Bullish on PSU Banks, CPSE stocks? UCO Bank, SJVN look strong on charts

Stock market outlook on Nifty PSU Banks, Nifty CPSE stocks: Technical chart suggests up to 22 per cent upside for UCO Bank, SJVN, NHPC and Bank of Maharashtra; here's why.

Shares of state-run firms have dazzled on the NSE and the BSE since the start of the general elections in India on April 19. The Nifty CPSE index has zoomed over 12 per cent, and the Nifty PSU Bank index has jumped 7.3 per cent as against a 4.3 per cent rally in the NSE benchmark Nifty 50 index.

In fact, most of the gains in the state-run stocks have come in the last week, as the market overcame initial hiccups of election uncertainty following lower voter turnout in the Lok Sabha polls 2024.

The rally gathered pace, after Union