Stocks to buy today: Nifty PSU Bank index hits life-time high. Experts pick SBI, BoB, PNB, Canara Bank shares

livemint.com:

Stock market today: Amid weakness in Sensex heavy weight Reliance Industries Ltd (RIL) shares and tepid movement in leading IT stocks, Nifty PSU Bank index has come out as big support for the Indian stock market. The Nifty PSU Bank index has hit life-time high in Monday deals.

The index opened today with an upside gap and went on to hit intraday high of 4,623.95 during early morning deals, which turned out to be its new life-time peak. According to stock market experts, Dalal Street leaders like Reliance, Infosys, TCS, Wipro, HCL Tech, etc.

are under sell off stress and they are expected to remain sideways to weak in near term due to lower than expected Q1 results 2023. Hence, positional investors are looking at safer bets and PSU bank stocks are emerging as preferred chopice for them as they are expected to deliver better quarterly numbers on QoQ and YoY.

They said that stocks listed at Nifty PSU Bank index may continue to outperform Reliance, TCS, Infosys, Wipro and other market leaders in near term and advised medium to long term investors to look at PSU stocks like SBI, Bank of Baroda, Canara Bank and Punjab National Bank (PNB). Speaking on Nifty PSU bank index chart pattern, Sumeet Bagadia, Executive Director at Choice Broking said, "The index has given breakout at 4,525 levels and it may become highly bullish after breaching the hurdle placed at 4,639 mark.