I have shares of Canara Bank bought at ₹121. What is the outlook?

Akshay Pavan

Canara Bank (₹106.60):  The long-term trend is up. Within this the stock has been in a corrective fall since May this year. Strong support is in the ₹98-₹93 region which is holding well. We expect the stock to sustain above ₹93. A strong rise above ₹115 will indicate the resumption of the broader uptrend. That leg of rally will have the potential to take Canara Bank share price up to ₹160.

You can accumulate at current levels. Keep the stop-loss at ₹88. Move the stop-loss up to ₹105 when the price goes up to ₹125. Revise the stop-loss further higher to ₹135 when the price touches ₹150. Exit the stock at ₹160. The bullish view will go wrong only if the stock declines below ₹93. If that happens, the stock can tumble to ₹80 and even ₹76.

I have bought shares of Titagarh Rail Systems at ₹1,570. What is the medium-term outlook?

Rohit

Titagarh Rail Systems (₹1,307.45): The corrective fall that was in place since July this year seems to have ended. The stock has formed a strong base around ₹1,100. The strong rise last week above ₹1,200 confirms the bottom. From a long-term perspective, the current leg of rally may have the potential to take Titagarh Rail Systems share price up to ₹2,200 in the coming months.

You can buy more at current level. Keep the stop-loss at ₹9,960. Move the stop-loss up to ₹1,430 when the price goes up to ₹1,630. Revise the stop-loss further higher to ₹1,820 when the share price touches ₹1,980. Exit the stock at ₹2,200. This bullish view will go wrong only if the stock declines below ₹1,000. But that looks unlikely as dips towards ₹1,100 will see fresh buyers coming into the market.

I have shares of PG Electroplast. My purchase price is ₹753. What is the outlook?

Nisha, Delhi

PG Electroplast (₹919.65): The stock has made a steep rise since the beginning of this month. There is no sign of a reversal. However, you will have to be very cautious because the rally in this stock since the beginning of this year has been very steep. So, if there is a reversal, then there is a danger of the price tumbling in a very short span of time.

Support is in the ₹810-₹800 region. If the momentum sustains, then a rise to ₹1,100 is possible in the coming weeks. Keep a stop-loss at ₹795 and hold the stock. Revise the stop-loss higher to ₹880 when the price goes up to ₹960. Move the stop-loss further up to ₹980 when the price touches ₹1,060. Exit the stock at ₹1,100.

I have purchased Utkarsh Small Finance Bank shares at ₹41. What is the outlook? Should I continue to hold or exit with a loss?

Ravi Mantena, Bhimavaram

Utkarsh Small Finance Bank (₹37.50): The trend is down and strong. Resistances are at ₹41 and then in the ₹43-₹44 region. A strong rise above ₹44 is needed to indicate a trend reversal and turn the outlook bullish. Only then a rise to ₹50 and ₹60 will come into the picture. But for the stock to go above ₹44, it will need some strong positive trigger.

In the absence of any such trigger, it will be very difficult to see a rise above ₹44. Even if it does, it may take some time. So, it is not worth the wait. It is better you exit the stock with a loss now, rather than waiting with just a hope for the price to go up.

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