Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, CESC and NTPC are the top stocks to buy today:
CESC – Buy in the range between Rs 130 & Rs 135; Stoploss: Rs 127; Target: Rs 140
CESC has formed a small consolidation and is expected to break out on the upside today. The momentum indicator has also given a fresh positive crossover below the zero line. The stock has corrected from the peak of 203.80 to the lows of 119 and the stock is expected to bounce for a 38% retracement i.e. 151. Key support at 127 & 119 and resistance at 140 and 151.
NTPC – Buy in the range between Rs 310 & Rs 320; Stoploss: Rs 300; Target: Rs 338
NTPC has formed an inverted head and shoulder pattern and is expected to break out on the upside today. Momentum indicator has already given a positive crossover trading above the zero line. The stock has corrected from the peak of 448.45 to the lows of 292.80 and the stock is expected to bounce for a 38% retracement i.e. 352. Key support at 300 & 292 and resistance at 338 and 352.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.