stock ideas: Market Trading Guide: Canara Bank among 6 stock recommendations for Friday – Stock Ideas

On Thursday, the 30-share pack Sensex rose 284 points to close at 55,681.95. The index has advanced over 2,200 points (4.24 per cent) in the last five days of the market rally. Its broader peer, Nifty50, also settled above 16,600. The benchmark closed above the 16,600 mark for the first time since June 2.

“Nifty has picked up well in the past 4-5 sessions and with 16,350 levels maintained as the decent support zone, the near term target visible is near 16,750-16,800 zone with RSI on the rise and getting stronger to support the upward movement,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.

Amit Trivedi, CMT, Technical Analyst – Institutional Equities, YES Securities said, “After pausing in the prior week, Nifty regained momentum on the upside this week, with FIIs covering their 44K index future short positions. However, on the options front, Nifty’s 16,500 call and put strikes combined hold significant open interest based on July monthly series. Such set-up could attract some consolidation in the Nifty to digest recent swift gains.”

Here are the top six stock recommendations which analysts suggest: