Stocks to buy today: Mphasis among 3 stock ideas by Bonanza

Kunal Kamble of Bonanza recommends Mphasis, Rico Auto Industries, and Tenneco Clean Air India as top stock picks, citing bullish breakouts, strong volume support, and positive technical indicators.

Disclaimer: This article is written by Kunal Kamble, senior technical research analyst at Bonanza. Views expressed are his own. Readers' discretion is advised.

 

Domestic equity markets ended Wednesday on a weak note, snapping a four-day winning streak as bank, financial, and IT shares weighed. The Sensex fell 210.08 points or 0.27 per cent to 78,428.95, and the Nifty 50 was down 159.40 points or 0.64 per cent to 24,614.90.

 

Sectoral indices on the NSE settled mixed on Wednesday. Nifty Realty declined by over 2 per cent, becoming the worst-hit among peers. The Nifty FMCG, the Nifty Private Bank, and the Nifty Bank also underperformed. 

 

 

In the broader markets, the Nifty MidCap fell 0.29 per cent, while the Nifty SmallCap rose 0.23 per cent.

Stocks To Buy: Recommendations by Kunal Kamble, Bonanza

Mphasis | LTP: ₹2,460 | Recommendation: Buy | Target: ₹2,630 | Stop-loss: ₹ 2,390 

The stock has broken above a key resistance zone and is trading above its short-term moving averages, indicating renewed bullish momentum. RSI has moved above 60, reflecting strengthening buying interest, while improving volumes support the breakout. Positive price action suggests the uptrend is likely to continue toward the ₹2,630 level. 

 

Rico Auto Industries | LTP: ₹156 | Recommendation: Buy | Target: ₹175 | Stop-loss: ₹145

The stock has resumed its primary uptrend after a strong breakout and is holding firmly above all major moving averages. RSI is trading in bullish territory, reflecting sustained momentum, while higher volumes indicate fresh accumulation. Strong price action favours continuation of the ongoing rally. 

 

Tenneco Clean Air India | LTP: ₹580 | Recommendation: Buy | Target: ₹640 | Stop-loss: ₹550 

The stock has broken above a falling channel resistance, indicating a bullish trend reversal. It has reclaimed its short-term moving averages, while RSI has crossed above 60, signalling improving strength. Rising volumes support the breakout, and positive price action points toward a move to the ₹640 zone.