Big Movers on D-St: What should investors do with Canara Bank, ICICI Bank and SBI that hit fresh 52-week highs?

Sectorally, buying was seen in capital goods, auto, public sector, oil & gas while some selling was seen in FMCG, telecom, realty, and utilities.

Stocks that hit a fresh 52-week high on Tuesday included names like

which closed with gains of over 5%, which closed marginally in the red and ended with gains of more than 1%.

Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:

Canara Bank: Buy

After making multiple bottoms around 74 odd levels in May 2020, the price has witnessed a sharp bull run to make a 3-year high of 272 odd levels in Feb 2022 on the longer-term chart.

The stock has been forming Higher Top and Higher Bottom formations during this period. From the highs, some profit booking was seen as the price retraced almost 50% of the previous rally to make a low of 272 odd levels.

At lower levels, the price took the support of the previous top and bottoms and gave an upside rally with relatively higher volumes. Price is now making a new high and from here, more upsides can be seen.

The Stochastics Oscillator is moving in an upward trend along with higher volume indicating further upside from here. One can buy at this level and more on dips to 255 for an upside level of 350-400 in the next 10-12 months. Keep a stop loss of 235 on a weekly closing basis.

ICICI Bank: Buy

On the daily charts, we have seen prices moving upwards from their lows of 676 odd levels in June 2022 to make an all-time high of 936 in Sept 2022.

Volumes were quite high during this period. From highs, the price witnessed some selling pressure as it retraced almost 40% of the previous rally to make a low of 837 odd levels.

In the last 15-20 days, the price has moved sideways consolidating in the range of 836-872 levels and once it breached the range on the higher side, with high volume, the price gave an upward move to make a new all-time high of 943.

Further upside can be seen from current levels. The Stochastics Oscillator is moving in an upward trend along with an increase in volume, indicating further upside from here.

One can buy at this level and more on dips to 885 for the further upside till the 1050 to 1150 level in the next 10-12 months. Keep a stop loss of 830 on a weekly closing basis.

: Buy

After making a low of around 430 odd levels in June 2022, the price has witnessed a bull run to make an all-time high of 578 in Sept 2022 on the daily chart.

Price has seen Higher Top Higher Bottom formation. From the highs, prices witnessed some profit booking to make a low of 520 odd levels.

In the last 15-20 days, the price has moved in the range, forming a Rectangle Pattern taking support at multiple bottoms around 520 and facing the resistance of multiple tops around 542 odd levels.

Once the stock moved above the range, a new upward move was seen as it made a new all-time high of 584 odd level and from here more upside can be seen.

The Stochastics Oscillator is moving in an upward trend along with an increase in volume, indicating further upside from here. One can buy at this level and more on dips to 545 for further upside till the 700 to 780 level in the next 10-12 months. Keep a stop loss of 500 on a weekly closing basis.

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