Stock market recommendations: According to Mehul Kothari, DVP – Technical Research, Anand Rathi Shares and Stock Brokers, Concor, ITC and Tata Steel are the top stock picks for today:
CONCOR: Buy between Rs 760 – Rs 740 | Stop Loss: Rs 699 | Target: Rs 850
The stock CONCOR has been correcting from its peak of Rs 1,172 and has nearly tested the Rs 700 mark. It appears to be taking strong support near its 200-week EMA, which is a significant support level. Additionally, we are observing a reversal candlestick pattern coupled with a trendline support in this zone. Traders are advised to initiate long positions in the stock within the range of Rs 760 – Rs 740, aiming for an upside target of Rs 850, with a stop-loss placed at Rs 699.
ITC: Buy near Rs 435 | Stop Loss: Rs 425 | Target: Rs 455
Following the demerger of ITC Hotels, ITC Ltd. shares have entered a phase of consolidation. The stock is currently trading close to its 200-day EMA, a critical support level. Furthermore, a double-bottom formation is visible near Rs 425, which reinforces the support zone. A buy recommendation is suggested around Rs 435, with a stop-loss at Rs 425 and an upside target of Rs 455.
Tata Steel: Buy near Rs 125 | Stop Loss: Rs 119 | Target: Rs 135
TATA Steel has been correcting from its high of Rs 180 and is now trading near the Rs 120 mark. The stock is approaching its 200-week EMA, a robust support level that coincides with the extension line of a previous breakout, marking this zone as a strong demand area. Traders can consider buying the stock near Rs 125, with a stop-loss set at Rs 119 and a target of Rs 135.
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.