Tata Motors, Canara Bank, ZEEL: How should you trade these buzzing stocks?

Bulls continued to dominate Dalal Street as benchmark indices scaled new highs on Wednesday as BSE's barometer Sensex tested 64,000, while NSE's Nifty50 topped the psychological levels of 19,000 during the day. However, BSE Sensex settled at 63,915.42, rising 499.39 points, or 0.79 per cent, while NSE's Nifty50 surged 154.70 points, or 0.82 per cent, to end at 18,972.10.

Select stocks such as Tata Motors, Canara Bank, Zee Entertainment Enterprises are likely to remain under the spotlight on Dalal Street for the session today. Here is what Laxmikant Shukla, Technical Research Analyst, YES Securities has to say on these stocks ahead of Friday's trading session:

Canara Bank | Range-bound | Resistance: Rs 310 | Support: Rs 290
Canara Bank is seen taking support at the line of polarity on the weekly timeframe and closing with a Doji candlestick pattern after three weeks of decline which indicates a pause from the current downswing. Daily RSI is also hovering near 45 marks suggesting ambiguity for the directional move. On the daily chart, prices are facing stiff resistance near Rs 307-310 zone due to the bearish crossover of 20 and 50 DMA’s. However, on the downside, stock has formed base around the zone of Rs 290-285 at 200 DMA’s levels. Hence, a decisive move on either side is required for showing any unidirectional move.

Zee Entertainment Enterprise | Avoid | Resistance: Rs 190 | Support: Rs 166
Zee Entertainment is in a corrective phase. From a technical point of view, the stock lacks traction and is consolidating in a slender range. The stock has broken out of a descending triangle formation on the shorter as well as longer timeframes, with strong volume. The overall structure is much distorted, as the stock trades below its 20 and 50-day SMA and the momentum indicators are also negatively poised. Traders can stay away from the counter.

Tata Motors | Buy around Rs 575-580 | Target Price: Rs 640 | Stop Loss: Rs 550
Tata Motors is in a secular uptrend and made a yearly high closing on the daily chart. It has witnessed the breakout of a long consolidation of multi months with strong volume. The structure of the counter still looks lucrative as prices formed a base at around Rs 560-550 zone. The momentum indicator RSI is also positively poised, whereas MACD is supporting the current strength on the weekly chart. The stock looks well versed to continue its upward journey in the comparable period. Hence, we recommend buying Tata motor with a stop loss of Rs 550 and a target of Rs 640.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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