Stock picks of the day for November 27, 2018
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ITC Ltd: Buy| LTP: Rs 286| Target Rs. 304 | Stop-Loss: Rs 276 | Return 6%
ITC has given a breakout on the daily chart by closing above the strong resistance level of Rs 285 with higher volumes. The stock price is also on the verge of giving a breakout above the downward slopping trend line on the daily chart.
The momentum indicators and Oscillators like RSI and MACD are also showing strength in the stock from a short to medium-term perspective.
FMCG as a sector doing well and looking good on the charts. Therefore, we recommend buying ITC for an initial target of Rs 304 and a stop loss below Rs 276.
Canara Bank: Buy| LTP: Rs 264| Target: Rs 290 | Stop-Loss: Rs 248| Return 10%
Canara Bank has given a breakout on the daily chart when it managed to close above its 200-day SMA. It is one of the strongest public sector banks which has risen nearly 30 percent from the lows during the last one month.
The stock price is trading in a narrow range since the last few days and is on the verge of giving a breakout on the higher side. In the derivative segment, we have seen huge additions in Open Interest with price rise during the current November series.
Oscillators and momentum Indicators like RSI and MACD are showing strength on the daily charts. The stock price currently trading above its 5, 20 and 200-DMA indicating that the stock is in an uptrend.
Therefore, we recommend investors to buy Canara Bank at current levels for an upside target of Rs 290 and a stop loss placed below Rs 248.
PVR: Buy| LTP: Rs 1437| Target: Rs 1530| Stop-Loss: Rs 1375| Return 6%
PVR is one of the outperformers amongst the mid-cap stocks. The stock managed to rally by about by 5 percent till date in the CY18 compared to 18 percent and 32 percent fall seen in the Mid-cap and Small-cap indices respectively indicating that the stock is in a clear uptrend.
After taking support at its 20-days SMA during the last week, the stock price has given a breakout on the daily chart with higher volumes to close at a two-week high.
The stock price is currently trading above its 5, 20 and 200-DMA indicating that the stock is in an uptrend. Therefore, we recommend buying PVR for the target of Rs 1530, and a stop loss placed below Rs 1375