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Canara Bank Ltd

• CANBK on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 295-303 levels in Nov, 2022

• Stock had given a throwback till breakout area and forms a bullish engulfing candle at a breakout zone indicating reversal after a small profit booking,

• Resistance zone between 295-303 was in place from Mar, 2018 and due to change of polarity resistance zone will now act as strong support

• The weekly strength indicator RSI is holding above a reading of 50 mark indicates positive momentum

• The above analysis indicates an upside of 364-375 levels

•  Holding period is 3 to 4 weeks

Buy Canara Bank Ltd CMP: 333 Buy Range: 328-321 Stop loss: 305 Upside: 12% –15%

Jindal Steel & Power Ltd

• JINDALSTEL on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 570-580 levels with strong bullish candle.

• The breakout is accompanied with an increase in volume confirming participation at breakout level.

• Stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend.

• The weekly strength indicator RSI is in bullish mode and weekly RSI holding above its reference line which indicate positive momentum.

• The above analysis indicates an upside of 630-650 levels

• Holding period is 3 to 4 weeks

Buy Jindal Steel & Power Ltd CMP: 583 Buy Range: 573-562 Stop loss: 536 Upside: 11% –15%

Mahindra CIE Automotive Ltd

• MAHINDCIE on the weekly chart has decisively broken out above the “Cup and Handle pattern”. The breakout for the same was place at 328.

• Stock had also broken out above the “Multiple resistance zone” placed between 328-313 levels

• Stock is forming a higher high-low on Stock is well placed above 20, 50, 100 and 200 key averages indicating positive momentum.

• The weekly strength indicator RSI is holding above a reading of 50 mark and its reference line indicates positive momentum.

• The above analysis indicates an upside of 375-380 levels.

• Holding period is 3 to 4 weeks.

Buy Mahindra CIE Automotive Ltd CMP: 346 Buy Range: 340-333 Stop loss: 318 Upside: 11% –13%

Chambal Fertilizers & Chemicals Ltd

• CHAMBLFERT on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 270-260 level on 14h May, 2021. Due to change of polarity this resistance zone will act as support.

• Stock is holding around this support zone and forms a strong bullish candle indicating positive bias.

• Stock holding above 61% Fibonacci retracement of a rally from 94-516 placed at 255 forming a medium term support base.

• The weekly strength indicator RSI is in bullish mode forming higher high-low and crosses above its reference line which had generated a buy signal

• The above analysis indicates an upside of 336-345 levels.

•  Holding period is 3 to 4 weeks.

Buy Chambal Fertilizers & Chemicals Ltd CMP: 310 Buy Range: 303-297 Stop loss: 282 Upside: 12% –15%

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