Analyst recommends Canara Bank, Hindalco & one other stock to buy today

Stocks to buy: Analyst pick Hindalco, Canara Bank and one more share to buy; Check full details

Stock recommendations: 

Canara Bank

Canara Bank (CANBK) is currently trading in a Higher High formation on the daily timeframe, maintaining its bullish structure. The stock took support from a rising trendline and opened today’s session with a runaway gap, closing with a strong bullish candlestick, signaling a potential continuation of the uptrend.

 

Technically, the stock is positioned above its 20, 50, 100, and 200-day EMAs, reinforcing a bullish trend. Moreover, the Relative Strength Index (RSI) is at ₹50.67 and trending upwards, indicating building bullish momentum.

CMP: ₹110.61, Stop Loss: ₹107.2, Target: ₹117         

 

JM Financial

 

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JM FINANCIAL has continued its upward movement, rising by nearly 7 percent and forming a strong bullish candle. The recent breakout from a pattern resembling a flag and pole further supports a positive outlook, On the hourly timeframe, all Exponential Moving Averages (EMAs) are trending upwards, confirming the ongoing positive trend. The Relative Strength Index (RSI) is also advancing, in line with the bullish price action, signaling strength in the current rally.

CMP: ₹150.29, Stop-loss: ₹140.80, Target: ₹170

 

Hindalco Industries Limited

Hindalco Industries Ltd has given a breakout from a symmetrical triangle chart pattern on the daily timeframe, supported by above-average volume (based on the 20-day average), indicating renewed buying interest. Technically, the stock is trading above its key moving averages – the 20, 50, 100, and 200-day EMAs, reflecting a strong bullish trend. The Relative Strength Index (RSI) stands at 67.43 and is trending upward, highlighting positive momentum and suggesting the potential for continued upside.

CMP: ₹669.4, Stop-loss: ₹655, Target: ₹696

 

(Disclaimer: This article is by Kunal Kamble, sr. technical research analyst at Bonanza. Views expressed are his own.)