Markets managed to rally on Thursday and Friday and recovered much of the fall seen on Monday, thanks to heavy buying from domestic institutions.
Here are some great buying opportunities for next week
Canara Bank shares have fallen sharply in line with most PSU Banks. However, the stock has seen some bounce on Friday. The Bank is likely to see action in the early part of next week on account of the RBI's monetary policy on August 4 and the company's results that are slated for Aug 5. Non performing assets at government owned banks may have peaked, thus making them attractive buys at the current levels.
The stock is seeing some strength in trade and may rally in the next week. A good opportunity to buy the stock at around the Rs 270 levels, considering that the government is likely to infuse heavy capital in government owned banks.
Titan may be a good short selling opportunity. The company's results have disappointed the market and the stock dropped by 4 per cent on Friday. It looks like there will be some more selling pressure in the stock. A good opportunity to short sell shares of Titan at higher levels.
State Bank of India
State Bank of India like Canara Bank rallied heavily on Friday on the government's capital infusion plans. The shares are a great buy at the current levels as there maybe more upside left. As mentioned earlier a turnaround in the economy and peaking of NPAs at banks could be a big trigger for the shares of State Bank of India. The RBI's monetary policy could provide a trigger should the country's central bank cut interest rates.
The shares of State Bank rallied almost 5 per cent on Friday on sustained buying.