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Technical analyst recommends sell on Canara Bank, citing downward sloping channel, five months of underperformance, and fresh short build-up

By ScoutQuest · Mon 28 Sep 2026, 10:25 AM IST · 7 min read

Heard on Live television at 10:25:39 IST.

[10:25:39] [10:29:14] on the websites of the Sebi, the stock exchanges, the book running lead managers and the company. Even Steels India Limited, a vertically integrated steel manufacturer is launching its IPO on NSE and BSE with an issue price band of Rs 385 to Rs 405. The issue opens on 24th September and closes on 28th September 2026. Issue managed by PL Capital and Kambatta Securities. For complete details and risk factors, please refer to the red heading prospectus available online. Every trading day, Live TV News Channel tracks the pulse of the market, decoding every move and explaining every trigger, turning market intelligence into actionable insights. Nubama presents Live TV News Channel, Arcs. Helping investors to build wealth with the commitment to doing it right. G Shipping rallies. Nomura initiates coverage with a buy rating and a target price of 1,965 rupees a share. The brokerage expects low leverage and a strong cash flow pile to find the fleet expansion going ahead. Burnstein issues a buy rating and outperform rating on PB Fintech with a target of 2310 rupees a share and year 90% upside to current levels as per its scenario analysis. One of the few gainers in today's trading session, which two has given up a lot of its gains sitting still with a gain of all [10:32:14] almost 8/10 of a percent. Sebi bars or Max from securities market for a period of three months uh for non compliance with minimum public share holding requirement in 2013, the stock um is down close to 4%. Allied Blenders is high by about 2 and 1/2%. Nomura has initiated coverage on the company with a buy rating, a target price of 850 rupees expecting new launches to drive growth over the next three years. And uh it's outperforming in an otherwise weak market. Hello and welcome to Chartbusters. We are coming to you live from the Live TV News Channel Motilal Oswal studio. I'm Nigel with me is Manglam and Manglam, this pictures looking a little bit gloomy. The Nifty has taken out the 22,900 odd mark, now we're sitting below the 22,850 odd mark. But I guess for the next 60 minutes as well, some of those leverage positions will get cleared out. Some of those margin calls as well will get triggered. And then I think we take a fresh look at it from around 11:30, 12, or for the time being, there is panic that is there. But it appears some of there is some forced liquidation that is taking place. Start of the new week, some leverage positions uh getting uh knocked off as well as some of those uh you know, uh stocks where margin requirement has not been fulfilled getting uh knocked out as well. Indeed, there is capitulation. No two ways about that. There is a fair amount of panic. Let's just see where it goes from here on. At some point obviously there will be recovery because we've been losing for seven straight weeks and add to that uh this morning looks a little weak. But uh you know, until that recovery happens, there is uh a lot of panic and that's something that's visible in the way the India VIX has risen as well. It's up around 15% right now as we speak the market breadth as well firmly in favour of declines. We have 2,500 stocks in the red for about 750 which are in the green right now, so those lines are far and wide apart. Let's see whether at some point there is an attempt to some sort of recovery in the market or not. The only uh you know, thing that the bulls will latch on to right now is the fact that we are oversold and that's visible in the put-call ratio as well ahead of expiry tomorrow, it's moved to about 0.7, which is the lower end of the range that we see between 0.6 and 0.7 on that account, too. So, all these factors on our radar right now, good time to get in, Shivangi Sarda who is uh doing a technical check on the market right now. Shivangi, we've seen a sharp correction now, sub-23,000 as well. In fact, as we speak, 22,850. What's uh an important leg of support for the market from here on? And what are the uh triggers that you're tracking? Very good morning, Manglam and Nigel. Thank you for having me. So, of course, we have been in quite a lot of pressure and we've given up the gains of the last three odd months. Uh so, of course, there is a lot of pressure building up even at these levels. It's uh Nifty has broken the crucial support levels as well and it is continuously breaking the psychological zones uh too. So, overall, there is pressure in the market which will uh you know, amount up right now. 22,800 was of course an important level. We'll have to watch out for this one. If this breaks then we are opening a downside move for 22,500 levels. But, of course, there is some bit of halt uh that we could [10:35:14] see over here uh before uh you know again uh changing the stance right now, but overall pressure and weakness would continue in the market and one could go for a sell on bounce even in this kind of scenario. Most of the sectors have also given up uh their strength and the little amount of bounces that we were seeing are also being sold into. So overall 22,500 is the next downside level that we are looking out for with the immediate hurdle intact at 23,000 zones. Talking about Bank Nifty, of course, this index is also going into a lot of weakness and we could expect more downside move towards 54,000 with the hurdle zones of 55,000 levels. Got it. All right, Shivangi, what about uh individual stocks? So uh individual stocks uh first up on my radar given that we've said a lot of weakness in the market, so it would be a sell on Canara Bank. We've seen this has been in a downward sloping channel on the weekly basis and it's actually not performed in the last five months. Uh we've seen that short build up can be seen at these levels and fresh you know shorts are being accumulated here. So this one's in a quite a lot of weakness and we could expect downside move towards 115 with a stop loss at 123 levels. So this would be a sell idea. The second pick on my radar is Zydus Life. We've seen this one is pretty strong and despite the entire market weakness and volatility, this has resoundingly held on to the higher levels, surpassed its previous hurdle zones of 1200 levels as well which is now acting as a major support level. Uh weekly basis we've seen a 4 in flag pattern formation breakout after the consolidation of last few many weeks. So this one's quite strong and uh you know despite the entire red screen that we're seeing in the market, this one's uh pretty strong and promising. So uh recommending a buy here with the next target of roundabout uh 1290 levels with a support base of 1190. Right, take that point. Shivangi, thanks a lot for that. So, those are a couple of technical calls in the market, individual stocks as well. Before we move forward, just look at the individual chart of brain beast solutions. First try has been a big big uh wealth destroyer has been down almost 70% from the peak. The last couple of weeks have been fairly good for them. In fact all of last week as well it's saw some gains, in fact it's positive. One of the few stocks among the broader market which are positive for this month up around 4% this month so far. And uh it's seen an up move in today's trading session as well. A lot of volumes backing that counter. So, let's monitor how this goes along. Over the last week, we did see some large trades take place in this counter as well. So, that's about brain beast solutions. But uh let's get you some more ideas of profit from our colleagues at money control pro. Anubhav Sahu joins in with the stock Anubhav. Well, talking about recently listed Symbiotik Pharma lab uh which offers exposure to fermentation value chain demand as the company commands global leadership in select APIs. Uh that said, business warrants uh attention as the company has foreign into complex injectables.

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