Buy, Sell or Hold: What should investors do with Info Edge, Canara Bank & Amber Enterprises?

Indian market closed well in the green on Monday ahead of Budget 2022. The S&P BSE Sensex rallied more than 800 points while the Nifty50 closed above 17300 levels.

Sectorally, buying was seen in realty, IT, consumer durables, public sector, and energy space while selling was seen in metal space.

Stocks that were in focus include Info Edge closed with gains of over 11 per cent, Canara Bank closed with gains of nearly 6 per cent and Amber Enterprises rose over 13 per cent.

Here's what Jatin Gohil, Technical Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

InfoEdge: Recommendation: BUY | Target: Rs6,000

After a higher level of reversal (i.e. 42.6% decline from its lifetime-high of Rs7,465.40), the stock found multiple supports between Rs 4,400 and Rs4,200 zone and poised for a rebound.

Its 100-week SMA and prior swing lows are placed in that zone. A spike in daily volume and a rise in future open interest (OI) signals that major market participants are in favour of the bulls.

The key technical indicators tested oversold zone on medium-term timeframe chart and are on the verge of a bullish crossover.

The stock has the potential to move towards Rs5,760-5,870-6,000 in the medium term. In case of a decline, the stock will find support around Rs4,200 (on a weekly closing basis).

Canara Bank: Recommendation: Buy on dips | Target: Rs300

Continuing its prior week’s rising trend, the stock rose to a multi-month high of Rs254. Major moving averages are sloping upwards on short-term as well as medium-term timeframe charts.

Fresh long position can be initiated on dips towards Rs235-225. This could lead the stock towards Rs290 initially and Rs300 subsequently.

On the lower side, its 100-day SMA (Rs200) will continue to work as a strong reversal point.

Amber Enterprises: Recommendation: Buy above Rs3,790 | Target: Rs4,700

Since Aug’21, thrice the stock bounced after testing its 200-day SMA and witnessed a substantial rise.

The key technical indicators are positively poised on short-term as well as medium-term timeframe charts.

A stable move above its hurdle zone (Rs3,660-3,790) will be positive for the stock. This could take the stock towards Rs4,400 in the short-term and Rs4,700 in the medium-term.

In case of any decline, its 200-day SMA (Rs3,140) will continue to work as a strong reversal point.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)