Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Berger Paints and BEL are the top stocks to buy today:
Berger Paints – Buy in the range between Rs 500 & Rs 510; Stoploss: Rs 482; Target Rs 556
Berger Paints has taken support at 20 Daily Moving average i.e. 484 and has broken a small consolidation on the upside today. The momentum indicator has also given a fresh positive crossover. The stock has corrected from the peak of 615 to the lows of 437 and the stock is expected to bounce for a 50% retracement i.e. 556. Key support at 484 & 496 and resistance at 511 and 533.
BEL – Buy in the range between Rs 250 & Rs 260; Stoploss: Rs 238; Target: Rs 290
BEL has completed a A-B-C correction and has started the bounce back with a 5 wave rise. Momentum indicator has also given a fresh positive crossover trading below the zero line. The stock has corrected from the peak of 340 to the lows of 240 and the stock is expected to bounce for a 50% retracement i.e. 290. Key support at 250 & 240 and resistance at 272 and 280.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
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