Stocks to buy today: Three picks from Teji Mandi; Tata Capital on list

Jatin Gedia of Teji Mandi recommends Tata Capital, PVR Inox, and SAIL as top stock picks, citing bullish breakouts, strong volume support, and positive technical indicators.

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

 

Nifty has consolidated for three days after breaking above the April month high of 24,604. Intraday pullbacks toward the 24,500 - 24,550 breakout zone are acting as support and being bought into. Hourly Bollinger Bands are contracting, indicating range-bound price action. We expect the Nifty to consolidate between 24,500 - 24,800 over the next few trading sessions. The momentum indicator has a positive crossover, which is a buy signal; therefore, dips towards the support zone of 24500–24550 should act as a buying opportunity. 

 

 

Bank Nifty has been consolidating between 57,300 - 58,300 for the past three sessions. We expect the consolidation to continue because of the divergence between the daily and the hourly momentum indicators. The consolidation range is likely to be 57,200 - 58,500. Dips towards the lower end of the range, 57,200, should be used as a buying opportunity as the primary trend is positive. 

 

Stocks To Buy: Recommendations by Jatin Gedia, Teji Mandi Investment 

SAIL | LTP: ₹175 | Recommendation: Buy | Target: ₹184 | Stop-loss: ₹169 

 

Stock has broken out of an Ending Diagonal pattern on the daily charts and started forming higher highs and higher lows, suggesting a resumption of the uptrend. The momentum indicator has a positive crossover, which is a buy signal. 

 

Tata Capital | LTP: ₹371 | Recommendation: Buy | Target: ₹395 | Stop-loss: ₹362 

 

The stock has broken out of a four-day consolidation on the upside, suggesting a resumption of the next leg of the upmove. A positive crossover on the momentum indicator suggests a buy signal.

 

PVR Inox | LTP: ₹1,160 | Recommendation: Buy | Target: ₹1,195 | Stop-loss: ₹1,135

 

Stock broke out of a symmetrical Triangle pattern on the daily charts and today it is retesting the breakout. Dip should be considered as a buying opportunity. MACD has a positive crossover, which is a buy signal.