Best Stock to Buy Now for the Short Term in April 2023
Best Stock to Buy Now for the Short Term in April 2023: Indian stock markets are looking positive in the near term. After a recent correction due to the global banking crisis, the domestic markets have made a substantial gain so far. In this post, we will discuss the best stock to buy now in the short term
Best Stock to Buy Now
State Bank of India (SBI)| CMP Rs 532 | Target- Rs 590 | Short-Term Pick
On Tuesday, 11 April, the share price of the largest PSU bank SBI closed at Rs 532.10. It has touched a 52-week high at Rs 629.6 and a low at Rs 430.7. The stock is trading at a discount compared to its average historic valuations. The share price of SBI gained 1.02% last week, while it was up 3.31% over the past year. SBI has reported a strong financial performance in the Dec 2022 end quarter.
Technically, the stock has made a double-bottom formation-like pattern in the daily chart. The stock has recovered substantially from there on and is on the uptrend. We feel that further momentum in the stock to scale higher targets. While the RSI indicator also shows a reversing trend, signaling a buy for the stock. It has maintained a positive bias.
Prabhudas Lilladher recommended SBI as the best stock to buy for an upside target of Rs 590 of keeping a stop loss of Rs.510. While ICICI Direct also suggested to buy the stock for the target of Rs 700
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