Kamal Ghorui
Top stock market recommendations: Chambal Fertilisers and Chemicals, Ather Energy, and KSB are the top stocks that Aakash K Hindocha, Deputy Vice President – WM Research of Nuvama Professional Clients Group recommends buying today. He also shares his views on Nifty and Bank Nifty, let’s take a look:Index View: NiftyNifty completed all of its pullback targets from sub 23000 to 23850 in mid-week trade yesterday. The index has taken a pause due to the ongoing FOMC meet outcome due Wednesday evening. A failure to take out 23850 in the opening deal on Thursday can allow for a move towards 23650 / 23520. On the flip side 23850 once taken out on a closing basis – allowing for fresh upside towards 24300+ odd.Bank NiftyBank Nifty has been in line with its recovery of over 4% from recent lows. Any dips below 55000 odd levels are now likely to get bought for targets of 55500 / 56300 on the upside given the piercing set up on weekly charts.
Stock recommendations
Chambal Fertilisers and Chemicals (BUY):
- LCP: 438
- Stop Loss: 421
- Target: 482
Rejection of bearish cup and handle formation has resulted in a Wyck-off pattern breakout with accumulation phase complete over the past 10-12 weeks. Momentum can pick up further aboveAther Energy (BUY):
- LCP: 750
- Stop Loss: 720
- Target: 810
Sloping trendline breach after a 5-month sideways consolidation can be seen as a bullish poll and flag breakout on charts. Stock has been in momentum for the past 2 weeks now, while prices are near record highs when the broader market is trying to recover from deep correction speaks about money flowing into this space. Short term upside can be played for 810 while a wider upside unfolds in the time to come.KSB (BUY):
- LCP: 811
- Stop Loss: 781
- Target: 870
A 20-month trendline breach clubbed along with a 200 DMA crossover has been observed in daily charts of KSB. Stock has also been making higher lows for the past 8 weeks now and has not closed below its previous week’s low in the same period on weekly charts. This suggests the accumulation phase is over in lower levels and stock can continue to trend higher in the days to come. Momentum to kick in above 835.(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)
