Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Canara Bank and Bharat Forge are the top stocks to buy today:
Canara Bank – Buy in the range between Rs 98 & Rs 99; Stop Loss: Rs 95.50; Target: Rs 109
Canara Bank has formed a flag pattern and is expected to break out on the upside. The momentum indicator has also given a positive crossover above the zero line. The stock has been consolidating in a broad range since a few trading sessions and has closed above 20 hourly moving average i.e. 98.20, resuming the up trend today.
The stock is expected to continue the up trend till the 61% retracement of the previous fall from 128.90 to 78.60. Key resistance is 100.30 & 102.63 and support is at 95.80 and 94.
Bharat Forge – Buy in the range between Rs 1110 & Rs 1120; Stop Loss: Rs 1080; Target: Rs 1257
Bharat Forge has broken a small consolidation on the upside. The stock has been consolidating since last week and has taken support at 20 daily moving average i.e. 1088. Momentum indicator has given positive crossover above the zero line.
The stock is expected to continue the up trend till the 38% retracement of the previous fall. Key resistance is at 1139 & 1210 and support is at 1080 and 1041.
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.
