PSU Stocks to Watch: Bank of Maharashtra and BPCL Show Bullish Signs for Thursday
Nifty ended Wednesday with strong gains, breaking its four-session losing streak. The market was lifted by buying action across sectors, with metals, auto, and financials leading the pack. The index has reclaimed the 21EMA after reversing from a brief dull phase.
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has seen a doji formation followed by a sharp rise, reflected through a visible green candle. This signals the possibility of more gains ahead. 'Although the trend is not decisively bullish yet—unlike the Bank Nifty, which has given a clear breakout—the current recovery may continue in the near term. On the upside, the index could move towards 26,315, while 26,100 may act as the initial support,' De said.
Bank of Maharashtra: A Bullish Breakout
Bank of Maharashtra has delivered a strong bullish breakout above the key resistance zone near Rs 61. This breakout is supported by a decisive close and noticeable volume expansion, indicating fresh accumulation. The stock is trading firmly above all major moving averages, reflecting a healthy short- and long-term trend alignment. Price has broken out of a prolonged consolidation range, signaling trend continuation. The Relative Strength Index (RSI) is placed near 70 and trending upward, highlighting strong bullish momentum without immediate signs of exhaustion.
Buy Recommendation: - Entry Price: Rs 62.05 - Stop Loss: Rs 60 - Target: Rs 66.50 - Upside: 7%
BPCL: Strong Bullish Momentum
Bharat Petroleum Corporation Limited (BPCL) has staged a strong bullish breakout above the long-standing resistance zone near Rs 380, confirming trend continuation on the daily chart. The stock is trading well above its rising trend line and all key moving averages, reflecting a robust medium- to long-term uptrend. Volumes have expanded on the breakout, indicating institutional participation and strong accumulation. The price structure continues to form higher highs and higher lows, reinforcing bullish control. The RSI is positioned above 65 and trending upward, signaling healthy momentum without immediate overbought concerns.
Buy Recommendation: - Entry Price: Rs 384 - Stop Loss: Rs 369 - Target: Rs 417 - Upside: 9%
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Conclusion
Both Bank of Maharashtra and BPCL are showing strong bullish signs, making them compelling picks for Thursday's trade. Investors should monitor these stocks closely and consider the provided entry points, stop losses, and targets to maximize potential gains.
