Domestic brokerage firm Canara Bank Securities has advised investors on four largecap stocks, citing robust technical parameters and sound charts amidst the current market volatility. The recommendations include Indian Hotels Company, Max Healthcare Institute Ltd, United Spirits, and Bajaj Finance, with specific targets and stop-loss levels for short-term trading.
Indian Hotels Company: Bullish Breakout
Canara Bank Securities recommends a 'Buy' for Indian Hotels Company Ltd (IHCL) at its current market price. The stock's chart indicates a bullish breakout from a long-term downward trendline, with prices moving above all major moving averages, signaling improving momentum. The Relative Strength Index (RSI) around 59 suggests strong upward momentum.
- Target Price: Rs 770.75-816.75
- Stop Loss: Rs 659.85
Max Healthcare Institute: Sustained Bullish Trend
Max Healthcare Institute is also a 'Buy' recommendation. Its chart displays a long-term bullish trendline breakout, with the stock sustaining above a key breakout zone of Rs 1,139. Momentum is strong, as indicated by the price being above all major moving averages and an RSI near 71. Volume expansion during the breakout phase lends credibility to the move.
- Target Price: Rs 1,184-1,220
- Stop Loss: Rs 1,067
Bajaj Finance: End of Consolidation
Bajaj Finance Ltd receives a 'Buy' rating from the brokerage. The stock has shown a downward sloping trend line breakout and a double bottom support on a weekly timeframe, suggesting an end to its consolidation phase. It is trading above all daily moving averages (DMAs) and has found support at its 100-day moving average. The RSI is within a buying range, confirming potential for upward movement.
- Target Price: Rs 1,037-1,092
- Stop Loss: Rs 926
United Spirits: Upward Momentum
United Spirits Ltd is another 'Buy' recommendation. Its chart shows a bullish breakout from a long-term downward trendline, with the price moving above all major moving averages, indicating strengthening trend structure. An RSI around 56 reflects firm momentum with room for further upside before reaching overbought territory.
- Target Price: Rs 1,515.35-1,600.70
- Stop Loss: Rs 1,275.80
Disclaimer: This information is for educational purposes only and should not be construed as investment advice. Investors are encouraged to consult with a qualified financial advisor before making any investment decisions.