The stock market has started in a positive mode in the new year. On the first trading day of 2023, both the Sensex and Nifty indices have strengthened. However, there are still some factors present in the market, which can increase the pressure. At the same time, the market can remain in alert mode even before the budget announcements of February 1, as it happens most of the times in the pre-budget month. Kovid 19, inflation, geopolitical tension, possible recession will be monitored. Experts are also advising investors to be cautious and invest only in quality stocks. Meanwhile, a significant breakout has been seen in some stocks. In these, a good boom is expected in 1 month. Brokerage house Axis Securities has given a list of 4 such stocks.

Canara Bank Ltd.

CMP: Rs 333

Buy Range: Rs 328-321

Stop loss: Rs 305

Upside: 12%–15%

Canara Bank has breakout of multiple resistance zone from around 295-303 levels on the weekly chart. This breakout is accompanied by increased volumes, which indicates increased participation. The weekly strength indicator RSI is staying above 50, showing bullish momentum. The stock may soon show a level of Rs 364-375.

 

Jindal Steel & Power

CMP: Rs 583

Buy Range: Rs 573-562

Stop loss: Rs 536

Upside: 11%–15%

Jindal Steel & Power has breakout of multiple resistance zones near 570-580 levels on the weekly chart. This breakout is accompanied by increased volumes, which indicates increased participation. The weekly strength indicator is showing bullish momentum. The stock may soon show a level of Rs 630-650.

Mahindra CIE Automotive Ltd.

CMP: Rs 346

Buy Range: Rs 340-333

Stop loss: Rs 318

Upside: 11%–13%

Mahindra CIE Automotive has made a breakout of the cup and handle pattern zone near the 328 level on the weekly chart. The stock has also breakoutd the multiple resistance zone around 328-313 levels. This breakout is accompanied by increased volumes, which indicates increased participation. The stock is currently trading above its 20, 50, 100 and 200 averages which is a positive signal. The weekly strength indicator is showing bullish momentum. The stock may soon show a level of Rs 375-380.

Chambal Fertilizers & Chemicals

CMP: Rs 310

Buy Range: Rs 303-297

Stop loss: Rs 282

Upside: 12%–15%

Chambal Fertilizers & Chemicals has breakout of multiple resistance zone near 270-260 levels on the weekly chart. This breakout is accompanied by increased volumes, which indicates increased participation. The stock is currently holding this support zone and is forming a bullish candle. The weekly strength indicator is showing bullish momentum. The stock may soon show a level of Rs 336-345.