Top Stock Picks: Equity benchmark indices rebounded in early trade on Tuesday after two days of decline, mirroring a bullish trend in global markets along with buying in Reliance Industries and HDFC Bank. The 30-share BSE Sensex climbed 268.31 points to 65,923.46 in early trade. The Nifty went up by 85.1 points to 19,779.10.
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Analyst at the brokerage has recommended top stocks to buy for investors to gain bumper returns. Here is the quick list.
BUY IRCTC AT 705 , SL-680, TGT 740/750
RATIONALE: IRCTC stock has recently exhibited a strong breakout on the daily chart, surpassing a falling trendline with a notable surge in volumes, indicating the potential for further upward movement in the near term. The RSI momentum indicator has exceeded the level of 60, confirming an acceleration in momentum in the coming days. The stock has found support at its 20-day moving average (20DMA) positioned at 680, with upside potential targets set at 740 and 750.
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STOCK NAME: BUY BIRLACORP AT 1300 , SL-1250 TGT 1400/1480
RATIONALE: Birla Corp stock is at the cusp of a breakout from a prolonged two-month consolidation phase. The momentum indicator RSI is on the verge of breaking out from a falling trendline, signaling a potential rise in momentum. The stock has a visible support level at 1,250, coinciding with its 20-day moving average (20DMA), and the anticipated upside potential targets are at 1,400 and 1,480. This data suggests a positive outlook for Birla Corp stock as it approaches a significant breakout.
STOCK NAME: BUY SBI LIFE AT 1400, SL-1325, TGT-1550/1600
RATIONALE: SBI Life has recently experienced a robust breakout on the daily chart, emerging from a substantial consolidation phase accompanied by a sharp surge in trading volumes.
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The positive crossover on the RSI momentum indicator further confirms a bullish signal, indicating an acceleration in momentum. The stock has a support level at 1,325, coinciding with its 20-day moving average (20DMA), while the potential upside targets are set at 1,550 and 1,600. This data suggests a positive outlook for SBI Life.
