BackTop picks: 3 stocks to buy for 2022 as recommended by Sumeet Bagadia of Choice Broking
On a weekly chart, SAIL stock has been forming bullish flag pattern, which is a continuation pattern and indicates a bullish presence for the long term
PremiumSumeet Bagadia, Executive Director at Choice Broking has recommended top three stocks for the new year 2022 that one can look to buy, based on their technical trends, which includes auto stock Mahindra & Mahindra (M&M), metal stock Steel Authority of India (SAIL) and private lender ICICI Bank.
Choice Broking's top stock picks for 2022 -
M&M: M&M stock has sustained above the support of 200-days simple moving averages, which confirms the bullish trend for the long term. An indicator stochastic is consolidating near oversold zone with positive counter, which supports the positive move in the prices, as per the brokerage house. Bagadia has advised investors to buy the stock for the medium to long-term with a target price of ₹960-1,050.
SAIL: "On a weekly chart, the stock has been forming bullish flag pattern, which is a continuation pattern and indicates a bullish presence for the long term. A momentum indicator RSI (Relative Strength Index) & stochastic showed positive biasness on the daily as well as weekly timeframe that support the bullishness in prices," Choice Broking said.
It's Buy recommendation on the metal stock SAIL comes with target price of ₹130, 145.
ICICI Bank: ICICI Bank's shares on a daily chart has been trading with the support of 700 levels and given the breakout of falling trendline which indicates upside movement in the counter, highlighted the brokerage.
It has taken support from lower bands of Bollinger which indicates northward journey in the counter. A daily momentum indicator Stochastic has shown positive crossover which adds more bullishness to the price. Choice Broking has given a Buy tag to ICICI Bank shares with target of ₹830, 910.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
