Stocks to buy: The Indian stock market saw a boom on Wednesday, both Sensex and Nifty closed in green mark for the third consecutive day. The main reason for this is that the retail inflation rate has come to the lowest level of about six years. This has raised hopes among investors that the Reserve Bank can cut interest rates in the upcoming monetary policy, which can lead to further boom in the market.
In this fast environment, some selected shares were in the headlines, including names like Jio Financial, SBI Card and Canara Bank. These shares have not only performed well, but have also expected investors to be possible returns in future.
Jio Financial
On Wednesday, the shares of Geo Financial increased by about 2%. In April 2024, the stock reached an all -time high of Rs 395, but then the selling pressure increased and it came to a 52 -week low of Rs 198. This means that it recorded a decline of about 50%. However, now the stock is trading within a radius of Rs 198 to Rs 235 and has crossed a large consolidation phase in recent business.
Analysts believe that this level can see an increase even further. Technically, stochastic osterator is moving upwards, indicating that there is a possibility of further profit. According to experts, investors can buy this stock at the current level and if the price falls up to Rs 215, they can also shop further. Keep a stop loss of Rs 195 based on weekly closing and expect a target of Rs 310 to 360 in the next 10-12 months.
SBI card
SBI card shares also increased by 0.4% on Wednesday. In December 2024, the stock hit a double bottom at Rs 661, after which it jumped to a high level of 52-week of Rs 884. That is, it has given a return of about 34%.
Recently, this stock was between Rs 820 and Rs 884, but now it is crossing this range and moving upwards. This stock is trading above all its major moving averages, 20 DMAs, 50 DMAs and 200 DMAs, reflecting its strength. Stochastic indicator also supports this trend. According to experts, this stock is suitable for long -term investment. Investors can buy it at the current level and further purchases can be done on a fall of around Rs 840. Keep a stop loss of Rs 800 at the end of the week and expect a target of 1000 to 1100 rupees.
Canra bank
Canara Bank shares showed a good improvement on Wednesday and increased by about 2%. In May 2024, the stock reached a high of Rs 125, but then it declined and it reached a 52 -week low of Rs 78.5. That is, a decrease of about 38% was recorded. However, now it is trading around Rs 95, which is a recovery of about 20% from its lower level.
This stock appears to be a “high top high floor” pattern, which is a sign of a boom. Volumes and stochastic oscillants are also supporting it. This stock looks attractive to long -term investment. Experts are advising investors to shop at the current level and if there is a decline then make further purchases at the level of Rs 85. Keep a stop loss of Rs 76 on a weekly closing basis and the target is likely to be Rs 124 to Rs 145 in the next 10-12 months.
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