PSU Bank Stocks - SBI, PNB, BoB and Canara Bank are stocks to watch now; expert reveals what to expect

If you are an investor in the PSU Bank stocks then this stock recommendations by Technical Analyst Nilesh Jain will be very useful to you. Jain is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking. Jain's recommendations are for SBI, PNB, Bank of Baroda and Canara Bank.

This is what he says on these 4 stocks:

SBI Share Price Today - State Bank of India stock ended in the red today. The stock closed at Rs 350.95, down by 0.7 per cent or almost Rs 3. He said that the SBI stock looks positive and one could expect a pullback till levels around Rs 380. Once this is breached, a further upside up to Rs 400 will open, he said. He sees a strong support at Rs 340 and recommends putting a stop loss here. He said that correction is buying opportunity for new investors. The outlook remains positive with positional medium term basis. It will lead the rally in the PSU bank stocks, Jain said.

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PNB Share Price Today - This stock ended positively on Tuesday on the NSE. The stock closed at Rs 37.10, gaining by 0.4 per cent. Jain said that the support for PNB share is at Rs 34 while the resistance is at Rs 39. He said that it is likely to trade within a range in the near term. The trend reversal will likely happen when it breaks the Rs 39 barrier and then the opportunity for buying in this stock will open, Jain said. He puts the stop loss at Rs 34.

Bank of Baroda Share Price today - BoB stock has a similar chart pattern as is being shown by PNB, he said. He said that the support is at Rs 68 while a major upside will open in the BOB share once the level of Rs 76 is breached. An upside between Rs 82 and Rs 85 will open once this level is crossed, he said. It ended at Rs 73 .10 on the NSE, going up by almost 0.6 per cent. The 52-week high is Rs 99.85. The stop loss is at Rs 68, he said. 
 
Canara Bank Share Price today - This is another stock which looks good on charts, Jain said. The chart patter is similar to PNB and BOB, he said. He puts the support at Rs 137 while the resistance at Rs 158. It should be seen as a stop loss if somebody is planning to take a position on this stock. Canara Bank stock is up by 0.8 per cent and ended at Rs 148.