After the trading week was cut off, there was a strong backlash on Monday at the Nifty 50 and BSE Sensex. The former was trading at 18,508.90, up 0.9%, while the latter was trading at 61,863.90, up 557.95 points (0.91%) from Thursday’s closing price.
As expected, bank stocks were trading more strongly with public sector banks, which have a more profitable initiative than private banks. Nifty PSU Bank rose 3% at 2,797.05 around 1:50 pm.
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In the 13-stock index, all stocks rose without falling. The top players were Punjab National Bank (PNB), Union Bank of India and J & K Bank. They rose 8.2%, 4.9% and 4.2% respectively.
Bank of India, Bank of India and Punjab & Sind Bank each increased by more than 3% on a daytime basis.
Analyst Nilesh Jain, Assistant Vice President (AVP) of Equity Research Technical and Derivatives at Centrum Broker, was bullish on PSU’s bank stocks. He retained his views on the State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, and PNB.
SBI SECURITIES – The stock price hit a 52-week high and reached a target price of Rs 500 on a daytime basis. Around this time, the NSE was trading at Rs 495.35, up almost 1% from the previous closing price. He recommends “holding” this stock due to a new price target of 550 rupees and a stop loss of 465 rupees. For investors who want to put this stock in their portfolio, we also recommend buying it with a dip.
PNB share – Another strain that reached a 52-week high at Rs 48.20 on a daytime basis. He recommends dips for new positions and holds for existing investors. The target price is Rs50 and the stop loss is Rs43.
Bank of Baroda – BoB shares also achieved the target of 90 rupees and were trading at around 91 rupees at NSE. Purchasing with a dip is recommended with a price target of 100 rupees. He has a stop loss of 83 rupees. The 52-week high for this stock was Rs 99.85, a hit on February 19, 2021.
Canara Bank-This stock was previously recommended by Jain at a target price of Rs 200. Around this time, NSE was trading at 197.50 rupees. This increased by almost 2%. The stock today hit a high of Rs 198.85 on a daytime basis. Purchase at the target price of Rs225 and the stop loss of Rs175.
(Disclaimer: The views / suggestions / advice presented here in this article are by investment experts only. ZeeBusiness advises readers to consult an investment adviser before making financial decisions. It is recommended.)
Bullseye: SBI, PNB and Canara Bank hit 52-week highs as Nifty PSU Bank rose 3% on Monday – see new goals
Source link Bullseye: SBI, PNB and Canara Bank hit 52-week highs as Nifty PSU Bank rose 3% on Monday – see new goals