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Muhurat Day Trading | Canara Bank Stocks: Muhurat Day Trading Guide: Canara Bank among 3 stock recommendations

Given the strong earnings so far and improved global cues, Indian benchmark indices continued to gain for the sixth straight day. Nifty at the close settled above 17,576 points. Broader markets, however, saw some drag and underperformed the headline indices.

“Nifty started higher but failed to sustain the selling pressure at the higher end. On the daily chart, the index has sustained above the 50 EMA. The momentum indicator RSI is in bullish crossover and rising. Over the short term, the index is likely to move higher towards 17,700. Support on the lower end is visible at 17,400/17,250,” said Senior Technical Analyst at


Even though Samvat 2078 ended with marginal negative returns the overarching feature of the year gone by was India’s distinct outperformance. While the MSCI World Index and MSCI Emerging Market Index fell by 23 % and 33% respectively, Nifty hugely outperformed with a minor cut of only 3 %, said V K Vijayakumar, Chief Investment Strategist at


“Muhurat trading will be lighted up by fireworks from the bulls who are set to charge with the support from the mother market US which was strong last Friday. Financials are again likely to lead the rally since credit growth in the economy is robust and continues to gain momentum. However, investors should be cautious since there are major challenges ahead, particularly rising interest rates and the unknown trajectory of the Ukraine war,” he added.

Here are 3 stock recommendations for Monday:

: Buy near Rs 290

Target Rs 320

Stop Loss Rs 275

The logistics stock has confirmed an inverse head and shoulder breakout on the daily chart. The breakout was accompanied with humongous volumes which indicates genuine accumulation. Even the momentum oscillators are positively poised in all time frames.

(Mehul Kothari,AVP- Technical Research, Anand Rathi Shares & Stock Brokers)

: Buy

Target Rs 233.5

Stop Loss Rs 223

After a long bearish rally, the stock-taking paused at the prior demand zone, and the price also formed a bullish reversal pattern inverted hammer indicating the trend may change. In addition, an oscillator Stochastic RSI is also supportive for the long position with positive crossover & same time on a weekly scale; the price has been also taking support of a lower trend line, which indicates immediate support & bullish set-up in the counter.

(Vishal Wagh, Research Head, Bonanza Portfolio)

: Buy
Target Rs 282

Stop Loss Rs 260

The PSB has recently given a falling supply trend line breakout with a bullish candlestick on a daily chart. The stock is comfortably sustaining above its prior supply zone which can be used as a confluence to the bullish view. The technical indicator Ichimoku cloud suggests that the price is trading above the cloud, which points out positive strength.

(Vishal Wagh, Research Head, Bonanza Portfolio)

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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