SBI Life, Hudco, Canara Bank among top stocks to buy as Nifty consolidates

Stocks to Buy Today, May 29: Canara Bank share price, Hudco share price, and SBI Life share price have given fresh break out on charts and are poised for upside

Stock Market View

Markets traded subdued within a narrow range with a negative bias, continuing the ongoing consolidation phase. After an initial dip, the Nifty moved in a tight band throughout the session and eventually settled at the 24,752.45 level on Wednesday. 

 

Interestingly, unlike the frontline indices, the broader markets continued to show strength, with the smallcap index closing in the green while the midcap index ended flat.

 

Despite the stable global cues and favorable domestic factors, the market is being weighed down by inconsistent FII inflows, which is reflected in the recent increase in volatility.

 

From a technical perspective, participants are trading within the prevailing range, and a clear directional trend is expected to emerge once the index breaks out of the 24,400–25,200 range. However, traders should maintain a positive bias, focusing on sectors and themes that are witnessing noticeable buying interest. 

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Stocks to Buy Today, May 29, 2025:

 

Canara Bank | LTP: ₹110.94 | Buy | Share price target: ₹118 | Stop-loss: ₹106

The PSU bank segment is showing renewed buying interest and, among them, Canara Bank share price is leading from the front. The stock recently confirmed a breakout from an 'inverted head and shoulder' pattern, showing clear sign of trend reversal. It is gradually inching higher, witnessing a follow-through breakout from a tight range, and looks poised for further upside. Considering the price action and buoyancy in the counter, traders can go long in Canara Bank shares within the mentioned range.

 

Housing & Urban Development Corporation Limited | LTP: ₹237.24 | Buy | Share price target: ₹256| Stop-loss: ₹228

Hudco stock recently broke out of its multi-month declining trendline, potentially ending the corrective phase. After a brief pullback, it created a fresh buying pivot at the confluence of key moving averages, while forming an 'inverted head and shoulder' pattern. Considering the price structure, Hudco share price looks set for a strong move on the upside. Traders can initiate longs in the mentioned range.

 

SBI Life Insurance Company Limited | LTP: ₹1,807.40 | Buy | Share price target: ₹1,950 | Stop-loss: ₹1,740

SBI Life share price witnessed a sharp rally post its breakout from the consolidation phase. However, to digest the gains, the price traded in a contracting range, resulting into a pennant pattern formation. SBI Life stock has registered a fresh breakout from this trend continuation pattern, suggesting resumption of prevailing uptrend. Participants may consider initiating fresh long positions at current levels.

   

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Disclaimer: Ajit Mishra is SVP-Research at Religare Broking Limited. Views expressed are his own. For further info, visit: https://religareonline.com/disclaimer