Stocks to buy today, July 17: Tata Power, ITC among analyst top picks

Analyst at Religare Broking recommends maintaining a cautious stance and focus on stock selection. Tata Power, ITC and are among the top stocks to buy

Market View

Markets traded in a narrow range and ended almost unchanged due to the absence of any fresh triggers. After an initial downtick, the Nifty index slipped further but later recovered, supported by select heavyweight stocks across sectors, which helped pare all the losses. As a result, the Nifty once again tested the resistance around the 25,250 level and eventually settled at 25,212. Meanwhile, sectoral performance remained mixed, keeping volatility elevated. IT, realty, and auto emerged as the top gainers, while metal and pharma ended in the red. The broader indices also paused after a two-day rally and closed flat.

 

Mixed global cues and a lackluster start to the earnings season are keeping participants uncertain about the next directional move. We believe a decisive close above the 20-day EMA, around 25,250, could open the door for further recovery. Otherwise, profit-taking may resume, with key support in the 24,900–25,000 zone. Traders should maintain a cautious stance and focus on stock selection based on relative strength and earnings outcomes.  CATCH STOCK MARKET LIVE UPDATES TODAY

Stocks Recommendations

Tata Power Company | LTP: ₹414.70 | Buy | Target: ₹442 | Stop-loss: ₹400

Selective stocks from the power sector are witnessing noticeable buying interest after a phase of consolidation, and Tata Power stands out as a top performer. The Tata Power stock has been rising steadily since ending its corrective phase in April and recently broke out from a buying pivot while maintaining support above the short-term moving average (20 DEMA), indicating momentum aligned with the ongoing trend. Traders can consider initiating long positions at the mentioned levels.

LIC Housing Finance | LTP: ₹637.05 | Buy | Target: ₹680 | Stop-loss: ₹615

LIC Housing Finance has broken out of a three-month base formation, holding firmly above the moving average ribbon comprising the 20, 100, and 200 DEMA. The breakout, accompanied by a surge in volumes, further reinforces the positive bias. Additionally, the recent outperformance of the BFSI sector supports the potential for a sustained uptrend following a period of relative underperformance.

ITC | LTP: ₹424.60 | Buy | Target: ₹455 | Stop-loss: ₹410

Following a prolonged phase of underperformance, the FMCG sector is now regaining traction. Among the key names, ITC is showing a gradual recovery after retesting the support zone of its long-term moving average (200 DEMA). Its recent relative outperformance also makes it a strong candidate to play the sector’s rebound. Traders may look for fresh buying opportunities at the suggested levels.

  (Disclaimer: This article is by Ajit Mishra, SVP-research, Religare Broking. Views expressed are his own.)