Analyst recommends adding 360 One, 2 other stocks to your portfolio today

Stocks to buy today: Jatin Gedia of Teji Mandi Investment Technologies suggests buying the shares of 360 One Wam, Indusind Bank, and Bajaj Finserv

Nifty outlook

  Nifty opened gap down; however, it witnessed a smart recovery of more than 250 points from its intraday low to close in the green. For the past seven trading sessions, Nifty has been broadly consolidating between 23,300 and 23,800. A breach of this range on either side will set the tone for the next leg. A breach below 23,300 would lead to a decline towards 23,100-22,800, while a breakout above 23,800 could lead to a rise towards 24,000 which coincides with the highest concentration of open interest on the call side for the May series.  

 

Bank Nifty reached the 61.8 per cent Fibonacci retracement level of 52,800 for the rally from 49,955 to 57,438. This 52,800 level is a make-or-break point for Bank Nifty. More often than not this retracement level acts as an inflection point and resumes its  uptrend. A breach below 52,800 could lead to a decline towards 51550 and a breakout above 54,400 would signal resumption of the primary uptrend towards 55,000 which has the highest concentration of open interest on the call side for the May series.  

 

 

Buy 360 One Wam |CMP ₹1107.40 | Stop loss ₹1,070 | Target price ₹1,175

Stock has formed a Symmetrical triangle pattern on the daily charts which is expected to break out to the upside. Therefore, this consolidation should be used as a buying opportunity. Momentum indicator MACD has a positive crossover which signals a buy.

 

Buy Indusind Bank CMP ₹897.15 | Stop loss ₹870 | Target price ₹968

 

Stock formed a Hammer candlestick pattern at the 200-day moving average (871) and is showing signs of resuming the uptrend. Relative strength Index (RSI) is sustaining above the 50 level, suggesting that the Bullish sentiment is intact.  

 

Buy Bajaj Finserv | CMP ₹1,772 | Stop loss ₹1,727 | Target price ₹1,850

 

Stock has broken out of an Inverted Head and Shoulders pattern on the hourly charts, indicating a short-term trend reversal.  Stochastics is exiting the oversold territory confirming the positive momentum.

 

(Disclaimer: This article is by Jatin Gedia , VP - technical research, Teji Mandi Investment Technologies. Views expressed are his own.)