Stocks to buy today: IDBI Bank, Inox Green; check target, stop-loss

Stocks to buy today: Osho Krishan, chief manager - technical & derivatives research, Angel One, has recommended buying shares of IDBI Bank, and Inox Green Energy Services today

Top stocks to buy today

NSE Scrip – IDBI

View -   Bullish  Last Close – ₹104 

IDBI Bank stock has experienced profit booking post the breakout over multi-week resistance and has retested the neckline in the previous week. The technical structure remains robust with the cycle of higher highs intact in the counter and comfortably placed near the 20 DEMA. Additionally, the SuperTrend parameter indicates a bullish outlook, and the recent correction provides an opportunity to reiterate bullish positions from a short to medium-term perspective.

 

Hence, we recommend to 'Buy' IDBI around ₹102-100 | Stop-loss: ₹92 | Target: ₹118-122

 

NSE Scrip – INOXGREEN 

View -   Bullish  Last Close – ₹189

  Inox Green Energy Services has undergone a corrective phase of nearly 30 percent from the lifetime high, post the formation of an ‘Inverted H&S’ on daily charts, and with the recent plunge, the counter has retested the neckline. Simultaneously, there has been a ‘Bullish Divergence’ between the RSI and price- action, that too at the neckline and the 200 DSMA, suggesting an initiation of a counter-trend in the stock price in the near period.

 

Hence, we recommend to 'Buy' INOXGREEN around ₹185-180 | Stop-loss: ₹160 | Target: ₹220-240

 

(Disclaimer: This article is by Osho Krishan, chief manager, technical & derivatives research, Angel One. Views expressed are his own.)