Top stock market recommendations: According to Aakash K Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, Aditya Birla Fashion and Retail Ltd, L&T Finance Ltd, and Tech Mahindra are the top stock picks for today. Here’s his view on Nifty, Bank Nifty and the top stock picks for February 6, 2025.
Index View: Nifty
Nifty has commenced its short covering rally after a close above 23000 last week. The index is now hovering at a fresh 1 month closing high. Along with this the index has given a bullish head and shoulder breakout on daily charts after it took support at the 5 year trendline between 22800 – 22650. For now the index is on its way to hit its 200 DMA resistance just above the 24k mark while any dips near 23600 should be used to add / buy on dips to participate in the extended short covering rally.
Bank Nifty
Bank Nifty has been finding buyers interest due to macro-economic action by the central bank aiming at infusing liquidity into the system. The index has entered buy on dip mode ever since its double bottom formation on daily charts last week. A wide ‘W’ pattern breakout is being witnessed on daily charts of Nifty. Targets for the same are open to hit 50500 / 50850 on the upside with dips near 49800 acting as buy on dip zone. Bank Nifty as well has given a close at 4 week high.
Aditya Birla Fashion and Retail Ltd (BUY):
LCP: 283.75
SL: 278
TGT: 305
A 4 month sloping trendline breakout has been seen on daily charts of ABFRL. Along with a ‘W’ formation breakout is seen on charts wherein the stock has ended at a 1 month closing high. Targets can be seen 6-9% higher from CMP, wherein stock could meet resistance of 200 DMA at 305 on the upside.
L&T Finance Ltd (BUY):
LCP: 152.86
SL: 146
TGT: 160
Range breakout has been seen on charts of LTF. The stock had been trading in a rectangular range for the past quarter which has given a breakout on the higher side. Another 5-7% upside can continue on the same side given the tailwind the sector is witnessing ahead of the RBI Policy scheduled later this week.
Tech Mahindra (BUY):
LCP: 1661
SL: 1604
TGT: 1765
TechM has taken polarity support earlier this week along with the improvement in market sentiment. This support stands at 1620 on daily charts which is allowing buyers to provide support in the scrip. On the upside, 1760-1770 can be seen as an achievable target for this reversal trade to be played out.
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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