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PSU Bank Stocks to Buy: Brokerages spot big opportunity in these scrips; Bank of Baroda, PNB lead the list
- Written by Shweta Birendra Shukla
Published: Zee Business| Updated: Zee Business
PSU Bank Stocks: Government-owned bank stocks are witnessing strong momentum, with the Nifty PSU Bank Index trading at a lifetime high. The index has risen nearly 13 per cent so far this year and about 4 per cent in the past week, sharply outperforming the benchmark Nifty 50, which has delivered a net negative return of around 1.5 per cent. The rally is being driven by record profits and improved fundamentals of public sector banks. On the technical front, strong action is visible in four PSU bank stocks, prompting several brokerages to recommend them as buys for positional investors looking to benefit from the ongoing uptrend.
1/5
PNB Share Price Target
1/5Shares of Punjab National Bank were trading around Rs 127, up nearly 2.25 per cent. HDFC Securities has recommended buying the stock in the Rs 128–127.10 range, with accumulation advised on dips near Rs 123 and a stop loss at Rs 119. For a 45-day investment horizon, the brokerage has set targets of Rs 137 and Rs 144. Momentum indicators such as RSI on daily and weekly charts signal positive buying strength, while in February the stock recorded a high of Rs 129 and a low of Rs 117.5.
2/5
Indian Overseas Bank Share Price Target
2/5Shares of Indian Overseas Bank were trading around Rs 36.7, up nearly 2.25 per cent. HDFC Securities has recommended buying the stock in the Rs 36.34–37 range, with accumulation advised on dips near Rs 34.60 and a stop loss at Rs 33.53. For a two-month time frame, the brokerage has set targets of Rs 40 and Rs 41.50. The stock has seen a trendline breakout, while momentum indicators such as MACD and RSI continue to support the bullish trend.
3/5
Bank of Baroda Share Price Target
3/5Shares of Bank of Baroda, the country’s second-largest government-owned bank, were trading around Rs 305, up nearly 0.5 per cent. The stock has been in a strong uptrend and has gained about 5 per cent over the past week. After hitting a lifetime high of Rs 313 on January 16, the share slipped to around Rs 270 on February 2, from where a strong reversal has been seen. Axis Securities has set a target price of Rs 334 for the stock. The 52-week high and low stand at Rs 313 and Rs 191, while February’s high and low are Rs 305 and Rs 270.5, respectively.
4/5
Union Bank Share Price Target
4/5Shares of Union Bank of India were trading around Rs 193, up nearly 2.25 per cent. ICICI Securities has recommended buying and accumulating the stock in the Rs 182–186.50 range, with a target of Rs 200 for the next two weeks and a stop loss at Rs 174. The stock has broken out of a five-week consolidation, while higher volumes are supporting the ongoing uptrend.
5/5
Disclaimer
5/5The views and stock recommendations mentioned above are based on brokerage reports and market analysis. These are not investment advice. Stock markets are subject to risks, and prices may fluctuate due to various factors. Investors are advised to consult their financial advisor and assess their risk profile before making any investment decisions.
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