Jigar S Patel of Anand Rathi recommends buying these three stocks today

Reliance 

 

Reliance has formed a triple bottom pattern near the Rs 1230 zone, accompanied by bullish divergence on the RSI daily chart, signalling a potential trend reversal. This confluence of technical factors enhances the stock’s attractiveness for a long trade. Traders can consider buying in the Rs 1270-1300 range, with a stop-loss placed at Rs 1225 on a daily closing basis to manage risk. The target for this trade is set at Rs 1400, offering a favourable risk-reward ratio. This setup suggests a potential upside, provided the stock holds above the critical support levels, and maintains its bullish momentum.

 

SBI Life 

 

SBI Life recently broke above its previous swing high of Rs 1485 and successfully held above this level after a retest, indicating strong support and bullish sentiment. The RSI on the daily chart is above 60, reinforcing positive momentum and the potential for further upward movement. Based on this technical setup, a buying opportunity is recommended in the Rs 1520-1540 range. The target for this trade is set at Rs 1650, while the stop-loss is placed at Rs 1470 on a daily closing basis to manage downside risk. This structure suggests a favourable risk-reward setup for traders aiming to capitalize on the ongoing momentum.

 

Titan

 

Titan has been holding the support zone of Rs 3285-3300 for the past three trading sessions, aligning with the Monthly CPR (Central Pivot Range), a key level for trend reversal. Notably, candlestick patterns like a doji and hammer have formed near this support (barring the previous session), indicating potential buying interest and a reversal opportunity. Based on this setup, we recommend going long in the Rs 3350-3370 zone, targeting Rs 3560. A stop-loss should be placed below Rs 3260 on a daily closing basis to limit risk. This structure suggests a favourable risk-reward ratio, supported by strong technical confluence.

 

(Disclaimer: Jigar S. Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.)