The stock market is trading with gains today, with significant upward momentum seen particularly in banking and financial stocks. SBI Cards has emerged as a top gainer in the F&O segment; the stock has risen over 4.50% and is trading at ₹663. SBI Cards shares opened at ₹641 and hit a high of ₹667.40 during early trading.
Notably, the stock is witnessing a rally after a long period of decline and is moving towards its 200-day moving average (DMA). Market experts have shared their views on whether this upward trend will continue and which levels are crucial.
Key levels for SBI Cards shares
Jigar S. Patel of Anand Rathi Investment Services stated that the key support level for SBI Cards shares is ₹630, while the resistance level is ₹670. He noted that if the stock breaches the ₹670 mark, it could potentially reach the ₹700 level. Persistent selling pressure over the past year
SBI Cards shares have faced sustained selling pressure over the last year. The stock fell from the ₹1,000 level in July 2023 and dropped to ₹565 in June of this year. Year-to-date, the stock has declined by 23%, contrasting with the nearly 30% return it delivered in 2023.
It is worth noting that SBI Cards and Payment Services Limited is a subsidiary of the State Bank of India. Based in Gurugram, the company issues credit cards to customers in India. SBI Cards has a market capitalization of ₹63,000 crore. Note: The information provided here regarding the stock does not constitute investment advice. Since investments in the stock market are subject to market risks, please consult a certified investment advisor before investing.
