According to IIFL traders can buy GAIL India November future above Rs 378.5 with a stoploss 368 for target of Rs 378.5 and buy Canara Bank above Rs 435 with a stoploss at Rs 428 for a target of Rs 449.
“GAIL Nov Fut (Buy above Rs378.5, target Rs400 SL Rs368): Gail has been going through the phase of consolidation and currently landed at support of neckline of inverted head and shoulder pattern placed at Rs370. However for trend reversal confirmation of the short term downtrend prices needs to form a higher high formation which will be confirmed after prices move above Rs378.5. The amplitude of pattern projects near term target of Rs420 on medium term basis. (Duration 10 days )”
“Canara Bank (Buy above Rs435, target Rs449, SL Rs428): After a spectacular rally in September 2012 from Rs310‐456, stock has consolidated and created a strong base around Rs422 in last three weeks. The above level coincides with 200‐DMA, suggesting strength in the counter. The breakout was visible on the intra‐day chart and was backed with positive crossover on the daily RSI. (Duration 4 days)," says IIFL research report.
FIIs holding more than 30% in Indian cos
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