GNFC, Canara Bank strong on charts; top technical picks by HDFC Securities

As per Vinay Rajani, in the October series, GNFC has seen a long build-up in the derivative segment, which confirms the uptrend

Nifty View

Nifty opened higher by 92 points at 19,232.95 but failed to hold on to the gains and ended the last session at 19079.60 with a loss of 61 points.

Nifty witnessed profit booking after registering pullback rally of almost 400 points in the last three trading session. The zone of 19,233-19,333 is expected to remain strong hurdle for the Nifty, while the zone of 18,900-19,000 could offer support.

Buy GNFC | Last close: Rs 691 | Target: Rs 750 | Stop-loss: Rs 629

The stock has been forming higher tops and higher bottoms on the daily chart. Primary trend of the stock is bullish as it is placed above all important moving averages.

Indicators and oscillators have been showing bullish trend for the stock. In the October series, it has seen a long build up in the derivative segment, which confirms the uptrend.

Buy Canara Bank | Last close: Rs 384 | Target: Rs 405 | Stop-loss: Rs 361

The stock has recently registered fresh 52 week high of 387.80 with a jump in volumes. It has remained resilient in the recent market weakness. It has broken out from flag pattern on the weekly chart, which indicates continuation of an primary uptrend.

Disclaimer: Vinay Rajani, CMT (Senior Technical and Derivative Research Analyst). Views are his own.