Nifty PSU BANK up 0.7%; Canara Bank, Indian Bank shares top gainers; Expert bullish on SBI, Canara Bank stocks; No fresh Buys on PNB

The Nifty PSU Bank stocks were trading in the green on Thursday – the monthly expiry day.   The Nifty PSU Bank index was up 0.7 per cent and was trading at 2,390.80 after seeing a decline of almost 1.8 per cent on Wednesday. Out of the 13 stocks, 10 advanced, 2 declined and 1 stock remain unchanged.   

The top three gainers on the PSU Nifty Bank index at 12:10 pm were Canara Bank, Indian Bank, and Union Bank of India which gained 1.4 per cent, 1.3 per cent and 1.3 per cent respectively. Meanwhile, the two stocks that declined were Indian Overseas Bank, J&K Bank.   

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Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking reiterated on the PSU Bank stocks and said that certain stocks are likely to do well and will move in tandem with the markets. He remains bullish on the State Bank of India (SBI). Two other stocks that are in his radar include Punjab National Bank (PNB) and Canara Bank. While, the strategy remains same for Canara Bank, he has this advice for the PNB investors    

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 430.15 around this time, and prices were up by over Rs 4.65 or 1.09 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 have undergone changes in its charts and are looking week now. This is the second largest public sector bank. PNB shares were trading at Rs 38.50 around this time on the NSE and were up 0.26 per cent from the previous closing price on Wednesday. The 52-week high on this stock is Rs 46.35 while the 52-week low is at Rs 26.30.      

This support zone is around Rs 35.50, he said. Existing investors should hold on to this stock and no fresh investments 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 144.40 around this time on the NSE, up by 0.80 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 a positional view on this stock.