Advice to buy this PSU bank stock for 45% return, expert gives target of 2024

After the Santa Rally and the beginning of the New Year, some profit bookings are now being seen. Last year, as Nifty and Sensex touched their all-time highs, investors made a lot of money from quality stocks, especially PSU stocks. Last year, most of the PSU stocks earned huge profits for their investors, and in the new year also there will be many opportunities to earn money from the PSUs.

PSU bank stock Union Bank of India
PSU bank stock Union Bank of India

Union Bank can give returns of up to 45 percent

JM Financial Vice President Tejas Shah has made Union Bank his New Year pick. He believes that Union Bank can achieve a growth of 45% in 2024. Tejas Shah says that Union Bank stock had given a multiweek breakout with huge volumes in September 2023 and had crossed the Rs 100 level on the monthly chart, hence it seems to be a genuine breakout. He has advised to buy this stock at the current price or even in decline. Also, deep stop-loss is mentioned as Rs 90, the first target for one year is Rs 150 and the second target is Rs 175.

Union Bank had given 50 percent profit last year

Union Bank has given good returns to its investors in the last year. In the last year, investors have earned about 50 percent profit from this stock, and in the last 6 months up to 60 percent profit. Below you can see the year-long performance of this stock in 2023.

Union Bank of India 2023 Performance
Union Bank’s monthly performance in 2023
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