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Strong breakout momentum is seen in PSU banks ahead of the upcoming RBI policy announcement, with investors advised to “buy strength, not stories” and monitor key breakout levels without chasing sharp moves, according to SEBI-registered analyst Sanyam Vaish.
Vaish highlighted top movers, including Union Bank of India, which surged 4.1% to ₹152.80, breaking above major SMAs with an RSI of 75, signaling strong bullish momentum.
Support and resistance levels stand at ₹144 and ₹158/₹168, respectively.
Indian Bank shares hit the highest volume in months, trading at ₹639.90, entering overbought RSI territory with no immediate resistance and a long-term target above ₹700.
Punjab National Bank shares broke a multi-month downtrend at ₹108.60, with resistance at ₹111 and potential upside to ₹120.
Bank of India shares closed above their 200-day moving average at ₹125, with resistance at ₹130 and support at ₹120.
Bank of Baroda shares reclaimed their 50 and 200 SMAs at ₹254.85, building a strong base near the resistance of ₹260.
Indian Overseas Bank shares bounced sharply from oversold levels to ₹41.88, eyeing a weekly close above ₹45 to confirm a trend reversal.
UCO Bank shares showed early reversal signs with a bullish SMA crossover at ₹34.11, while Punjab & Sind Bank began curling up from its bottom at ₹33.15, with resistance at ₹38.
Vaish also noted that the Nifty PSU Bank Index is attempting to break wedge resistance near 7,200, suggesting the sector could lead into the RBI policy announcement.
He cautioned investors to focus on confirmed price strength and breakout levels rather than chasing volatile spikes.
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