Stock market recommendations: According to Mehul Kothari, DVP – Technical Research, Anand Rathi Shares and Stock Brokers, ONGC, Tata Motors and Sundaram Finance are the top stock picks for today:
ONGC: BUY Near ₹233 | Stop Loss: ₹225 | Target: ₹248
Similar to other Oil & Gas stocks, ONGC has been in a corrective mode since it made a recent top of ₹268. We are now witnessing a double bottom formation along with a reversal candlestick pattern near ₹225. Additionally, there is a positive divergence of RSI on both the weekly and hourly scales. Traders are advised to go long near ₹233, with an upside target of ₹248 and a stop-loss at ₹225 on a daily closing basis
TATA MOTORS: BUY ABOVE ₹685 | Stop Loss: ₹650 | Target: ₹755
Tata Motors saw a sharp decline of about 43% from its peak of ₹1179, losing nearly 509 points. It recently formed a Bullish Crab pattern around the ₹665-680 range, aligning with a strong support zone and the S1 Monthly pivot support, highlighting its importance. Additionally, a bullish RSI divergence on the daily chart indicates positive momentum. Traders may consider entering long positions above ₹685, with an upside target around ₹755 and a stop-loss at ₹650** on a daily closing basis.
SUNDARAM FINANCE: BUY NEAR ₹4650 | Stop Loss: ₹4350 | Target: ₹5200
Sundaram Finance has been range-bound for many weeks, indicating it has outperformed other stocks in the market and benchmarks as well. We are witnessing a range breakout with a rise in volumes. Even the daily RSI is on the verge of a breakout. Traders may consider entering long positions near ₹4650, with an upside target of ₹5200 and a stop-loss at ₹4350 on a daily closing basis.
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.
