Analysts at Mirae Asset Sharekhan have identified three public sector undertakings (PSUs) — Indian Renewable Energy Development Agency (IREDA), Engineers India Ltd (EIL), and Punjab National Bank (PNB) — as top stocks for traders. The recommendations come amidst a period of mixed sentiments in the Indian equity market, where bargain hunting has supported overall gains despite higher crude oil prices and elevated bond yields.
Engineers India (EIL): Bullish Trend Continues
Engineers India Ltd has demonstrated a consistently positive trajectory, following a 'higher top, higher bottom' trend since March 2026. The stock recently hit a 52-week high of Rs 318.90, signaling robust buying interest, with its daily Relative Strength Index (RSI) above 70. Muthuselvaraj M, Research Analyst at Mirae Asset Sharekhan, suggests a potential move towards target prices of Rs 330-350 in the short-to-medium term. Traders are advised to set a stop loss at Rs 300. Investors should monitor the Rs 305–290 support zone, as a breach below this level could trigger profit-taking. The bullish outlook remains strong as long as this upward trend persists.
Punjab National Bank (PNB): Consolidation Points to Upside
Punjab National Bank (PNB) shares have shown signs of consolidation after forming a bullish pattern, indicating a likely upward movement. The analyst projects potential targets of Rs 121–125 in the short-to-medium term, supported by a critical support zone between Rs 114–112. The stock's price is also approaching its 20-day Exponential Moving Average (EMA) at Rs 116.5, which could add to its short-term strength. Momentum indicators currently reflect a sideways-to-positive trend, suggesting sustained buying interest. Overall, PNB maintains a positive outlook for the foreseeable future.
IREDA: Strong Base After Correction
The Indian Renewable Energy Development Agency (IREDA) has established a strong base following a significant 25 percent correction. Despite a previous 'lower top, lower bottom' pattern, the stock has shown resilience around Rs 109, with robust support identified at Rs 107. A breakout above the Rs 114 level is anticipated to trigger a rally, potentially driving the stock towards target prices of Rs 123–140 in the short-to-medium term. With momentum indicators trending upward, analysts expect IREDA to continue demonstrating strength in the upcoming trading sessions.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.