Stocks that were in focus include names like Jio Financial, which rose 2% and SBI Card, which gained 0.4% and Canara Bank, whose shares rallied 2% on Wednesday.
Here’s what Viral Chheda, Sr Analyst at SSJ Finance and Securities, recommends investors should do with these stocks when the market resumes trading today.
Jio Financial
After making an all time high around 395 in Apr 2024, stock has witnessed a Bear Run to make the 52 week low of 198 odd levels. Price has given almost 50% downside move from its higher level of 395 odd levels as bears were having upper hand over price.
At the lower level stock is trading in the range of 198-235 and in the current week with relatively high volume price has breached the consolidation phase and moving above that level indicated further upside from here.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk. Hence one can buy at current level and more at dips of 215 with stop loss of 195 on weekly closing basis and upside can be seen till 310-360 in the coming 10-12 months.
SBI Card
After making double bottom around 661 in Dec 2024, price has given a sharp upside move to make the 52 week high of 884 odd levels. Price has given almost 34% returned from its lower level as Buyers were having full control over the price.
After moving in the range of 820-884 for a few days, price has breached the Consolidation Phase and moving above that level indicates further upside from here. Price is also moving above all three major averages of 20 DMA, 50 DMA and 200 DMA respectively. For long term stock looks good and can be bought at every dips.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk. Hence one can buy at current level and more at dips of 840 with stop loss of 800 on weekly closing basis and upside can be seen till 1000-1100 in the coming 10-12 months.
Canara Bank
After making an all time high around 125 in May 2024, stock has witnessed a Bear Run to make the 52 week low of 78.5 odd levels. Price has given almost 38% downside move from its higher level of 125 odd levels as sellers were having full control over price. From its lower level price started to give some pull back and is currently moving around 20% higher from its price to trade around 95 odd levels.
Higher Top Higher Bottom pattern can be seen in this upside move. For long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk.
Hence one can buy at current level and more at dips of 85 with stop loss of 76 on weekly closing basis and upside can be seen till 124-145 in the coming 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
