Technically speaking, Nifty is showing signs of staying above 17350 and is reaching the zone of 17650 and 17777 from here, while from below it is visible in the zone of 17250 to 17100. However, the volatility index has come down from 19 to 16.06. The volatility index will come down further and the bulls seem to be holding the market ahead. Banking and financial companies can perform very well in the coming days. Along with this, the shares of telecom companies can also be returned.
The bulls are trying to dominate the stock market once again. Nifty seems to be steadily strengthening and there are signs of recovery in the market. RBI’s monetary policy review has once made banking stocks a favorite of investors. There was a lot of selling in the shares of banking and financial companies in November, but then they saw a comeback.
Technically speaking, Nifty is showing signs of staying above 17350 and is reaching the zone of 17650 and 17777 from here, while from below it is visible in the zone of 17250 to 17100. However, the volatility index has come down from 19 to 16.06. The volatility index will come down further and the bulls seem to be holding the market ahead. Banking and financial companies can perform very well in the coming days. Along with this, the shares of telecom companies can also be returned. At present, there is a good profit opportunity in these two stocks.
Canara Bank
Rating – BUY
Target – Rs 237
Stop Loss – Rs 213
Last Friday, there was a very sharp rally in this stock. For most of the day it was trading above the DMA at 2580. This share seems to be outperforming. Going down to Rs 198, this stock has given a consolidation breakout. Looking at the chart structure, there are signs of this stock moving towards Rs 237. Therefore, this share can be bought with a stop loss of Rs 213.
Bharti Airtel
Rating- BUY
Target – Rs 750
Stop Loss – Rs 693
During the last two months, investor interest in telecom stocks has shown a return. Bharti Airtel stock is the best performing stock in this sector. In November, it was corrected by reaching Rs 781. This stock seems to be trading in higher range. It is showing a positive position on the weekly and monthly charts of the RSI Oscillator. If you look at the chart structure, there is a possibility of Bharti Airtel’s stock moving towards the Rs 750 zone. Therefore, buying can be done in this stock with a stoploss of 693.
( Article: Rahul Shah)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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