs. 45 lakh crore. The bank has a pan-India presence with 22224 branches and 63906 ATMs. SBI has strong liability franchisee with trend setting abilities in terms of rates. The bank has amongst the best operating metrics in the PSU banking space

Recent asset quality performance has been impressive and at par with private banking peers. Healthy recovery from July 2021 depicts resilience on asset quality. The bank has sufficient provisions of around 1% which provides cushion towards earnings volatility

For details, click on the link below: Link to the report

Shares of State Bank Of India, was last trading in BSE at Rs. 429.65 as compared to the previous close of Rs. 429.7. The total number of shares traded during the day was 538671 in over 7026 trades.

The stock hit an intraday high of Rs. 433.4 and intraday low of 427.7. The net turnover during the day was Rs. 231918996.

Source : Equity Bulls

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