Stocks to Buy: Why TVS Motor and Titan Shares Looking? BUY/SELL

Indian Stock Market Overview

The Nifty index stayed steady after crossing the 23,000 mark today. Over the next few days, it might trade between 22,950 and 23,050. The heavy trading around 23,000 suggests the market will likely remain in this range for now. If the index drops below 22,950, it could head towards 22,800. However, if it moves above 23,050, we might see a significant rally.

Bank Nifty Performance

The Bank Nifty index was strong throughout the day, helped by gains in HDFC Bank. As long as the index stays above 48,500, the sentiment should remain positive. Any dips to 48,500 might attract buyers. The index faces immediate resistance at 49,000, and if it breaks this level, it could rise to 49,500. On the downside, immediate support is at 48,800.

Stocks to Buy

TVS Motor: Buy at ₹2246 | Target: ₹2320/2370 | Stop Loss: ₹2160

TVS Motor has broken out of a consolidation pattern on the daily chart and is trading above its 14-day EMA, showing strong short-term momentum. The RSI is also positive, indicating a good outlook. Consider buying between ₹2230 and ₹2250, with a stop loss at ₹2160. The target prices are ₹2320 and ₹2370.

PFC: Buy at ₹493 | Target: ₹520/530 | Stop Loss: ₹474

PFC has also broken out of a consolidation pattern, showing increased optimism. The stock is above its key moving average and has risen with higher trading volumes, suggesting bullish momentum. It could move towards ₹530 in the short term, but if it falls below ₹474, it might decline.

Titan: Buy at ₹3410 | Target: ₹3355/3300 | Stop Loss: ₹3466

Titan has formed a dark cloud cover pattern on the daily chart, indicating a possible short-term bearish reversal. It faces resistance at ₹3460, and as long as it stays below this level, it might remain weak. The stock could move down to ₹3300.

The author, Rupak De, is a Senior Technical Analyst at LKP Securities.