Top stocks to buy today, May 8: Marico, Manappuram Finance on analyst radar

Markets remained volatile but managed to close slightly in the green amid mixed signals. Geopolitical tensions, following India’s military response to a terrorist attack, triggered a gap-down opening. However, a swift recovery helped the indices edge higher by the close. As a result, the Nifty index settled at 24,414.40, up 0.14%. Sector-wise, the trend was mixed—auto, realty, and metal sectors posted gains, while pharma and FMCG ended in the red. Broader markets also recouped intraday losses and closed with gains of over a percent.

 

Looking ahead, domestic uncertainties are expected to continue driving volatility. However, stable global cues and sustained FII buying are helping to delicately balance the market despite geopolitical risks. All eyes are now on the US Fed, and markets are likely to react to the FOMC meeting outcome and commentary in early trades.

 

On the index front, Nifty is attempting to hold the 24,100 level; a breach could lead to further downside towards 23,800. Until then, the index is expected to trade within the 24,100–24,600 range. In the current scenario, traders are advised to adopt a cautious approach and avoid aggressive positions until the market stabilizes.

 

Stocks Recommendations

Marico Limited |LTP: 736.35| Buy | Target: 790| Stop-loss: 710

Marico has been trading in a steady uptrend and is currently hovering near its record high. The stock has formed an elevated base above the neckline of its previous consolidation zone, setting ground for the next leg of up move. The steady rising structure with supportive volumes, signals an inherent strength in price. Traders can consider long in the mentioned range.

 

Samvardhana Motherson International Limited |LTP: 142.46| Buy | Target: 153| Stop-loss: 137

After experiencing significant correction from its all-time high, the stock found support around its 200 WEMA and bounced back strongly. It has formed a small base near its short term moving average

creating a fresh pivot. The volumes have been robust during this rebound suggesting buying interest from lower levels. We expect this recovery to strengthen further and hence longs can be created in the mentioned range.

 

Manappuram Finance Limited | LTP: 230.69| Buy | Target: 248| Stop-loss: 222

Manappuram has registered a breakout from a multi-year cup and handle pattern, which is a bullish continuation formation. However, post breakout, the stock turned sideways trading in a tight consolidation range. In the process, it has formed a sturdy base above the pattern neckline, setting ground for resumption of uptrend.  (Disclaimer: Divya Parmar is a technical analyst at Religare Broking. Views expressed are her own.)