After a day’s break on account of Bakrid, stock markets were trading in the green. Nifty Bank which fell by almost 2 per cent over the two previous sessions was trading positively and was up by almost 1 per cent around 1 pm. ICICI Bank and IDFC First were the top two gainers on this index. Matching its movements, Nifty PSU Bank was also trading with vigour. The Nifty PSU Bank Index was up almost 1.4 per cent around this time and trading at 2420.65.  

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Out of the 13 stocks in the index, 12 advanced while only 1 was on the decline. The gainers were Central Bank of India, Indian Overseas Bank (IOB) and J&K Bank which were up by 5.5 per cent, 4.93 per cent and 2.12 respectively.  The lone bank stock which was trading negatively around this time was Maharashtra Bank which was down 1.27 per cent.  

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Markets fell for three consecutive sessions till Tuesday. But Assistant Vice President (AVP) Nilesh Jain, Equity Research Technical and Derivatives at Centrum Broking said that the weakness was on the back of overall weakness in the stock markets. Bank Stocks have been impacted more as a result of this. But the investors should not worry. He had recently recommended SBI, PNB and Canara Bank to investors for high returns. He maintains the targets on all these stocks. Know what he had recommended?    

Top Stock to Buy – SBI     

Jain said that the SBI shares are index heavy weight and any material impact on the index and overall market will be from the movement of State Bank of India shares. SBI shares were trading at Rs 424.30 around this time, and prices were up by over Rs 3.40 or 0.81 per cent. The 52-week high on this stock is Rs 441.95 while the 52-week low is at Rs 175.50. Buying opportunity for the investors on market corrections.    

This stock is on its way to achieve the target price of Rs 450 on the positional term basis. The higher target is around Rs 500, he added.     

Top Stock to Buy – PNB – Jain said that Punjab National Banks shares also hold promise. This is the second largest public sector bank. PNB shares were trading at Rs 40.30 around this time on the NSE and were down 1.38 per cent from the previous closing price on Tuesday. The 52-week high on this stock is Rs 46.35 while the 52-week low is at Rs 26.30.     

This stop loss for this stock is Rs 39.  He said fresh positions can be made at current levels. He puts the target price at Rs 46 with a 1-month view.    

Top Stock to Buy – Canara Bank - This stock is another PSU Bank counter Jain was optimistic about. The Canara Bank stocks were trading at Rs 145.75 around this time on the NSE, up by 0.90 per cent. The 52-week high on this stock is Rs 174.60 while the 52-week low is at Rs 82.25. The first target price is Rs 165 while the next target price is Rs 175, the AVP said. He puts the stop loss at Rs 143. He has an 8–10-day view on this stock.