Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Berger Paints and HCL Tech are the top stocks to buy today:
Berger Paints – Buy in the range between Rs 482 & Rs 488; Stop Loss: Rs 472; Target: Rs 530
The stock has formed an inverted head & shoulder pattern, taking support at 20 Daily Moving average i.e. 476 and has broken a small consolidation on the upside today. The momentum indicator has also given a fresh positive crossover below the zero line. The stock has corrected from the peak of 629 to the lows of 437 and the stock is expected to bounce for a 50% retracement i.e. 530. Key support at 472 & 458 and resistance at 497 and 510.
HCL Tech – Buy in the range between Rs 1720 & Rs 1750; Stop Loss: Rs 1700; Target: 1835
The stock has formed an inverted head & shoulder pattern and is expected to give a breakout on the upside. Momentum indicator has also given a fresh positive crossover trading below the zero line. The stock has corrected from the peak of 2012 to the lows of 1661 and the stock is expected to bounce for a 50% retracement i.e. 1835. Key support at 1700 & 1661 and resistance at 1747 and 1793.
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.