LIC IPO opens today. 5 other PSU stocks you can bet on for strong gains

These 5 PSU stocks can jump as much as 25 per cent from the current levels, provided the overall market momentum stays strong

The initial public offer (IPO) of public sector insurance giant Life insurance Corporation (LIC) has opened for subscription today.

The issue, which is slated to close on May 9, will remain open for subscription on Saturday as well. This is an unusual move aimed at attracting investors including retail buyers for the nation’s biggest share sale, reports suggest.
 

That said, there are several other listed PSU stocks that look attractive on the charts and can gain ground in the days ahead provided the overall market momentum stays bouyant. 

NTPC Ltd (NTPC)

Likely target: Rs 180

Upside potential: 10%

After hitting a new 52-week high Rs 166.35 and slipping thereafter, the shares of NTPC have rebounded from the significant support zone of Rs 150. The first sign of weakness could emerge only if the stock closes under the immediate support of Rs 155 level. As of now, the trend remains sideways with inclination on the upside. A close above Rs 162 levels can see an upward breakout towards Rs 180 levels. CLICK HERE FOR THE CHART

Mangalore Refinery & Petrochemicals Ltd (MRPL)

Likely target: Rs 100

Upside potential: 25%

An aggressive close over 200-weekly moving average (WMA) - placed at Rs 49.90 - has resulted in a robust breakout in this counter after 2018, says the weekly chart. This move is strong and has seen investors buy this stock on a dip. The immediate closing basis support is positioned at Rs 70. Until this mark is defended, the upside bias could easily see the stock hit the three-digit mark.  CLICK HERE FOR THE CHART

Power Grid Corporation of India Ltd (POWERGRID)

Likely target: Rs 255

Upside potential: 8%

The shares of Power Grid Corporation of India overcame the hurdle of Rs 220 in early April 2022. The breakout is witnessing buying momentum on minor corrective moves, shows the daily chart. Also, the strength determinant indicator - the Relative Strength Index (RSI) - is not violating 50 value, which is a signal of a positive bias. Presently, the stock is a tad short of claiming a new 52-week high. The overall trend appears promising and the the counter is headed towards Rs 255 in the days ahead. CLICK HERE FOR THE CHART

Canara Bank (CANBK)

Outlook:  100-DMA support, may bounce 5% -7%

Even after the recent correction and extreme volatility in benchmark indices, the shares of Canara Bank held their 100-DMA  (Rs 226) support bravely. The trend may look weak rather sluggish, but as long as the support is defended, the reversal cannot be ruled out, according to the daily chart. The positive bias is hinting at a gradual upside to Rs 244 and then Rs 250 levels. CLICK HERE FOR THE CHART

Hindustan Aeronautics Ltd (HAL)

Likely target: Rs 1,758

Upside potential: 9.50%

The counter broke out extensively once it conquered the hurdle of Rs 1,500 level. It hit a new peak of Rs 1,758 recently. The current price levels are close to the breakout mark. Only a decisive breach of the said breakout level could mean a bearish downside. However, any reversal near the breakout support might get to see sharp rally towards the all-time high mark, shows the weekly chart. CLICK HERE FOR THE CHART