Bajaj Auto, Tech Mahindra, L&T Tech: Analyst pick 3 stocks to buy today

Stocks to buy: Bajaj Auto is witnessing steady volume, and the price has managed to close above all major Exponential Moving Averages

Stock recommendations:

  Bajaj Auto

Bajaj Auto appears to be in its fifth impulsive wave after completing Wave 4, indicating the continuation of its uptrend. The stock is witnessing steady volume, and the price has managed to close above all major Exponential Moving Averages (EMAs), reinforcing the bullish bias. The Relative Strength Index (RSI), after a brief cool-off, has started moving upward, supporting the ongoing price action. Additionally, DI+ trading above DI− signals a bullish stance, while the ADX above DI− suggests strength in the uptrend. As long as the stock sustains above ₹8,400, it remains well-positioned to move higher towards ₹9,300, followed by ₹9,500. 

 

Bajaj Auto: ₹8,719 

Stop Loss: ₹8,400

Target Price: ₹9,300/9,500  Read Stock Market Latest Updates Today LIVE

Tech Mahindra

Tech Mahindra (TECHM) has given a breakout from a Flag and Pole pattern, indicating a continuation of the prior uptrend. The breakout is accompanied by an increase in volume, highlighting strong buying interest at current levels. The stock is trading above both the 21-period (fast) and 100-period (slow) Exponential Moving Averages (EMA), which further reinforces the bullish sentiment. The Relative Strength Index (RSI), after a cool off, has resumed its upward movement, lending additional support to the positive price action. Furthermore, the DI+ crossing above DI- following a consolidation phase signals a bullish stance. The ADX moving above DI- indicates that strength is building in the ongoing uptrend.

 

Strategy: The stock can be considered for buying at current levels as long as it holds above ₹1,550. Potential upside targets are ₹1,770 and ₹2,000.

 

Tech Mahindra: ₹1,637.50 

Stop Loss: ₹1,550 

Target Price: ₹1,700/2,000

L&T Technology Services

LTTS has given a breakout above a falling trendline, accompanied by a volume surge, indicating strong buying interest at current levels. Additionally, the stock has broken out of the Bollinger Bands after a prolonged consolidation period, with an expansion in band width suggesting increased volatility and a confirmed breakout. The Relative Strength Index (RSI) is trading in the higher range, supporting the bullish outlook. Overall, the technical setup indicates that the stock is well-positioned to move higher towards ₹4,900, followed by ₹5,150, with a stop-loss placed at ₹4,400. 

 

L&T Technology Services: ₹4,584.90

Stop Loss: ₹4,400 

Target Price: ₹4,900/5,150  (Disclaimer: This article is by Kunal Kamble, senior technical research analyst at Bonanza. Views expressed are his own)