Stocks to buy today: J&K Bank, DMart among top picks by analyst

Stocks to buy today: Jatin Gedia of Teji Mandi Investment has recommended three stocks to buy today - J&K Bank, DMart and Jindal SAW.

Stocks to buy today: Recmmendations by Jatin Gedia of Teji Mandi Investment  Nifty has witnessed a recovery after filling the 7th april gap area at 23,150. A Hammer pattern formed on the hourly charts suggesting a trend reversal. Positive divergence on the hourly momentum indicator also suggests exhaustion of selling pressure. We expect Nifty to witness a counter trend rally towards 23,730 - 23,750 which coincides with the 20 day moving average. Support zone is placed at 23,150 - 23,100.  Bank Nifty negated the lower high lower low formation and witnessed a trend reversal. It formed a bullish candle with a long lower shadow at the 61.8 per cent Fibonacci retracement level (53,000). Momentum indicator has a positive crossover which is a buy signal and with price also confirming the bullish sentiment we expect the rally to continue towards 55,600 - 56,000. Support zone is placed at 53,200 - 53,100. 

 

 

J&K Bank: Buy  CMP ₹148.95  Target ₹159  SL ₹144 

 

J&K Bank has broken out of a seven day consolidation with above average volume. Rising ADX confirms the trend strength.

 

DMart: Buy  CMP ₹4,168  Target ₹4,400  SL ₹4,060 

 

DMart broke out from a falling channel, signalling a trend reversal and also formed a strong bullish candle at the 61.8% fibonacci retracement level (4015). Positive crossover on the momentum indicator is a buy signal. 

 

Jindal SAW: Buy   CMP ₹251  Target ₹277  SL ₹242 

 

Jindal SAW has broken out of a six week consolidation, suggesting the resumption of the next leg of upmove. RSI sustaining above 60 suggests bullish sentiment is intact.  

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Disclaimer: This article is written by Jatin Gedia, VP - technical research, Teji Mandi Investment Technologies. Views expressed are his own. Readers' discretion is advised.