Jigar S Patel of Anand Rathi recommends buying these three stocks today

After reaching a peak near the Rs 101-mark in September 2023, the IDFC First Bank stock experienced a substantial correction of 30 points, translating to a 29.34 per cent decline from its high.

Cipla 
 

Apart from the previous trading session, Cipla has been trading within a narrow price range of Rs 1,485-1,535. This indicates a period of consolidation, where the stock's price has been relatively stable and moving sideways. However, during the previous trading session, Cipla decisively broke above this range with massive volume, suggesting further bullish momentum. On the indicator front, the Relative Strength Index (RSI) has reversed from the 50 level, which further affirms our bullish bias. Therefore, we recommend buying Cipla during pullbacks near the Rs 1,525-1,540 range, targeting an upside of Rs 1,635. To manage risk, a stop-loss should be set near Rs 1,495 on a daily close basis.

 

IDFC First Bank
 

After reaching a peak near the Rs 101-mark in September 2023, the stock experienced a substantial correction of 30 points, translating to a 29.34 per cent decline from its high. Recently, the stock found support near the 0.618 retracement level of its previous upmove from Rs 53 to Rs 101. Additionally, a bullish bat pattern has formed precisely at this 0.618 retracement level, making the current levels attractive for buying. Based on these technical indicators, buying in the Rs 72-75 zone is recommended. The target price is set at 84, with a stop-loss placed near Rs 68.5 on a daily close basis.

Adani Ports

Excluding the previous trading session, Adani Ports has been trading within a  price range of Rs 1,480-1,520, indicating a period of consolidation where the stock's price has remained relatively stable and moved sideways. However, during the last trading session, ADANIPORTS decisively broke above this range and closed higher, suggesting further bullish momentum. On the indicator front, the Relative Strength Index (RSI) has reversed from the 50 level, which further supports our bullish outlook. Therefore, we recommend buying Adani Ports during pullbacks near the Rs 1,530-1,540 range, with an upside target of Rs 1,650. To manage risk, a stop-loss should be set near Rs 1,480 on a daily close basis.

(Jigar S Patel is a senior manager of equity reserach at Anand Rathi. Views expressed are his own.)