SBI Share Price Update – 30th September 2023
As of 11:13 AM on September 30, 2023, the share price of the State Bank of India (SBI) is trading at ₹790, reflecting a decline of -1.58% from the previous closing price. The broader market, represented by the Sensex, is also under pressure, trading at ₹84,715.11, down by -1%. Throughout the day, SBI shares have seen a high of ₹802.5 and a low of ₹789.8.
Technical Analysis Overview
From a technical standpoint, SBI stock is currently trading above the 300-day Simple Moving Average (SMA) but is below the 5, 10, 20, 50, and 100-day SMAs. This situation indicates a potential support level at the 300-day SMA, while the key resistance levels are present at the 5, 10, 20, 50, and 100-day SMAs.
SMA Values
The following table summarizes the SMA values for SBI:
| Period | SMA Value (₹) |
|---|---|
| 5 days | |
| 10 days | |
| 20 days | |
| 50 days | |
| 100 days | |
| 300 days |
Key Support and Resistance Levels
According to classic pivot level analysis, SBI’s daily trading has revealed key resistance levels at ₹807.52, ₹812.53, and ₹817.07. Conversely, the stock has established crucial support levels at ₹797.97, ₹793.43, and ₹788.42.
Volume Analysis
As of 11 AM today, trading volume for SBI on both NSE and BSE is down by -25.63% compared to the last trading session. Understanding volume trends is essential because a positive price movement accompanied by higher volume often suggests a sustainable uptrend, while negative price movement with increased volume might imply further price declines.
Market Sentiment and Investor Strategy
Overall, according to Mint’s technical analysis, while the stock appears to be showing signs of bottoming out, it is advisable for investors to exercise patience. Awaiting confirmation of a bullish short-term trend is recommended before making any decisions about potential reversals.
Fundamental Analysis
From a fundamental perspective, SBI boasts a Return on Equity (ROE) of 17.34%. The current Price-to-Earnings (P/E) ratio stands at 10.55, while the Price-to-Book (P/B) ratio is at 1.63. These metrics position the stock favorably in terms of value investment potential.
Future Outlook
The median forecast for SBI’s share price over the next year suggests a potential upside of 17.82%, targeting a price of ₹930.75. This indicates a positive long-term outlook for investors who are willing to hold onto their shares.
Shareholding Structure
As per the filings for the June quarter, SBI has a promoter holding of 57.54%. The Mutual Fund (MF) holding has increased slightly from 10.36% in March to 10.40% in June. Additionally, Foreign Institutional Investors (FII) have raised their stake from 11.09% to 11.15% during the same period.
Conclusion
In summary, SBI shares have declined by -1.58% today, trading at ₹790. A glance at the performance of its banking peers reveals a mixed trend, where some like HDFC Bank, ICICI Bank, and Axis Bank are also experiencing declines, while other financial institutions seem to be performing better. In line with this, benchmark indices such as Nifty and Sensex have recorded declines of -0.89% and -1%, respectively. Investors should continue to monitor market conditions closely as they evaluate their positions in SBI stock.
