PSU Bank stocks have outperformed in recent trading sessions amid reports of a likely hike in FII investment limit. Here are 5 stocks that look strong on technical charts.
Shares of state-run banks have rallied up to 5 per cent in the last two trading sessions even as the NSE Nifty 50 index took a breather and rose merely 0.5 per cent. In comparison, the Nifty PSU Bank index was up 3.5 per cent.
Among individual stocks, Bank of India led the rally with a 5.4 per cent gain. It was followed by Bank Of Baroda, Indian Bank, Union Bank Of India, Punjab National Bank and Uco Bank – up around 4 per cent each.
India’s largest PSU Bank – SBI stock advanced nearly 3 per cent. Canara Bank, Central Bank of India, Punjab & Sind Bank and Indian Overseas Bank also rose around 3 per cent each.
The recent gains at these bank counters were attributed to reports that the government was considering to more-than-double the maximum investment limit for foreign investors in PSU Banks to up to 49 per cent.
As per reports, the finance ministry is in discussions with the Reserve Bank of India (RBI), though the proposal is yet to be finalised.
That apart, in a significant change in policy stance, the government opened top leadership positions in PSU Banks to private sector candidates.
Against this background here are Top 5 PSU Bank stocks that can potentially rally up to … per cent from here.
SBI
Current Price: ₹935
Likely Target: ₹1,095
Upside Potential: 17.1%
Support: ₹906; ₹890; ₹880
Resistance: ₹937; ₹974; ₹1,025
SBI continues to trade at life-time highs for the third straight trading session. Technical chart suggests the stock can potentially rally to ₹1,095 on the upside, with intermediate resistance likely around ₹937, ₹974 and ₹1,025 levels. The short-term trend is likely to remain up as SBI holds above ₹880, with interim support seen at ₹906 and ₹890.
Bank of Baroda
Current Price: ₹275
Likely Target: ₹315
Upside Potential: 14.6%
Support: ₹266; ₹259
Resistance: ₹279; ₹289; ₹300
Bank of Baroda stock is seen testing the higher-end of the Bollinger Bands on the monthly chart around ₹279 levels. On the upside the stock can spurt to ₹315; with interim resistance likely around ₹289 and ₹300 levels. Near support for the stock exists at ₹266 and ₹259 levels.
PNB
Current Price: ₹121.60
Likely Target: ₹133
Upside Potential: 9.4%
Support: ₹117; ₹114
Resistance: ₹124; ₹127
PNB is likely to trade on an upbeat note as long as the stock trades above ₹114, with near support visible at ₹117. On the upside, the stock can potentially rally to ₹133 levels, with interim resistance likely around ₹124 and ₹127 levels.
Central Bank of India
Current Price: ₹40.15
Likely Target: ₹45.50
Upside Potential: 13.3%
Support: ₹39.81; ₹38.12; ₹36.65
Resistance: ₹41.70; ₹42.25; ₹44
Central Bank of India stock is seen trading above its long-term 200-Day Moving Average (₹39.81) for the second straight trading session for the first-time since December 2024. The stock faces an overhead resistance around ₹41.70; above which it can potentially zoom towards ₹45.50 levels.
The stock may face interim resistance around ₹42.25 and ₹44 levels. On the other hand, in case of a dip, the stock may seek support around ₹38.12 and ₹36.65 levels.
PSB
Current Price: ₹31.56
Likely Target: ₹34
Upside Potential: 7.7%
Support: ₹30; ₹28.50
Resistance: ₹33
PSB stock is seen recovering from oversold zones. The stock can potentially rally towards its 200-DMA, which stands at ₹34, with interim resistance likely around ₹33. The bias at the counter is likely to remain favourable as long as the stock trades above ₹30 and ₹28.50 support levels.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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