8 multibaggers in a year! Nifty PSU Bank poised to break 2010 record
multibaggers in a year, Nifty PSU Bank is now on the verge of a 13-year breakout that can take the index to fresh all-time peaks.
As compared to Monday's closing level of 5,217, Nifty PSU Bank is just 3% away from the closing peak of 5,375.8 touched in November 2010.
The recent rally in the barometer has pushed the 14-day RSI above 70. The index is also trading above all its moving averages.
«A pullback seems likely in overly stretched stocks like PNB, Bank of India, IOB and Central Bank while Canara Bank, Bank of Baroda, Union Bank and Indian Bank are poised to attract buying interest,» Anand James of Geojit Financial said.
In the last one year, 8 government-owned banks have more than doubled investor wealth.
UCO Bank has been the top gainer in the list with an unstoppable rally of 270%. Punjab and Sind Bank has also grown over 3 times while Central Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Bank of India and Indian Bank are other multibaggers in the list.
“Public sector banks' investments in government and other approved securities are currently significantly higher than the statutory requirement.
