SBI, BoB, Canara Bank shares aim for new highs this June; can it happen?

The Nifty PSU Bank index has surged 30% from its March low, with 7 out of 12 bank stocks up more than 25%. Here's a technical outlook on key bank stocks - SBI, Bank of Baroda and Canara Bank.

Shares of state-run banks have witnessed a stellar rally on the BSE and the NSE in the last four months. The Nifty PSU Bank index from a low of 5,530 in February 2025 has surged to a high of 7,179 in intra-day trades today, June 03, 2025 - thus registering a solid gain of 29.8 per cent or 1,649 points.  In comparison, the National Stock Exchange (NSE) benchmark - the Nifty 50 index has advanced 13.1 per cent or 2,880 points from its February low till date.  Data from ACE Equity shows that 7 out of 12 constituents from the Nifty PSU Bank index have rallied more than 25 per cent during the same period. Canara Bank with a gain of nearly 43 per cent tops the list, which also includes the likes of Union Bank of India, Bank of India, Bank of Baroda, Indian Bank, Bank of Maharashtra and Punjab National Bank.  Among these - Indian Bank stock rallied to a new life-time high in trades on June 2, and today has extended gains. Technical chart suggests the stock could extend the rally by another 17 per cent. READ MORE  Meanwhile, these 3 PSU bank stocks - Bank of Baroda (BoB), Canara Bank and SBI - could be next in line to hit respective all-time highs on the NSE and BSE. All of these PSU Bank shares had last registered a record high in June 2024.  Technical chart shows that the Nifty PSU Bank index and these 3 banking shares are favourably placed, but trade in an  overbought zone. Here's a detailed technical outlook on SBI, Bank of Baroda and Canara Bank stocks, and the Nifty PSU Bank index.  ALSO READ | Rel Infra, RPower: Time to buy, sell or hold Anil Ambani group stocks? 

Nifty PSU Bank

Current Levels: 7,114  Upside Potential: 12.5%  Support: 7,040; 6,700; 6,600  Resistance: 7,250; 7,450; 7,550; 7,685  The Nifty PSU Bank index is likely to trade with a favourable bias as long as the index holds above 6,700 - 6,600 levels. Whereas, near support for the banking index exists at 7,040 levels. On the upside, the Nifty PSU Bank index can potentially surge to record highs around the 8,000-mark. Interim resistance can be anticipated around 7,250, 7,450, 7,550 and 7,685 levels. CLICK HERE FOR THE CHART 

SBI

Current Price: ₹814  Upside Potential: 12.4%  Support: ₹808; ₹790  Resistance: ₹820; ₹828; ₹855  SBI stock is likely to trade with a favourable bias as long as it trades above ₹790, with near support at ₹808 levels. On the upside, the stock needs to break and trade above ₹828 for gaining likely upside momentum. The life-time high for the stock stands at ₹894. On the upside, the stock can potentially soar to ₹915 levels, with intermediate resistance likely around ₹820 and ₹855 levels. CLICK HERE FOR THE CHART  ALSO READ |  Infy, TCS, HCLTech: IT stocks staring at further losses; hint tech charts 

Bank of Baroda (BoB)

Current Price: ₹255  Upside Potential: 17.7%  Support: ₹242  Resistance: ₹267; ₹277  Bank of Baroda stock had given a breakout on the daily scale on May 29; the near-term bias for the stock is expected to remain positive as long as the stock holds above ₹242 levels. On the upside, the stock may surge towards ₹300-mark, thus surpassing its earlier high around ₹291 levels. Interim resistance for the stock is seen at ₹267 and ₹277 levels. CLICK HERE FOR THE CHART 

Canara Bank

Current Price: ₹117  Upside Potential: 13.7%  Support: ₹114; ₹107  Resistance: ₹120; ₹124  Canara Bank seems on course to rally past its peak at ₹127.70, and record a new high around ₹133 levels. The near-term bias at the counter is likely to remain upbeat as long as the stock holds above ₹114, below which strong support stands at ₹107 levels. Interim resistance for the stock can be expected around ₹120 and ₹124 levels. CLICK HERE FOR THE CHART