Buy Cipla, Canara Bank; sell JSW Steel

Canara Bank (Buy above Rs 403, target of Rs 415)

Canara Bank has taken support at its previous bottom of Rs 401. With swaps trading below RBI rate for the first time in 15 months, a small bounceback can be expected in banking stocks, which can pull Canara Bank to its previous resistance level.

Cipla (Buy above Rs 277.5, target of Rs 285)

[caption id=“attachment_71250” align=“alignleft” width=“380” caption=“The Cipla stock can bounce back from its support level on news of the company tying up multinational companies for a marketing alliance. Reuters”]  [/caption]

Cipla has fallen in the recent past on low volume and has bounced back from its earlier support level of Rs 274.5. The stock can bounce back from its support level on news of the company tying up multinational companies for a marketing alliance.

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JSW Steel (Sell below Rs 594, target of Rs 580)

With the Supreme Court directive to suspend iron ore mining in areas from where JSW Steel used to source its iron ore, the company will now have to cut down it production even further. Analysts had factored in a 30 percent production cut on account of Bellary mining operations being suspended. The current directive can see further selling in the counter.

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