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Business News/ Markets / Stock Markets/  Stocks to Buy: Nykaa, SBI Life among top bets; here's why
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Stocks to Buy: Nykaa, SBI Life among top bets; here's why

The Nifty has largely traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a 'buy on dips' approach has been loved by the street since the Nifty crossed the crucial 19,500 mark.

Top stocks to buyPremium
Top stocks to buy

The Nifty has largely traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a 'buy on dips' approach has been loved by the street since the Nifty crossed the crucial 19,500 mark. The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages. Support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at 19,850/ 20,000 on the higher end.

Bank Nifty

 

In response to the RBI's stricter consumer lending regulations, the Bank Nifty index opened lower and continued to trade below the 44,000 level. The index's immediate support lies at the 43,300-43,250 zone, representing a critical defense for bullish traders. If this support holds, it could trigger a potential rebound towards the 44,000 mark. However, if this support breaks, selling pressure could escalate, pushing the index further down to the 42,700 level.

Stocks to Buy

 

NYKAA | Recommendation: BUY | CMP: 168 | Target: 185 | Stop Loss: 160

 

Nykaa has recently experienced a breakout from consolidation across various timeframes. Additionally, the price has exceeded a crucial moving average on the daily chart, while the RSI indicates a bullish crossover and an upward trajectory. There's a likelihood of it moving towards 185 on the higher end, with support resting at 160 on the lower end.

SBILIFE | Recommendation: BUY | CMP: 1414 | Target: 1550/1600 | Stop Loss: 1350

 

SBI Life has recently broken out from a consolidation phase on the daily chart, accompanied by a surge in trading volumes. This breakout is further confirmed by a positive crossover on the RSI momentum indicator, indicating an acceleration in momentum. The technical set up suggests a positive outlook for SBI Life. The stock has a support level at 1,350, coinciding with its 20-day moving average (20DMA), while the potential upside targets are set at 1,550 and 1,600.

BIRLACORP | Recommendation: BUY | CMP:1300 | Target: 1400/1480 | Stop Loss: 1250

 

Birla Corp stock is at the cusp of a breakout from a prolonged two-month consolidation phase. The momentum indicator RSI is on the verge of breaking out from a falling trendline, signaling a potential rise in momentum. The stock has a visible support level at 1,250, coinciding with its 20-day moving average (20DMA), and the anticipated upside potential targets are at 1,400 and 1,480. This data suggests a positive outlook for Birla Corp stock as it approaches a significant breakout.

The author, Rupak De is Senior Technical analyst at LKP Securities

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 19 Nov 2023, 12:15 PM IST
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