PSU Bank up 5.6% as Nifty scales new highs; IOB up 11%, Central Bank gains 9% - Analyst recommends BUY on SBI, Canara Bank and BoB

All the PSU bank stocks were trading in the green in this 13-stocks index. The biggest gainer was Indian Overseas Bank (IOB), which was up almost 11 per cent. Central Bank shares were up 9 per cent around this time. The other top gainers were Punjab & Sind Bank and Maharashtra Bank, which were up over 8 per cent

SBI shares are doing well on the technical charts and reflect strong growth, Nilesh Jain says. Stock today achieved its target price of Rs 450, and is on its way to achieve the next target of Rs 500. Source PTI

With the benchmark Nifty 50 scaling new heights, Nifty PSU Bank was the top performer among the sectoral indices. At 3:20 pm, the index was up 5.6 per cent from the last closing on Wednesday and was trading at 2,546.15. Meanwhile, its private peer Bank Nifty was trading up over 2.2 per cent around this time at 37,658.60.

All the PSU bank stocks were trading in the green in this 13-stocks index. The biggest gainer was Indian Overseas Bank (IOB), which was up almost 11 per cent. Central Bank shares were up 9 per cent around this time. The other top gainers were Punjab & Sind Bank and Maharashtra Bank, which were up over 8 per cent.

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Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, was bullish on the PSU stocks, including State Bank of India shares (SBI share), Canara Bank Shares and Bank of Baroda shares (BoB). He puts SBI as hit top bet among all the stocks.

He has been maintaining that the PSU banks will participate in the market rally and Nifty PSU Bank index heavyweight State Bank of India (SBI) will lead the rally among its state-run peers.

Top Stock to Buy – SBI shares- Jain said that the SBI shares are doing well on the technical charts and reflect strong growth. The stock today achieved its target price of Rs 450, and is on its way to achieve the next target of Rs 500, Jain said. He has a one-month views on it.

The 52-week low is Rs 149.45 which it touched on 22 May 2020. The 52-week high of this stock is Rs 467.45.

Top Stock to Buy – Canara Bank shares - This stock today ended at Rs 167 on the NSE, up by 3.3 per cent. The first target price is Rs 175 while the next target price is Rs 185. He puts the stop loss at Rs 155.

Top Stock to Buy – Bank of Baroda shares - This stock today ended at Rs 85.60 on the NSE, up by 5.3 per cent. The first target price is Rs 90 while the next target price is Rs 94. He puts the stop loss at Rs 79.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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