Kamal Ghorui
Top stock market recommendations: Aditya Birla Sun Life AMC, Bank of India, and Cummins India have been picked as top stocks to buy today by Aakash K Hindocha, Deputy Vice President – WM Research of Nuvama Professional Clients Group. He shares target levels and rationale for buying these stocks along with his outlook for Nifty and Bank Nifty:Index View: NiftyNifty witnessed its largest one day gain in the past 52 weeks after ceasefire announcements acted as a tailwind in an already bullish set up as highlighted last week. The index has hit the 24k mark and can further extend this ongoing move towards 24250.*Actionable*- Any dips towards 23930 can be used to create fresh longs for a target of 24250 with an SL at 23800. (All levels are on Nifty spot basis.)Bank NiftyBank Nifty has been witnessing a sharp short covering move from the start of this week as the index has gained 8% so far this week, engulfing all of its past 3 weeks of losses. With an over 5% move on Bank Nifty in one trading session alone, it has further opened for an upside of another 1500 pts to target of 57000 wherein it meets its 200 DMA resistance.*Actionable*- Any dips towards 55300 can be used to create fresh longs for a target of 57000 with an SL at 54700. (All levels are on Nifty spot basis.)Stock recommendations:Aditya Birla Sun Life AMC (BUY):
- LCP: 973
- Stop Loss: 945
- Target: 1035
Stock is on track to end at the highest ever weekly closing. Stock has also reversed after retesting its previous 15-month cup and handle breakout earlier this month. Retest of previous all time highs appears likely to unfold on charts.Bank of India (BUY):
- LCP: 146
- Stop Loss: 139
- Target: 159
Stock has reversed after hitting its 200 DMA support, this also coincides with a retest of cup and handle breakout on weekly charts. Given the price behaviour and closing at a weekly high, Bank India is likely to extend this move further towards the 160 zone.Cummins India (BUY):
- LCP: 4796
- Stop Loss: 4550
- Target: 5300
A flag breakout on daily and weekly charts is formed and now seen as a breakout allowing charts to further attract inflows lifting it to new all time highs.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
