SBI share price dips 2.5% after announcement of Q4 results. Opportunity to buy?
- SBI share price has fallen after Q4 results today as the quarterly earnings were already priced-in, say experts
SBI results: State Bank of India or SBI share price nosedived immediately after the announcement of Q4 results today. SBI share price tumbled after the SBI results 2023 announcement and made an intraday low of ₹571.40 per share on NSE, logging to the tune of 2.50 per cent dip from its Wednesday close price of ₹586.30 apiece on NSE.
According to stock market experts, there is no surprise in SBI results today and market had already priced-in SBI shares anticipating Q4 results of the largest Indian commercial bank. So, this dip in SBI share price should be seen as mere profit booking as the banking major had already priced-in ahead of the Q4 results announcement today. They said that one can buy SBI shares at around ₹550 apiece levels for short term target of ₹600 apiece levels.
Why SBI shares are nosediving?
On why SBI share price today is nosediving, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “In SBI results today, there is no surprise and market was expecting this kind of results. So, SBI share price had already priced-in ahead of the Q4 results today and hence profit booking triggered in the scrip once the results were announced.”
SBI share price target
On pivot levels in regard to SBI shares, Vaibhav Kaushik, Research Analyst at GCL Broking said, “SBI share price has strong support at ₹530 whereas it is facing strong hurdle at ₹600 apiece levels. So, if SBI shares fall around ₹550 apiece levels, one should buy the scrip maintaining stop loss at ₹530 levels. Once it breaches ₹600 hurdle, it may go up to ₹630 apiece levels. So, those who have SBI shares in portfolio are advised to maintain trailing stop loss at ₹530 whereas fresh buyers should wait for more correction in the stock.”
Vaibhav Kaushik of GCL Broking further added that once the stock breaches its ₹600 hurdle one should upgrade trailing stop loss at ₹570 and hold SBI shares for next target of ₹630 apiece.
SBI results 2023
SBI reported a net profit of ₹16,694.5 crore for the quarter ended March 2023, a rise of 83% from ₹9,113.5 crore in the corresponding quarter last year. India's largest commercial bank's net interest income (NII) during Q4FY23 increased 29.5% to ₹40,392 crore from ₹31,197 crore. YoY. The bank's domestic net interest margin (NIM) for Q4FY23 increased by 44 bps YoY to 3.84%.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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