Stocks To Buy This Week: From TATACOMM To Canara Bank; 3 Buy Calls By Motilal Oswal

This week, Motilal Oswal Financial Services Ltd.'s technical and derivatives team recommended three stocks to buy based only on technical considerations. The team commenced buying calls on Canara Bank, Tata Communications, and Jindal Steel and Power Ltd. shares.

Canara Bank Share Price Target

BUY CANARA BANK AT CMP: Rs 615, STOP-LOSS: Rs 585, TARGET: Rs 675

Canara Bank is in an overall uptrend and forming higher lows on a monthly scale from the last thirteen months. On a daily scale, the stock gave the range breakout above 600 zones and formed a strong bullish candle. It gave the highest daily close after nineteen sessions with a good surge in volumes.

The stock is also holding well above its 50DEMA and good buying interest is seen across PSU space. Momentum indicator Relative Strength Index (RSI) is also holding at higher zones which indicates overall strength in the stock. Thus looking at the overall chart structure we are recommending to buy the stock while keeping the stop loss below 585 levels on a closing basis for a new high target towards 675 zones.

Jindal Steel and Power Share Price Target

BUY JINDAL STEEL & POWER AT CMP: Rs 915, STOP-LOSS: Rs 880: TARGET: Rs 1000

Jindal Steel and Power is in an overall uptrend and forming higher lows on a monthly scale from the past five months. On a weekly scale, the stock gave a rising channel breakout and formed a strong bullish candle. On a daily scale, the stock is forming higher highs - higher lows structure and giving the highest daily close. It is trading above its short-term moving averages and the base of the stock is shifting higher. Momentum indicator Relative Strength Index (RSI) is also moving northward which indicates momentum to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock while keeping stop loss below 880 levels on a closing basis for a target towards 1000 zones.

Tata Communications Share Price Target

BUY TATA COMMUNICATION AT CMP: Rs 2060, STOP-LOSS: Rs 1980, TARGET: Rs 2222

Tata Communication is trading at lifetime-high territory and forming higher lows on a monthly scale from the past three months. On a weekly scale, the stock gave consolidation breakout and formed a strong bullish candle. On a daily scale, the stock retested the previous breakout zone and formed a Bullish Pin bar which indicates buying is visible at the lower zone. The stock gave its highest weekly close and is all set to hit new lifetime high zones. Momentum indicator Relative Strength Index (RSI) is also moving northward which indicates momentum to continue in coming sessions. Thus looking at the overall chart structure recommending to buy the stock while keeping stop loss below 1980 levels on a closing basis for a target towards 2222 zones.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.