Union Bank of India, Bank of Maharashtra, Indian Bank: How to trade these 3 buzzing stocks

Indian benchmark indices settled sharply lower as West Asian conflict entered in the second week, pushing the crude oil prices higher, stoking the inflation fears ahead of key policy meetings. The BSE Sensex tanked 1,352.74 points, or 1.71 per cent, to close at 77,566.16, while NSE's Nifty50 crashed 422.40 points, or 1.73 per cent, to end at 24,028.05 for the day.

Select buzzing stocks from PSU banking space including Union Bank of India, Indian Bank and Bank of Maharashtra are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Senior Technical Research Analysts at Anand Rathi Share and Stock Brokers has to say on them ahead of Tuesday's trading session:
 

Union Bank of India | Caution

The stock of Union Bank of India is currently trading just above its 50-DEMA, while the RSI remains below the 50 mark, indicating that momentum is still weak. Going forward, Rs 175 is likely to act as immediate support, whereas Rs 180 remains a key resistance level. A fresh buying opportunity may emerge only if the stock closes decisively above Rs 180, which could indicate a revival in bullish momentum. Until such a breakout occurs, it is advisable to wait and watch.
 

Indian Bank | Caution

The stock of Indian Bank is currently hovering just above its 50-DEMA, while the RSI remains below the 50 level, indicating subdued momentum. In addition, the DMI indicator has turned negative, reflecting a mild bearish bias in the near term. Technically, Rs 878 is expected to act as immediate support, whereas Rs 928 stands as a crucial resistance level. A decisive close above Rs 928 would be required to signal a potential shift in momentum and open the door for fresh buying interest. Until such confirmation emerges, it would be prudent to adopt a wait-and-watch approach.
 

Bank of Maharashtra | Caution

The stock of Bank of Maharashtra is currently hovering just below  its 50-DEMA, while the RSI remains below the 50 level, indicating subdued momentum. In addition, the DMI indicator has turned negative, reflecting a mild bearish bias in the near term. Technically, Rs 63.60 is expected to act as immediate support, whereas Rs 67.50 stands as a crucial resistance level. A decisive close above Rs 67.50 would be required to signal a potential shift in momentum and open the door for fresh buying interest. Until such confirmation emerges, it would be prudent to adopt a wait-and-watch approach