Stocks to buy: From TVS Motor to Lupin, Motilal Oswal’s top bets for this week

Indian stock market: Market's main indices, the Sensex and the Nifty 50, ended the day unchanged amid mixed global signals, on Tuesday. The Nifty 50 opened at 24,839.40, slightly above its previous close of 24,836.10, and fluctuated between an intra-day high of 24,971.75 and a low of 24,798.65.

“Nifty remained positive throughout the session to close with minor gains of 21 points at 24,857 levels. Broader space outperformed with Nifty Midcap 100 up 0.5% and Smallcap 100 up 0.9%. Sector-wise, it was a mixed bag with buying seen in consumer durables, oil & gas, auto, and realty. Oil & gas sector was in momentum after crude oil prices slipped to a 2-month low as global demand concerns outweighed rising geopolitical tension in the Middle East. Nifty consolidated at higher levels, while stock-specific actions continued in the market. 25k zone has been elusive for the last two days, and once Nifty crosses this level, it would be a euphoric moment for equity markets. Investors would track US consumer confidence and Jolt Job Opening data, which will be released late today ahead of the US Fed policy meeting outcome on Wednesday late evening,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Brokerage firm Motilal Oswal has recommended three stocks to buy this week with a decent upside move - TVS Motor, NTPC and Lupin.

Stocks to buy

TVS Motor: Buy at ₹2,508 | Target Price: ₹2,700 | Stop Loss: ₹2,400

TVS Motor is in an overall uptrend and on the verge of a channel breakout after six weeks. It formed a strong bullish candle with the highest-ever weekly close. On a daily scale as well, it is holding well above its short-term moving averages, and good buying interest is visible across auto stocks. Momentum indicator RSI is also giving a positive crossover, which indicates momentum to pick up in coming sessions. Thus, looking at the overall chart structure, we are recommending to buy the stock, keeping the stop loss below 2,400 levels on a closing basis for a new life-time high target towards 2,700 zones.

NTPC: Buy at ₹396 | Target Price: ₹430 | Stop Loss: ₹380

NTPC is in a strong uptrend and has formed a strong bullish candle on a weekly scale. It gave a box breakout after seven weeks and formed higher lows on a daily scale from the past few sessions. It is holding well above its short-term moving averages and gave the highest weekly close. Momentum indicator Relative Strength Index (RSI) is also moving northwards on a weekly scale, which suggests overall strength in the stock. Thus, looking at the overall chart structure, we are recommending to buy the stock, keeping stop loss below 380 levels on a closing basis for a new life-time high target towards 430 zones.

Lupin: Buy at ₹1,840 | Target Price: ₹2,000 | Stop Loss: ₹1,777

Lupin gave a range breakout on monthly scale after five months and formed a strong bullish candle. On a weekly scale, it formed a bullish candle as well, and the structure of higher highs is intact from the past few weeks. On a daily scale as well, it is holding well above 1800 zones and is likely to start the next leg of rally. Good buying interest is visible across Pharma stocks, which will support the ongoing up move. Thus, looking at the overall chart structure, we are recommending to buy the stock with keeping stop loss below 1,777 levels on a closing basis for a new life time high target towards 2,000 zones.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.