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PSU banks looks good on long-term, best bets are Oriental Bank of Commerce, Punjab National Bank, says Mitessh Thakkar

Updated : April 05, 2019 06:16 PM IST

Stock market guru, Mitessh Thakkar, on Friday said that PSU banks are looking good on long-term and best bets are Oriental Bank of Commerce and Punjab National Bank.

"My sense is that trade on the long side, try to buy close to about 29,800 to about 29,500, keep a stop below 29,200 and we will soon get pass 30,600 which is the recent high and get pass around 31,000 levels,” he said.

Talking about bank stocks, Thakkar said, "On the private sector side, I would bet for Axis Bank and ICICI Bank to continue. These banks have recently gone into a longer-term uptrend, which should see them keep making higher highs for the next few months to come by. I would look at targets of Rs 850 plus on Axis Bank and around Rs 450 on ICICI Bank."

“However, some of the PSU banks are looking very good on the long-term charts. They have gone through big pain, big decline and now are reversing," he added.
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