Home Correction trading Canara Bank stock price: Day Trading Guide: 2 stock recommendations for Thursday

Canara Bank stock price: Day Trading Guide: 2 stock recommendations for Thursday

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Amit Trivedi, YES Securities

After witnessing three stocks on the rise in the recent past, Nifty became volatile and suffered a slight correction from the record high of 18,604. Today after a flat start, Nifty’s rally was short lived . It entered negative territory and fell to 18,209. Nifty closed its bullish gap that it formed on October 18. A hold above 18,200 should attract minor consolidation, while any decisive break below 18,200 could extend this week’s decline.

Meanwhile, Bank Nifty outperformed the benchmark in volatile trade. The Bank Nifty vs Nifty ratio remains above its previous month high. Maintaining at current levels could continue the outperformance of Bank Nifty.



The Nifty Energy index fell for a straight session. After a rally of several months, a slight consolidation / underperformance is possible in the energy sector.

Recommendations


| Buy almost Rs 194.5

Stop loss: Rs 189

Target: Rs 205

A series of ascending highs and lows on the short-term charts remain intact. Today’s rapid recovery in trade could signify a resumption of the recent uptrend.

October Futures Contracts | Sell ​​almost Rs 1,680

Stop loss: Rs 1,720

Target: Rs 1600

The stock is due for a medium reversion with an immediate hurdle placed near Rs 1,710. A negative follow-up action could drag the stock towards the Rs 1,600 area.


(The author, Amit Trivedi, CMT, is Technical Analyst – Institutional Equities, YES Securities. The opinions are his.)


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