Stock picks: From Titan to Chola Investment - Motilal Oswal recommends these three stocks to buy this week

Brokerage firm Motilal Oswal has suggested these three stocks to buy this week - Titan, Cummins India and Chola Investment.

Vaamanaa Sethi
First Published19 Jun 2024, 06:16 AM IST
Stocks to buy: Motilal Oswal recommends buying Titan, Cummins India and Chola Investment shares this week.
Stocks to buy: Motilal Oswal recommends buying Titan, Cummins India and Chola Investment shares this week.

Indian stock market: The Indian stock market's record-breaking streak persisted, with key equity indices—Sensex and Nifty 50—reaching new record highs on Tuesday, June 18.

During Tuesday's session, the Sensex reached a new record high of 77,366.77 before closing 308 points, or 0.40 percent, up at 77,301.14. Similarly, the Nifty 50 also hit a fresh all-time high of 23,579.05 and finished the session 92 points, or 0.39 percent, higher at 23,557.90.

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“Nifty continued its uptrend and made a fresh high of 23579 intraday. The index closed with gains of 95 points at 23561 levels. Sector-wise it was a mixed trend with buying seen in Consumer Durables, Realty, and Banking. Budget-related buzz too supported sectors like Defence, Energy, Housing finance, PSE, and Fertilizers. Indian equities are trading at an all-time high zone led by positive macros & US markets scaling to new highs. Further 27% growth in advance direct tax receipts for the Q1FY25 supported the sentiments. We expect the momentum in equities to continue driven by positive global cues, strong domestic macros, and focus on increased government spending in the upcoming budget,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Brokerage firm Motilal Oswal has suggested these three stocks to buy this week - Titan, Cummins India and Chola Investment.

Stocks to buy

Titan: Buy at 3530 | Target price: 3750 | Stop loss: 3420

Titan gave range breakout on weekly scale after five weeks and formed a strong bullish candle. On daily scale the stock managed to surpass its crucial hurdle of 3450 zones and formed a double bottom price pattern which is a bullish price reversal pattern. It also managed to close above its short term moving averages and momentum indicator Relative Strength Index (RSI) is also moving northwards which indicates strength in the stock. Risk reward is quite favourable at current juncture and thus we are recommending to buy the stock with keeping stop loss below 3420 levels on closing basis for a target towards 3750 zones.

Cummins India: Buy at 3825 | Target price: 4100 | Stop loss: 3680

Cummins India is in overall uptrend and forming higher highs on monthly scale from past seven months. On weekly scale the stock formed a strong bullish candle and negated the formation of lower highs after two weeks. On daily scale the stock is forming higher lows from past few sessions and is on the verge of trend line breakout. It is holding well above its short term moving averages and stock is likely to scale new record high in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 3680 levels on closing basis for a new high target towards 4100 zones.

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Chola Investment: Buy at 1447 | Target price: 1600 | Stop loss: 1390

Chola Investment is in strong uptrend and gave consolidation breakout on monthly scale after eleven months. On weekly scale as well it gave classical Pole & Flag breakout and formed a strong bullish candle. On daily scale the stock is trading at life time high territory and structure of higher lows is intact from past many sessions. The stock has been huge outperformer with financial space and likely to scale new record highs. Thus looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 1390 levels on closing basis for a new life time high target towards 1600 zones.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:19 Jun 2024, 06:16 AM IST
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