Best Stocks To Buy Today: TITAGARH & JWL Among Top 5 Picks For December 12, 2024
Stocks To Buys: TITAGARH has broken out of an ascending triangle pattern, indicating a shift towards a bullish trend. The breakout was supported by higher volume, indicating strong buying interest
Stocks To Buy: Indian equity benchmarks, Sensex and Nifty, opened flat on Thursday, as investors, having absorbed the US CPI data, now await India's CPI figures later in the day for insights into the Reserve Bank of India's potential rate cut path.
Ajit Mishra – SVP, Research, Religare Broking, said, "We anticipate the consolidation phase to conclude soon, with the Nifty likely to surpass the 24,800 resistance level. While sectoral participation remains selective, the banking and IT sectors are expected to play a pivotal role in driving the next leg of the rally.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
TITAGARH
TITAGARH has broken out of an ascending triangle pattern, indicating a shift towards a bullish trend. The breakout was supported by higher volume, indicating strong buying interest. Additionally, the stock is trading above both the 20 EMA (fast) and 50 EMA (slow), confirming the bullish momentum. The RSI is in the higher range, further supporting the positive trend. From a directional perspective, the DI+ above DI- signals bullishness, while the ADX above DI- confirms the strength of the upward movement.
Given this technical setup, a long position in TITAGARH can be considered, provided the stock holds above the 1170 support level, with an expected target range of 1500-1700.
JWL
JWL has broken out of a falling parallel channel, showing a trend reversal towards bullishness. The breakout was accompanied by higher volume, indicating strong buying interest at current price levels. The stock has consistently respected the 100 EMA, and its recent close above this level reinforces the positive price action. On the momentum front, the RSI is trending upward, further supporting the bullish move. From a directional standpoint, DI+ above DI-, along with the ADX above DI-, confirms the strength of the uptrend.
Based on this technical setup, a long position in JWL can be considered as long as the stock holds above the 480 support level, with an expected target range of 670-750. Buying on dips is recommended to optimise entry points.
AURIONPRO
AURIONPRO has broken out of an ascending triangle pattern, signalling a continuation of its uptrend. The breakout was accompanied by higher volume, highlighting strong buyer interest. The stock is trading above both the fast 20 EMA and the slower 50 EMA, confirming the bullish momentum. The RSI is in the higher zone, further supporting the positive trend. From a directional perspective, DI+ above DI- indicates bullishness, while the ADX above DI- signals strength in the ongoing upward move.
Based on this technical setup, a long position in AURIONPRO can be considered as long as the stock stays above the 1690 support level, with an anticipated target of 2230.
IRFC
IRFC has broken out of a symmetrical triangle pattern to the upside, indicating a potential trend reversal towards bullishness. The increase in volume on bullish days highlights strong buyer interest. Additionally, the price is trading above all key EMAs, confirming the uptrend. The RSI is positioned in the higher range, indicating sustained bullish momentum. Furthermore, the directional indicator DI+ is above DI-, suggesting an uptrend, while the ADX above DI- signals strength in the current upward move.
Based on this technical setup, a long position can be considered in IRFC as long as the stock remains above the 148 support level, with an expected target range of 200-250.
LatentView
LatentView has broken out of an Eve and Adam pattern, indicating a potential trend reversal to the upside. The increase in volume during the breakout highlights strong buying interest at current price levels. Additionally, the fast 21-period double exponential moving average (DEMA) has crossed above the 100-period DEMA, confirming the uptrend. The momentum indicator RSI is trending upwards, aligning with the positive price action. Furthermore, the directional indicator (DI+) is above DI-, signalling an uptrend, while the ADX above DI- indicates the strength of this upward move.
Based on this technical setup, a long position can be considered as long as the stock remains above the 485 level, with potential upside targets of 580 and 620.
Disclaimer: The views and recommendations provided above are those of individual analysts or brokerage firms, and do not reflect the opinions of ABP Live. We recommend that investors consult certified experts before making any investment decisions.
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