Weekly Technical Outlook and Picks : Canara Bank Ltd, Hindustan Petroleum Corporation Ltd, SBI Life Insurance Company Ltd - Axis Securities Ltd
Canara Bank Ltd
Buy Canara Bank Ltd CMP 137 @ 134-131 Stop loss: 124 Upside: 12% –17%
* CANBANK confirmed a breakout of multiple resistance levels near 130 on the weekly chart and has registered an all-time high at 138, signalling the continuation of the medium-term uptrend.
* The stock is trending higher, forming a series of higher tops and bottoms. Moreover, it continues to hold above its 20, 50, 100 and 200-day SMA’s which reconfirms the bullish trend.
* Momentum indicators validate the bullish outlook, as the weekly and monthly RSI have positioned positively, acting as a leading signal and confirming renewed momentum.
* Additionally, the daily and weekly Bollinger Band buy signals reinforce the increased momentum and strengthen the positive setup.
* The above analysis indicates an upside toward 149-155 levels.
* The holding period is 3 to 4 weeks.
Hindustan Petroleum Corporation Ltd
Buy Hindustan Petroleum Corporation Ltd CMP 476 @ 472-464 Stop loss: 438 Upside: 13%–16%
* HPCL has registered a decisive breakout above the multiple resistance zone at 463 levels, supported by a strong bullish candle, indicating strong bullish sentiments. This breakout is accompanied by huge volumes, which signal increased participation.
* The stock is trading well above its 20, 50, 100, and 200-day SMAs, signalling underlying strength and bullish sentiment.
* It closed above the weekly upper Bollinger Band, generating a buy signal.
* Momentum indicators further reinforce the bullish setup, with the weekly RSI holding above its horizontal resistance at 67 and staying firmly above its reference line, adding conviction to the positive outlook.
* The above analysis indicates an upside toward 530-545 levels.
* The holding period is 3 to 4 weeks.
SBI Life Insurance Company Ltd
Buy SBI Life Insurance Company Ltd CMP 1956 @ 1945-1906 Stop loss: 1870 Upside: 6%–9%
* SBILIFE has been in a strong uptrend across all time frames, forming a series of higher tops and bottoms. It has also registered an all-time high at 1,978, reflecting bullish sentiment.
* On the weekly chart, the stock has registered a decisive breakout above the consolidation zone, accompanied by a strong bullish candle, indicating a continuation of the medium-term uptrend.
* The stock is trading well above its 20-, 50-, 100-, and 200-day SMAs, all of which are trending higher in tandem with the price, reaffirming the bullish trend.
* Momentum indicators also support this view, with the weekly and monthly RSI giving a bullish crossover above its reference line, thereby generating a fresh buy signal.
* The above analysis indicates an upside toward 2,040-2,100 levels.
* The holding period is 3 to 4 weeks.
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