Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, NTPC and HUDCO are the top stocks to buy today:
NTPC – Buy in the range between Rs 355 & 365; Stoploss: Rs 340; Target: Rs 390
NTPC has broken a flag pattern on the upside today. The momentum indicator has also given a positive crossover above the zero line. The stock has been consolidating in a broad range since a couple of weeks and has taken support at 20 daily moving average i.e. 348, resuming the up trend. The stock is expected to continue the up trend till the 61% retracement of the previous fall from448 to 292. Key resistance is at 370 & 390 and support is at 352 and 340.
HUDCO – Buy in the range between Rs 218 & 212; Stoploss: Rs 194; Target: Rs 278
Hudco has broken an Inverted Head & Shoulder rising wedge pattern on the upside. The stock has been consolidating since last week and has bounced back sharply taking support at 20 daily moving average. Momentum indicator has given positive crossover above the zero line. The stock is expected to continue the up trend till the 61% retracement of the previous fall from 353 to 158. Key resistance is at 232 & 255 and support is at 201 and 194.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
