Breakout in these three stocks invites for early opportunity

Corporation Bank has broken through the ceiling of a falling trend channel in the medium term. The stock has broken up through an inverse head and shoulders formation. A decisive break, preferably with increasing volume, is considered a confident signal and the stock may continue to rise further.

The stock is between the support at rupee 29.00 and the resistance at rupee 33.00. Also, there is a long term resistance at 31.40 which may act as an intermediate resistance. A wise entry with proper stoploss is suggested. Positive volume balance and rising momentum strengthen the stock in the short term.

Please note that the volume in the stock may vary over time which may project difficulty in getting out of the stock if price swings are comparatively higher.

Recommendation one to six months: Positive

Oberoi Realty Limited is inside a falling trend channel in the medium term but inside a rising trend channel in the long term. On the short term chart, the stock has broken above the resistance at 483 rupees and eventually the neckline of the inverted head and shoulders formation in the medium term almost at the same level. A target of 632 is given.

The rise in stock price since its bottom in October has been supported by rising momentum and optimistic buyers, as indicated by the green arrows of the volume balance indicator. On the upside there is resistance around 513 and 555 levels, while support is around 482 and 454 rupees respectively.

Recommendation one to six months: Weak Positive

Sundaram Finance Limit (SUNDARMFIN.NS) Close: 1611.30

The analyses are based on closing price as per February 27, 2019. Maintaining proper stop loss is always recommended.