SBI shares rise as Citi retains buy, raises target to Rs 320

State Bank of India

State Bank of India (SBI) share price gained a percent in the morning trade on September 14 after Citi maintained a buy call on the stock.

The global research firm has retained a buy call on the stock and has raised the target to Rs 320 from Rs 300 per share. It has raised FY21/FY22 estimates by 2 percent/7 percent on better NIM and lower opex, according to a CNBC-TV18 report.

The firm expects SBI to deliver better than current market perceptions on asset quality adding that concerns related to Yes Bank should also abate.

The stock price was trading at Rs 204.30, up Rs 1.60, or 0.79 percent. It has touched an intraday high of Rs 206.20 and an intraday low of Rs 203.70.

Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management is of the view that State Bank of India needs to cross and sustain above Rs 210 levels for any strength to emerge. In that case, the counter can move towards Rs 240-245.

If the stock trades below Rs 200, we expect weakness to continue. It can then test Rs 180 and then Rs 170 levels, he added.

News Source: Moneycontrol

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