SBI, BoB: Can PSU banks still offer good returns after a stellar rally?

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If SBI stock fails to break the resistance at Rs 425 level, some weakness is likely near the support of Rs 410 levels

subjects
Power supply banks | Union Bank of India | Banks

Avdhut Bagkar | Mumbai

Shares in the financial sector, particularly public banks, were in a gradual upward trend in June. The craze for privatizations, strong profits, and fundraising plans have given investors confidence which led them to buy these names.

While stocks have seen some weakness lately, the positive sentiment remains intact, as the charts show. Union Bank shares, for example, are up over 12 percent so far in June, while UCO Bank is up 5 percent. In particular, Union Bank said Thursday it raised Rs 850 crore while UCO Bank received the board’s nod to raise up to Rs 500 …

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First published: Fri, June 25, 2021. 12:37 pm IST

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