Buy Canara Bank, Titan Company: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "My first recommendation is from the public sector undertaking (PSU) midcap names, a buy on Canara Bank for a target of Rs 295 with a stoploss placed at Rs 268.50. The rationale is that if you look at the near-term charts, multiple bounces have been seen from Rs 268-270 zone and the bounces have been quite severe. This time around also we have seen a similar kind of thing, that the stock has seen a good bounce from Rs 270 zone. It is now trading above short-term averages. Today, it just tried to cross 50-day moving average, but failed to do so. But I feel if Rs 280 is sustained, the stock can catapult towards Rs 295 kind of levels. The volumes have been picking up so far. So, I feel one can buy for a target of Rs 295 having a stoploss of Rs 268.50."He further added, "Second recommendation is buy on Titan Company for a target of Rs 375 with a stoploss placed at Rs 350. If you look at the near-term charts, a bullish flag pattern has been seen. It might be a little bit pre-empting, but I feel it is on the verge of giving a breakout of that pattern. Volume participation is seen. Momentum indicators are going quite strong. There are chances that it may even cross the level of Rs 375, but for trading target, I feel Rs 375 can be seen in the stock. So, one can buy with a stoploss at Rs 350.""The final recommendation is a buy on Apollo Tyres. It has seen significant correction, but if you look at the charts in the last one year, there have been many occasions, many instances when this stock had seen a good bounce from Rs 155 kind of levels. Today was the same case, it saw a bounce from Rs 155 levels. The volumes today have been significantly higher in the last six months. It has been that good.""And if you look at the relative strength index (RSI), it is in a deeply oversold zone. Momentum indicators are one of the lowest levels and generally, whenever they are these levels, the bounces tend to be quite severe. So, I am just waiting for a reversal. One might even wait for a day or two, but even at these levels, a short-term breakout is seen on a very small-term basis. I recommend going long with a target of Rs 170 keeping the stoploss at Rs 151," he said.