Sacchitanand Uttekar, an analyst from Tradebulls, in a recent interview with CNBC-TV18, shared his recommendations for two stocks in the Indian market: Canara Bank and Adani Enterprises.

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According to his analysis, Canara Bank has exhibited impressive strength recently, characterised by a consistent pattern of higher highs and higher lows. This trend is a promising sign for investors seeking potential gains.

One of the key indicators for Canara Bank's positive outlook is the confirmation of a rising tree formation. This pattern suggests that the stock is poised for an upward move. Uttekar anticipated a target price of approximately Rs 392, making a compelling case for long positions in Canara Bank.

To manage risk, Uttekar suggested placing a trailing stop loss at around Rs 375, ensuring that investors protect their gains while allowing for potential further upside.

Canara Bank has surged over 16 percent in the last month.

The second stock on Uttekar's radar is Adani Enterprises. The stock has been hovering around its 200-day exponential moving average (EMA), which often serves as a crucial technical level. This indicates a period of consolidation and could signal an impending breakout. Furthermore, signs of short covering suggest that there may be renewed interest and buying pressure building up.

Uttekar advised investors to closely monitor Adani Enterprises and consider initiating long positions if the stock starts trading above Rs 2,495. He has set a positional target of around Rs 2,630, indicating the potential for substantial gains if the reversal continues to unfold as anticipated.

To manage risk, Uttekar recommended placing a stop loss at approximately Rs 2,465.

While Adani Enterprises has maintained relative stability over the past month, the potential for a reversal offers an attractive opportunity for investors seeking a bullish trend.

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First Published:Sept 28, 2023 12:07 PM IST