Canara Bank, Equitas Holdings, Jindal Stainless: What should investors do with these stocks?

Indian equity markets settled higher in the first session of 2023 despite the absence of global cues during the day. BSE Sensex advanced over 327 points or 0.54 per cent to settle at 61,167.79 on Monday, whereas NSE’s Nifty50 gained over 92 points or 0.51 per cent to close at 18,197.

Buying action was seen in metal stocks, followed by buying in telecom, IT, technology, and realty indices. Select banking counters also hogged the limelight during the trading session.

Select stocks like Jindal Stainless, Equitas Holdings, and Canara Bank hit a 52-week high on Monday. Here is what  Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers suggest investors should do with these stocks during Tuesday’s trading session:

Canara Bank | Buy | Target Price: Rs 350 | Stop Loss: Rs 320

Since the last 6 months, the said counter is making higher highs and higher lows which resulted in a whopping 91 per cent return. At the current juncture, it is trading above its previous swing high of Rs 334 indicating further upside. On the indicator front, Daily MACD has a bullish crossover above the Zero-line which is a sign of a further bullish move in the counter. One can buy in small tranches at current levels and another around Rs 326-328 with an upside target of Rs 350 and the stop loss would be Rs 320.

Equitas Holdings | Buy above Rs 130 | Target Price: Rs 145 | Stop Loss: Rs 123

After posting about 73 per cent return in the last 6 months the said counter has formed a double top near Rs 130 levels which needs to be taken out for further up move in the counter. Also, on the indicator front, daily MACD has displayed negative divergence along with bearish cross hinting towards a temporary pause or possible pullback. Fresh buy will only trigger after sustainability above Rs 130 levels for a target of Rs 145 with the stop loss of Rs 123.

Jindal Stainless | Buy | Target Price: Rs 270 | Stop Loss: Rs 236

Jindal Stainless is constantly following its 10 days and 50 days DEMA which is a positive sign for its ongoing uptrend. Currently, it is trading above its previous month’s high of Rs 242.50, thus confirming its further up move.  On the indicator front, Daily MACD has a bullish crossover above the Zero-line which is a sign of a further bullish move in the counter. One can buy in small tranches at current levels and another around Rs 242 with an upside target of Rs 270 and the stop loss would be Rs 236.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today.)

Also read: Sensex, Nifty end higher in first session of 2023; Tata Steel, Tata Motors, ICICI Bank top gainers

Also read: Note Ban: Demonetisation Valid As SC Dismisses Pleas Challenging 2016 Move

Also read: Penny stocks: Toyam Sports, Filatex Fashions, 5 other stocks that turned multibaggers in 2022

Also read: Shark Tank India: Top 5 Pitches From Season 1