Big movers on D-Street: What should investors do with Canara Bank, Paytm and PB Fintech?
Sensex climbed 354 points to close above the record 75,000 mark for the first time while broader Nifty scaled a fresh lifetime high on Wednesday.
Stocks that were in focus included names like Canara Bank, which jumped nearly 0.62%, Paytm, which fell 1.16%, and PB Fintech, whose shares rose 3.22% on Wednesday.
Here's what Riyank Arora Technical Analyst at Mehta Equities, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Canara Bank
The stock has given a good breakout above its recent swing high of 606.30 and is now seen to be witnessing a re-test of the breakout mark.
With the stock offering a good risk-reward opportunity at current levels, the overall trend favors bulls. A stop loss can be kept at the 595 mark for all active long positions, and upside targets of 650 and above can be seen on Canara Bank.
Paytm
The stock has been moving in a wedge formation, witnessing good selling pressure at higher levels and seeing buying interest at lower levels.
With the overall trend being negative, we can expect the stock to move within a range of 350 to 425 in the next few weeks. Any rise towards 425 should be used as an exit opportunity in the stock.
PB Fintech
The stock snapped its 5-day winning streak and saw good profit booking at higher levels. With the overall trend being on the positive side, any dips towards 1260-1270 should be used as a buying opportunity in the stock, with a set stop loss at the 1200 mark for potential upside targets of 1450 and 1470.
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