Technical analyst, Shilpa Rout from Prabhudas Lilladher shared her insights on three prominent stocks in the market. Canara Bank, Astral, and Bank of Baroda have all shown interesting trends and potential for traders.

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Starting with Canara Bank, Rout recommended a short position on the stock. Currently trading at around Rs 304, it faces resistance at approximately Rs 308. Traders can consider targeting the range of Rs 296 to Rs 292, with a highly favourable risk-reward ratio on the selling side.

Over the past month, Canara Bank has remained relatively flat, making it an attractive opportunity for short positions.

Moving on to Astral, Rout suggested a long call on the stock. Astral futures are currently trading at around Rs 2,010. With potential targets ranging between Rs 2,080 and Rs 2,100, this stock has shown impressive gains of over 19 percent in the last month.

To manage risk, a stop loss of Rs 1,970 is recommended. Traders can consider capitalizing on the positive momentum of Astral.

Bank of Baroda (BoB) is another stock that Rout highlighted as a strong contender in the market. BoB recently experienced a breakout above the Rs 191-192 range, signalling positive potential. As long as the stock holds above Rs 190, it could test higher zones around Rs 199-200.

However, Rout advised caution regarding Bank Nifty, which could impact BoB's performance. If Bank Nifty experiences a slide of 400 points, it may lead to a correction in BoB as well. Nevertheless, BoB is deemed a robust counter in the market.

For immediate traders, Rout suggests setting a stop loss at Rs 190 for BoB. For those adopting a positional trading strategy, a stop loss of Rs 184 is recommended. With the potential for targets above Rs 200, BoB presents an opportunity worth considering.

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First Published:Jun 20, 2023 11:36 AM IST