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Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, IndusInd Bank and Cipla are the top stocks to buy today:
IndusInd Bank – Buy in the range between 1060 & 1040; Stoploss: 1013; Target 1150
IndusInd Bank has taken support at 40 Daily Moving average i.e. 1013 and has broken a small consolidation on the upside today. On the hourly chart, momentum indicator has also given a positive crossover above the zero line. The stock has rallied in the last month from 923 to 1086 and has retraced the rally by around 50%, taking support at the averages. Key support at 1013 & 1005 and resistance at 1087 and 1150.
Cipla – Buy in the range between 1465 & 1485; Stoploss: 1438; Target 1545
Cipla has formed a small triangle pattern taking support at 20 & 40 Daily Moving average i.e. 1456 and 1463 respectively. On the hourly chart, Momentum indicator has also given a positive crossover trading above the zero line. The stock has been consolidating between 1430 and 1495 and is expected to break out on the upside. Key support at 1438 & 1406 and resistance at 1495 and 1547.
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.
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