BackLok Sabha Election result: SBI share price tanks 19% amid stock market crash. Opportunity to buy?
Stock market today: SBI share price tanked over 19% during Tuesday deals and missed touching lower circuit by a whisker
PremiumStock market today: Amid the stock market bloodbath during Tuesday deals, many quality stocks have witnessed a sharp sell-off. State Bank of India (SBI) shares are one of them. SBI share price today opened with a significant downside gap and touched an intraday low of ₹731.95 apiece on NSE, logging over 19 per cent intraday loss. While touching this intraday low, SBI shares missed touching the lower circuit by a whisker. However, stock market experts believe that SBI shares are portfolio stocks, and the most prominent Indian commercial bank has worked intensely on its Capex expansion in RECent years. They advised investors to put SBI shares under their watch list as there can be a strong rebound once the Indian stock market, which has been experiencing high volatility due to disappointing Lok Sabha Election 2024 results, stabilizes after this current sell-off.
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."
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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."
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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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