Market Trading Guide: Canara Bank among 4 stock recommendations for Thursday
1/5
Stock Ideas
India's benchmark indices fell on Wednesday, dragged by financials, metal, and information technology stocks, ahead of the release of the Federal Reserve minutes. The S&P BSE Sensex closed 0.75% lower at 71,356, while the NSE Nifty 50 index closed below the 21,550 mark.
"The short-term trend of Nifty continues to be negative. A decisive move below 21,500 levels could open the next downside of 21,255 (20-day EMA) and the next 20,980 levels in the near term. Immediate resistance is placed at 21,670," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
"The short-term trend of Nifty continues to be negative. A decisive move below 21,500 levels could open the next downside of 21,255 (20-day EMA) and the next 20,980 levels in the near term. Immediate resistance is placed at 21,670," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
2/5
Buy Polyplex Corp at Rs 1,132.5
Target Price: Rs 1,290
Stop Loss: Rs 1,050
A Rectangle pattern breakout has been witnessed in Polyplex Corp. An increase in volume indicates buyers are more interested in buying the security. The price is trading above the short-term EMA(20), indicating an uptrend in the security. The RSI is trading in the northern direction supporting the price action.
Stop Loss: Rs 1,050
A Rectangle pattern breakout has been witnessed in Polyplex Corp. An increase in volume indicates buyers are more interested in buying the security. The price is trading above the short-term EMA(20), indicating an uptrend in the security. The RSI is trading in the northern direction supporting the price action.
3/5
Buy Capacite Infraprojects at Rs 271.9
Target Price: Rs 307
Stop Loss: Rs 253
On the daily chart, the stock has given a breakout of an ascending triangle pattern with the bullish candlestick. Stock is trading above its 20-day exponential moving averages on the daily time frames, which is positive for the prices in the short to medium term. The daily strength indicator RSI (14) is in bullish mode and trading above the 50 level.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
Stop Loss: Rs 253
On the daily chart, the stock has given a breakout of an ascending triangle pattern with the bullish candlestick. Stock is trading above its 20-day exponential moving averages on the daily time frames, which is positive for the prices in the short to medium term. The daily strength indicator RSI (14) is in bullish mode and trading above the 50 level.
(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)
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4/5
Buy Kothari Products at Rs 133
Target Price: Rs 150-160
Stop Loss: Rs 125
Kothari Products has recently experienced a robust breakout on the daily chart, accompanied by a notable surge in volumes, stemming from an inverted head and shoulder pattern breakdown. The stock is currently trading above its short-term moving average, the 20-day moving average (20-DMA), positioned at 125. This breakout suggests bullish momentum, and potential investors may consider monitoring the stock closely.
(Kunal Shah, Senior Technical & Derivative analyst, LKP Securities)
Stop Loss: Rs 125
Kothari Products has recently experienced a robust breakout on the daily chart, accompanied by a notable surge in volumes, stemming from an inverted head and shoulder pattern breakdown. The stock is currently trading above its short-term moving average, the 20-day moving average (20-DMA), positioned at 125. This breakout suggests bullish momentum, and potential investors may consider monitoring the stock closely.
(Kunal Shah, Senior Technical & Derivative analyst, LKP Securities)
5/5
Buy Canara Bank at Rs 460-450
Target Price: Rs 500-525
Stop Loss: Rs 420
Canara Bank is currently exhibiting a robust uptrend characterized by consistent higher highs and higher lows on the daily chart. The momentum indicator, RSI, has recently provided a positive crossover, confirming the bullish sentiment. The stock has a strong support level at 420, serving as a cushion for bullish movements. Anticipated upside targets for Canara Bank are 500 and 525.
(Kunal Shah, Senior Technical & Derivative analyst, LKP Securities)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Stop Loss: Rs 420
Canara Bank is currently exhibiting a robust uptrend characterized by consistent higher highs and higher lows on the daily chart. The momentum indicator, RSI, has recently provided a positive crossover, confirming the bullish sentiment. The stock has a strong support level at 420, serving as a cushion for bullish movements. Anticipated upside targets for Canara Bank are 500 and 525.
(Kunal Shah, Senior Technical & Derivative analyst, LKP Securities)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)