Stocks to buy today: Two breakout ideas from HDFC Securities

Vinay Rajani recommends Titagarh and Affle India as technical buy ideas, citing breakout patterns, strong volume support and bullish price structures.

Disclaimer: This article is written by Vinay Rajani, senior technical analyst, HDFC Securities. Views expressed are his own. Readers' discretion is advised.

 

Nifty snapped its four-session winning streak, declining 159 points to close at 24,614. The index remained under pressure through most of the session and partially filled the upward gap created yesterday between 24,429 and 24,515. Despite profit booking from higher levels, Nifty remains in an overall uptrend, trading above all key moving averages. Immediate resistance is placed near 24,770, coinciding with the 200-day SMA, while support is seen at 24,375, aligned with the 200-day EMA.

 

Sectoral indices on the NSE settled lower on Tuesday. Barring Nifty Media and Nifty Metal, all the other sectoral indices on the NSE settled lower. Among the broader markets, Nifty Midcap 100 ended 0.29 per cent lower and Nifty Smallcap 100 settled higher by 0.23 per cent.

 

Stocks To Buy: Recommendations by Vinay Rajani, HDFC Securities

Titagarh | LTP: ₹849 | Recommendation: Buy | Target: ₹902 | Stop-loss: ₹800 

Stock price has broken out from the downward sloping trend line on the daily chart. Primary trend of the stock is bullish as it has been trading above key moving averages. Price rise was accompanied by a jump in volumes on hourly charts.

Affle India | LTP: ₹1,658 | Recommendation: Buy | Target: ₹1,745 | Stop-loss: ₹1,558 

Stock price has surpassed 200-day SMA with a jump in volumes. Higher tops and higher bottoms on the short-term charts. Price breakout is accompanied by a jump in volumes.