SBI Stock News: State Bank of India (SBI) demonstrated impressive resilience on October 1, 2024, with its stock rising by 1.25%, even as the broader Nifty index dipped 0.04%. This upward movement stands out against a generally bearish market sentiment.

SBI Stock Technical Analysis

Looking at the technical indicators, SBI appears to be on a promising upward trajectory. The stock is currently trading above key moving averages (10, 20, and 30 days) and has found solid support at these levels. Pivot point analysis highlights important resistance levels at ₹799.03, ₹808.87, and ₹815.13, with key support levels at ₹782.93, ₹776.67, and ₹766.83.

Fundamental Analysis

Fundamentally, SBI boasts a return on equity (ROE) of 17.34%. Its price-to-earnings (P/E) ratio of 10.36 and price-to-book (P/B) ratio of 1.60 indicate that the stock is fairly valued. Analysts predict an average upside of 16.62% over the next year, with a target price of ₹930.00.

Institutional Holdings

Confidence among institutional investors remains strong, as mutual funds and foreign institutional investors (FIIs) increased their holdings in SBI during the June quarter. This trend suggests robust institutional backing.

Comparative Analysis

While SBI outperformed competitors like HDFC Bank and Axis Bank, which faced declines, rivals ICICI Bank and Kotak Mahindra Bank showed positive trends. Despite this, the broader market indices, including the Nifty and Sensex, were trading in the red.