Stocks to buy today: SBI, JSW Steel among top bets; check target price

Stocks to buy today: Vinay Rajani of HDFC Securities suggests buying SBI, JSW Steel, along with Nifty strategy; check details

Nifty view:

Nifty has formed a double bottom pattern on the daily chart, 'Buy' finding support near 25,900. Nifty has also reclaimed its level above 200 Days SMA and EMA, which is the first sign of a possible bullish reversal. 

 

However, Nifty needs to confirm the reversal by surpassing the previous swing high resistance of 25,435. On the lower side, 24,900 would continue to offer support to the Nifty index.

Stock recommendations by Vinay Rajani of HDFC Securities

Buy SBIN ₹1,053, Stop-loss: ₹1,010, Target: ₹1,107

SBI stock is placed above all key moving averages, indicating a bullish trend on all time frames. Indicators and oscillators are placed in bullish territory. PSU banks have been outperforming for the last few months.

Buy JSW Steel ₹1,223, Stop-loss: ₹1,200 , Target: ₹1,260

The JSW Steel stock price has broken out from a bullish inverted head and shoulder pattern on the daily chart. The metal sector has been in an uptrend with rising momentum.

 

(This article is by Vinay Rajani, CMT senior technical analyst, HDFC Securities. Views expressed are his own.)