Top stock picks for today, Sep 24: SBI, Tata Steel, Samvardhana Motherson

Chandan Taparia, head of derivatives & technicals, wealth management at Motilal Oswal Financial Services, has recommended buying shares of SBI, Tata Steel, and Samvardhana Motherson

Stock recommendations: 

Buy SBI |CMP ₹870 |SL ₹845 |TGT ₹920

SBI Stock is in overall uptrend & gave trend line breakout on daily chart. Breakout is supported by surge in volumes and small follow up can take it towards fresh life time high territory. ADX line is rising which confirms the strength of the uptrend.

Buy TATA STEEL |CMP ₹173 |SL ₹168 |TGT ₹182

Tata Steel Stock has formed a bullish “Pole & Flag” pattern on the daily chart which suggests a continuation of the uptrend. Buying is visible across Metals space which may support the ongoing up move. RSI indicator is rising which may take prices higher.  

 

Buy MOTHERSON |CMP ₹112 |SL ₹109 |TGT ₹118

Samvardhana Motherson Stock is continuously forming higher top-higher bottom from past four weeks. It has given an inside bar breakout on the daily chart and formed a strong bullish candle. MACD indicator is positively placed.

 

(Disclaimer: This article is by Chandan Taparia, head derivatives & technicals, wealth management, Motilal Oswal Financial Services.)