Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Trent and Bharat Forge are the top stocks to buy today:
Trent – Buy in the range between Rs 5140 & Rs 5165; Stop Loss: Rs 5000; Target: Rs 5350
Trent is trading above 20 Daily Moving average i.e. 5095 and has broken a small consolidation on the upside today. The momentum indicator has also given a fresh positive crossover above the zero line. The stock has corrected from the peak of 7493 to the lows of 4715 and the stock is expected to bounce till 40 DMA i.e. 5350. Key support at 5000 & 4960 and resistance at 5300 and 5350.
Bharat Forge – Buy in the range between Rs 1065 & Rs 1085; Stop Loss: Rs 1032; Target: Rs 1300
Bharat Forge has formed a small inverted head and shoulder pattern trading above 20 Hourly Moving average i.e. 1064. Momentum indicator has also given a fresh positive crossover trading below the zero line. The stock has corrected from the peak of 1084.50 to the lows of 1002 and the stock is expected to bounce for a 38% retracement i.e. 1308. Key support at 1064 & 1032 and resistance at 1099 and 1200.
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.
