Union Bank, Indian Bank Among Top Breakout Picks As PSU Bank Index Eyes ₹7,200 Level: SEBI RA Sanyam Vaish

Union Bank and Indian Bank are among the top breakout picks in the PSU banking sector, with the Nifty PSU Bank Index eyeing the 7,200 level. The index surged by 6.6% in May 2025, signaling a potential bullish reversal supported by technical indicators. Both Union Bank and Indian Bank have shown strong technical setups, with Union Bank breaking out from an ascending triangle pattern and Indian Bank on the verge of breaking above its all-time high. This positive sentiment for PSU banks is further reinforced by their outperformance relative to private banks and a strengthening ratio against the 200-Day Exponential Moving Average (DEMA).