 "Ruchit Jain of Motilal Oswal recommends buying M&M, BEL stocks today")
Stocks to Buy Today, Jan 2:
Buy M&M | CMP 3,082 | SL 2,885 | Target 3,382
The stock has shown a relative outperformance to other auto stocks in the recent past and is now on the verge of a breakout from the consolidation phase. The prices have formed a support base around its 100 DEMA and the RSI oscillator is hinting at a positive momentum.
Buy BEL | CMP 294 | SL 284 | Target 311
Prices have formed a ‘Bullish Engulfing’ pattern on the daily chart post the recent corrective phase, which is a bullish sign. The recent price upmove have been supported by good volumes while we have not seen any high volume selling. The RSI has a positive set up and hence, we expect the uptrend in the stock to resume soon.
Buy HINDPETRO | CMP 412 | SL 394 | TGT 450
Post the recent correction, the stock rebounded post forming a base around its 200 DEMA and has now started forming ‘Higher Top Higher Bottom’. The near term structure seems bullish with minor dips witnessing buying interest and hence, we expect the stock to rally higher in the short term. =============== Note: All prices are in Rs.
Disclaimer: Ruchit Jain is Head of Equity, Technical Research, Wealth Management, at Motilal Oswal Financial Services. Views expressed are his own.