SBI Share Price: Stock near 52-week high after HDFC Bank, ICICI results; check highest target

Shares of State Bank of India Ltd., India's largest lender, are trading with gains of close to 3% on Monday, April 21, in-line with other banking majors, that have propelled the Nifty Bank index to a record high.

This is the fifth straight day of gains for the state-run lender, during which the stock has gained over 10.5%.

However, the stock has been an underperformer when it comes to comparing banking names who have gained the most since the Nifty Bank made a low of 47,702 on March 11.

In fact, SBI is the second-lowest gainer on the index since then, with returns of 12.3%. Only Federal Bank has lower returns during this period, at 11%.

With private sector heavyweights HDFC Bank and ICICI Bank having delivered on the earnings front, with profit growth, better asset quality and lower slippages, the focus has now shifted to State Bank of India, as to whether it can replicate the performance of its private peers in the March quarter.

The lender is yet to disclose the date for its board meet to discuss the quarterly performance.

This is also the second straight monthly advance for shares of SBI, having gained 12% in March as well, during which it had snapped a three-month losing streak.

SBI shares have delivered positive returns over the last four calendar years and the move seen across March and April has also ensured that the stock has reversed losses of the year to trade with gains of over 3.5% on a year-to-date basis.

With Monday's move, SBI has also broken above its 200-Day Moving Average (DMA), which was placed around levels of ₹797. Its Relative Strength Index (RSI) is nearing "overbought" territory, currently at 69. An RSI reading above 70 means that the stock is in "overbought" territory.

50 analysts have coverage on SBI, of which 40 have a "buy" rating on the lender, nine have a "hold" rating, while one has a "sell" rating on the stock.

Choice broking has the highest price target on SBI at ₹1,102. Among foreign brokerages, CLSA has the highest target on the stock at ₹1,050.

Shares of SBI are trading 3.1% higher on Monday at ₹822.5. The stock is now nearing its 52-week high of ₹912.