SBI Share Price Jumps 3% in Strong Market; Fibonacci Retracement Levels Resistance at Rs 796
SBI share price opened at Rs 760 and buying was witnessed in the public sector lender, driving the price to intraday high at Rs 774. The stock closed the session 3.09 percent higher at Rs 770. The banking major is now comfortably above its 52-week lows touched recently. SBI could lead the rally in banking stocks if overall market condition improves. Indian markets suffered major selling pressure during January and February which led many stocks to their yearly lows. In March, recovery was witnessed but April has brought in negative surprises for investors as US President Donald Trump launched tariffs on many countries across the world. The volatility seen during the last few sessions has dampened investor confidence.
While the markets have bounced in today's session, markets are still in a highly cautious phase. We can also expect sell on rallies in the current situation. Currently trading near Rs 765, the stock offers a compelling mix of valuation comfort and long-term growth potential. But, short term investors and traders should keep strict stop loss if they decide to make an entry in SBI around current levels.
SBI Stock Overview: A Valuation Anchor in a Volatile Market
SBI opened at Rs 760, touched an intraday high of Rs 774, and dipped slightly to a low of Rs 758.15. With a market capitalization of Rs 6.87 lakh crore, SBI remains the largest PSU bank by market value in India. Its Price-to-Earnings (P/E) ratio stands at 8.66, underscoring value appeal amid sector peers. The bank also offers a healthy dividend yield of 1.78%—a sweetener for long-term investors.
Candlestick Patterns Indicate a Pause Before the Next Leg
The daily charts suggest a short-term consolidation phase for SBI. A sequence of narrow-bodied candles over the past few sessions signals low volatility with indecisive momentum. This comes after a brief downtrend from its peak in March. The last visible pattern is a bullish hammer-like structure near the Rs 755 zone, which often hints at a potential reversal if followed by volume-based confirmation.
However, for bullish conviction to return, a breakout above Rs 780 will be key. Until then, expect sideways consolidation.
Fibonacci Retracement Levels: Identifying Rebound Zones
To identify pivotal zones of support and resistance, we analyzed SBI’s Fibonacci retracement based on its swing from Rs 680 to Rs 912.
| Fibonacci Level | Price Level (Rs) |
|---|---|
| 23.6% | Rs 857.63 |
| 38.2% | Rs 826.60 |
| 50.0% | Rs 796.00 |
| 61.8% | Rs 765.40 |
| 78.6% | Rs 726.31 |
The 61.8% Fibonacci level at Rs 765 is now acting as a crucial support. If this level holds, a reversal toward Rs 796 and Rs 826 is likely in the near term.
Support and Resistance Levels to Monitor
- Immediate Support: Rs 755
- Major Support: Rs 726
- Short-Term Resistance: Rs 780
- Next Resistance: Rs 796 (Fibonacci midpoint)
A move above Rs 780 with strong volume would be a bullish signal, possibly setting the stage for retesting the Rs 800–826 band.
Recent Brokerage Ratings and Forecasts
Several brokerages have reiterated their optimistic view on SBI recently. Notably:
Jefferies (March 2025): Buy rating with a target price of Rs 940, citing healthy credit growth, margin stability, and retail deposit traction.
Motilal Oswal (February 2025): Buy rating with a revised target of Rs 905, expecting ROA to sustain above 1% despite macro headwinds.
Both brokerages emphasized SBI’s balance sheet strength and leadership in digital lending as structural positives.
Investment Outlook: Value Play or Trap?
For conservative investors, SBI represents a blend of value and yield. With its low P/E, attractive dividend payout, and dominant reach across retail and corporate banking, SBI continues to be a cornerstone in most institutional portfolios.
Traders can consider building positions near Rs 755–765 with a short-term target of Rs 800 and a stop-loss at Rs 740. Long-term investors may view dips toward Rs 720 as a strong accumulation zone, given the bank’s continued earnings visibility and improving asset quality.
Long Term View: A Resilient Giant Waiting to Roar Again
Despite facing global macro concerns and sectoral rotation, SBI’s fundamentals remain strong. Technical indicators show consolidation but not capitulation. Backed by a loyal shareholder base, strong earnings, and institutional credibility, SBI appears poised for a turnaround. Investors seeking stability with scope for upside may find merit in riding India’s largest bank for the long term.
