Stocks to buy: Eternal, Canara Bank among top picks for short-term gains; check targets

Amid the fresh bouts of volatility in the broader markets led by geopolitical concerns, domestic brokerage firms including SMC Global Securities and BP Equities have suggested select stocks namely — Brigade Enterprises, Canara Bank and Eternal Ltd — based on their stock charts and sound technical parameters for quick gains in short-term. Here's what at the brokerage firms have to say on these stocks:

Brigade Enterprises | Buy | Target Price: Rs 361 | Stop Loss: Rs 293
Brigade Enterprises Ltd is displaying an ascending triangle formation on the daily chart, with prices gradually making higher lows while repeatedly testing the horizontal resistance near Rs 580-582 zone. The stock has now approached the breakout zone, indicating strengthening buying momentum. The RSI is holding above the neutral zone and the MACD remains on a positive crossover, reinforcing the constructive technical setup. Immediate resistance is placed at Rs 580-582 zone, and a decisive close above this level could confirm the breakout, opening the door for an advance towards previous swing highs. On the downside, the rising trend line support is placed around Rs 540-545 zone, while stronger support is seen near Rs 515- 520 zone. As long as the stock sustains above the rising trend line, the broader bullish structure is expected to remain intact. Therefore, one can take a conditional buy above the breakout level of Rs 586 for the expected upside of Rs 658-660 levels with stop loss below Rs 540.
Recommended by: SMC Global Securities 

Eternal | Buy | Target Price: Rs 361 | Stop Loss: Rs 293
Eternal has shown a strong recovery from the March lows and is now maintaining a clear higher high and higher-low structure, indicating a shift from accumulation into an advancing phase. It has given a decisive breakout above the important Rs 300-305 supply zone, which had acted as resistance on multiple occasions. Price sustaining above this zone confirms a significant change in market structure. The Rs 300-305 zone should now act as immediate demand/support. The rising short-term EMA cloud near Rs 300-307 adds further confluence to this area. Price is comfortably trading above both major moving averages near Rs 274-275. The shorter-term average is also trending higher, indicating improvement in the medium-term trend. The recent advance has witnessed improving volume participation, while pullbacks have remained relatively controlled. The constructive price-volume characteristic and supports the breakout structure. MACD remains above the zero line with a positive histogram and bullish alignment, indicating that momentum favours the upside. We thus reckon a buy on Eternal with a target price of Rs 361 with a stop loss at Rs 293.
Recommended by: BP Equities

Canara Bank | Buy | Target Price: Rs 361 | Stop Loss: Rs 293
Canara Bank is forming an ascending triangle on the daily chart, with prices approaching the apex after a prolonged consolidation, signaling the potential for a directional breakout. The stock is attempting to move above the falling trend line resistance while consistently forming higher lows, reflecting improving buying interest. Momentum indicators such as RSI are trending higher, while the MACD remains in positive territory, supporting the constructive setup. Immediate resistance is placed at Rs 130-132, with the major breakout hurdle near Rs 135. On the downside, the rising trend line support is positioned around Rs 126-127, followed by stronger support at Rs 120-121. A sustained close above Rs 132-133 could confirm the breakout and open the door for more upside. Therefore, one can accumulate a stock in range of Rs 130-132 with the expected upside of 145-147 with stop loss at Rs 123.
Recommended by: SMC Global Securities