Ruchit Jain of MOFSL recommends buying these three stocks on January 23

Buy Bajaj Finserv | CMP : Rs 1,743 | Stop loss:Rs 1,700 | Target: Rs 1,838 

 

Bajaj Finserv stock has shown a relative outperformance to the broader markets in last few days and has now given a breakout from a consolidation phase. The volumes are good along with the price upmove indicating buying interest in the stock. The RSI oscillator is also hinting at a positive momentum and hence we advise short term traders to buy.

 

Buy Tata Consumer | CMP: Rs 967 | Stop loss: Rs 948 | Target: Rs 1,030 

 

Tata Consumer stock has formed an inverted Head and Shoulders pattern on the daily chart after a corrective phase which is a trend reversal sign. The volumes have been increasing gradually and the 5 DEMA has given a positive crossover to the 20 DEMA which is a bullish sign.

 

Buy Muthoot Finance | CMP: Rs 2,197 | Stop loss: Rs  2,140 | Target: Rs 2,320

 

The stock has been forming a Higher Top Higher Bottom structure wherein price upmoves are supported by good volumes. The stock has shown a relative strength in last one week and the RSI oscillator is hinting at a positive momentum.

 

(Disclaimer: Ruchit Jain is head of equity technical research, wealth management at Motilal Oswal Financial Services. Views expressed are his own.)