Tech Stars : Canara Bank Ltd and Marico Ltd By Religare Broking
Canara Bank Ltd
Buy Canara Bank Ltd CMP:321.20, Initiation Range 320-322, Stop Loss 307, Target 348
TECHNICAL RATIONALE – The PSU banking index has witnessed a breakout from a congestion zone and Canara Bank is also trading in sync. It has also ended seven-month consolidation phase, after a breakout from a cup and handle pattern (which is continuous in nature), with noticeable surge in volumes.
Marico Ltd
Buy Marico Ltd CMP: 534.25, Initiation Range 533-535, Stop Loss 516,Target 572
TECHNICAL RATIONALE – The FMCG index is at record high and we are seeing participation across sectors on rotational basis. Marico has witnessed a breather after the recent surge and formed a fresh buying pivot while hovering above the support zone of moving averages ribbon on multiple time frames.
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