Benchmark indices have fallen in the last 2 months and several stocks have hit their 52-week lows. Here are 5 stocks that could be great buying opportunities at these levels to hold for another 1-2 years.

Canara Bank hit a 52-week low of Rs 284 recently. This public sector bank is one of the better managed public sector banks when it comes to managing its assets. It's asset quality is far better than some of the other PSBs, which are reeling under bad loans.

Now, coming to fundamentals the bank reported an EPS of Rs 59 for FY 2014-15. This translates into a price to earnings ratio of just 5 for the bank at the current market price of Rs 295.

Also, the stock is quoting at a price to book value of 0.64 times. The bank has declared a dividend of 105% and if you buy the stock before 25th June, you would also be entitled to dividends.

A few things that could benefit Canara Bank is a revival in the economy, which would lead to an uptick in credit and future rate cuts from the Reserve Bank of India.

The stock is a great pick at the current levels.

JSW Steel

JSW Steel has slumped from Rs 1365 to the current levels of Rs 838. Now, fundamentally if one examines the stock, there seems to be nothing wrong with it. The company reported an EPS of Rs 88 for FY 2014-15. This translates into a price to earnings ratio of under 10 at the current market price.

The company's shares will be quoted ex-dividend in early July. So, one will be entitled to dividend of Rs 1.1 per share.

JSW Steel's Vijaynagar plant is one of the highly efficient steel unit's in the country. It's a low cost converter. There is also an expansion that is underway at the company which will significantly boost earnings in the future.

The company is likely to see an improved performance in the coming year's on account of an uptick in demand due to economic recovery. Cannot see why the stock will not give good returns in the next 1-2 years.

ACC

ACC is amongst the oldest cement manufacturers in the country. The company's shares have fallen to a new 52-week low of Rs 1337 on the NSE.

ACC is currently trading at a price to earnings ratio at around 24 times. Leading brokerages have recently upgraded the stock of ACC to a buy.

One of the most important reasons why many analysts are recommending the ACC stock is on account of the potential of future earnings. The government has laid an emphasis on infrastructure development including several smart cities across the country.

This is likely to see a huge surge in demand for things like cement ans steel. This makes the stock an excellent pick from a 2-year perspective.

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