These 3 stocks are must-haves in your portfolio, suggests Religare Broking

Market View

 

Markets edged higher, gaining over half a percent, and continued their consolidation phase. Following positive global cues, the Nifty opened with an uptick and moved in a range during the first half. However, buying interest in select heavyweights during the latter half helped the index reclaim the 24,600 mark, eventually closing at 24,619. Most sectors moved in line with the benchmark, with pharma, metal, and auto emerging as the top gainers. Broader indices also mirrored the benchmark trend, each advancing over half a percent.

 

The past five sessions have been a roller-coaster ride for market participants, but we are witnessing noticeable strength in select pockets across sectors. We maintain our view that sustained trade above 24,600 on the Nifty could pave the way for further recovery, with the immediate hurdle at 24,800 and the next at 25,000. Traders are advised to align their positions accordingly, giving preference to index majors and large midcap counters for long trades.  ALSO READ | Stocks to Watch today, Aug 14: JSW Cement, BPCL, Infosys, ICICI Bank, ABFRL 

 

Stocks Recommendations

 

Indian Bank | LTP: ₹670.70 | Buy | Target: ₹715 | Stop-loss: ₹647 

After an extended consolidation within a rectangle pattern, the Indian Bank stock broke out above the upper resistance band, signaling the start of a fresh uptrend. Post-breakout, it entered a time-wise correction, forming a fresh base just above the neckline. This base-on-base formation reflects healthy consolidation and resilience despite broader market weakness. The emergence of a buying pivot, along with sustained closes above the 20-week EMA, reinforces the likelihood of the resumption of the uptrend soon.

 

The Indian Hotels Company Ltd. | LTP: ₹769.80 | Buy | Target: ₹820 | Stop-loss: ₹743

 

The Indian Hotels Company stock has been trading in a corrective phase, forming a symmetrical triangle pattern, after the phenomenal rally during the 2021-2024 phase. Recently, it rebounded sharply from the lower range after building a base there. This rebound, coupled with a reclaim of key moving averages, suggests potential for an advance towards the upper trendline first and then potentially a breakout as well. Participants can consider long positions as per the mentioned levels.  ALSO READ | Explained: Why brokerages are bullish on this Tata group-owned hotel stock

Mahindra & Mahindra Ltd. | LTP: ₹3,282.20 | Buy | Target: ₹3,490 | Stop-loss: ₹3,165

 

The auto sector continues to show strong momentum, and M&M stands out as one of the top performers, holding firm near its record high. The stock remains in a well-defined uptrend and is currently consolidating in a tight range above its 20-week EMA—signaling strength and potential trend continuation. The rising trendline from recent lows is intact, further supporting the bullish structure. Overall, the setup favors the next leg of the rally.

 

(Disclaimer: Ajit Mishra is SVP of research at Religare Broking Limited. Views expressed are his own.)