Shrikant Chouhan: BUY Hindalco and Canara Bank
Technical analyst Shrikant Chouhan from Kotak Securities has suggested two BUY Calls and no SELL Call for today’s trading session. Indian markets are expected to open flat today but we can see positive close for markets today. European stocks have firmed up in the recent sessions but US markets are still moving sideways. US market participants are still expecting declines in markets and US Federal Reserve could keep interest rates higher till the time inflation comes down.
Chouhan has suggested BUY Call for metal counter Hindalco at current levels for a target of Rs 480-485 with a stop loss at Rs 455. The stock is looking strong on the charts. Hindalco has witnessed a positive breakout in the recent sessions and can offer decent returns to short term investors.
Chouhan has suggested BUY Call for public sector banking counter Canara Bank at current levels with a target at Rs 340. PSU and private sector banks have been trading strong over the last few trading sessions. Market experts believe that this momentum could continue in near term.
All trades should be carried out with strict Stop Loss. In case the trade doesn’t happen as per expectations, it is good to exit the trade if the call is in profit. TopNews will review performance of trading calls by the end of the trading session.