Analyst suggests buying Nestle India, Bharat Forge today: Check targets

Stocks to buy: Ruchit Jain of Motilal Oswal Financial Services has recommended buying the shares of Nestle India, and Bharat Forge today

Stocks to buy today - Recommended by Ruchit Jain, Motilal Oswal Financial Services

Nestle India – Buy | CMP ₹1,437 | Target ₹1,530 | Stop loss ₹1,390

 

The stock had recently given a breakout from its long consolidation phase following the announcement of its quarterly results. The breakout was supported by high volumes, and the stock is now showing signs of resuming its momentum after retesting the breakout zone. Positional traders can look for buying opportunities in the stock around the CMP of ₹1,437 for a potential target of around ₹1,530. The stop loss on long positions should be placed below ₹1,390.

 

Bharat Forge – Buy | CMP ₹1,950 | Target ₹2,080 | Stop loss ₹1,875

The stock has recently consolidated in a range, which appears to be a time-wise correction within an uptrend. The stock has seen this consolidation above its key moving average supports, and the RSI oscillator is hinting at a resumption of positive momentum. Hence, positional traders are advised to look for buying opportunities in the stock around the CMP of ₹1,950 for a potential target of around ₹2,080. The stop loss on long positions should be placed below ₹1,875.

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(Disclaimer: These recommendations are by Ruchit Jain, head - equity technical research, wealth management, Motilal Oswal Financial Services Ltd. Views expressed are his own.)