Stocks to Buy: Indian benchmark equity indices, Sensex and Nifty 50, are likely to open on a weak note on Friday amid mixed cues from global peers. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index.
The domestic stock market ended lower on Thursday, with the Nifty 50 closing below the 25,200 level.
On Thursday, the Sensex fell 151.48 points to close at 82,201.16, while the Nifty 50 settled 53.60 points, or 0.21%, lower at 25,145.10.
Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management, MOFSL has recommended three stocks to buy today amid this market setup. He believes these stocks are technically well placed to give a decent upside.
The three stocks to buy today are Titan Company, Lupin and Cholamandalam Investment and Finance Company. Here’s a detailed analysis of these stocks by Chandan Taparia:
Titan share price has formed an Ascending Triangle with a breakout on the upside which suggests we could see a bullish move. The MACD indicator has given a bullish crossover and turned up indicating the up move has the momentum to support it, Taparia said.
He recommends buying Titan shares at current market price with a stop loss at ₹3,625 and for a target price of ₹3,900.
Lupin stock price is in a strong uptrend with a bullish engulfing pattern appearing which suggests a continuation of the up move. The ROC indicator has turned up which confirms the upward momentum, according to Taparia.
He suggests a ‘Buy’ on Lupin shares with a target price of ₹2,380 apiece and a stop loss at ₹2,240.
Cholamandalam share price has breached its consolidation zone on the upside with higher than average buying volumes. The ADX Line has turned up with the Positive DI being well above the negative DI which suggests the up move has strength, Taparia added.
He has a ‘Buy’ rating on Cholamandalam Investment stock price with a target price of ₹1,650 and stop loss at ₹1,480.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
