Lok Sabha Election result: SBI share price tanks 19% amid stock market crash. Opportunity to buy?

SBI share price outlook

Speaking on the SBI share price crash, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “SBI is one of those PSU banks that have worked strongly on its Capex expansion and reduction of CASA. This helped the state-owned bank generate money for its rising demand for the lending business and reduce its funding cost. So, the PSU bank is still strong from the fundamental perspective, and it may witness bottom fishing once the Indian stock market recovers from the current volatility.”

Also Read: Multibagger PSU stocks including PFC, REC, RVNL fall up to 20%

Avinash Gorakshkar went on to emphasize that the SBI share is a portfolio stock, and the current fall presents a golden opportunity for long-term investors. This reassurance is crucial in times of market volatility.

SBI share price target

Advising SBI shareholders to hold the scrip (a term used to refer to a security or a share in the stock market), Sumeet Bagadia, Executive Director at Choice Broking, said, “SBI share price has a strong base at ₹730 to ₹720 zone. Those with SBI shares in their portfolio, are advised to hold the scrip and wait for the trend reversal.”

Also Read: India VIX soars over 40% as market frets over slim margin of BJP-led NDA

On the suggestion to the fresh investors, Sumeet Bagadia said, “Fresh investors can buy SBI shares at the current level, maintaining a buy-on-dips strategy on every big fall. On breaking above the ₹820 per share level on a closing basis, we may expect a big upside in SBI shares. However, one must maintain strict stop loss at ₹720 while taking any fresh position in SBI shares.”

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 04 Jun 2024, 01:50 PM IST