Stocks to Buy: Keep an Eye on These Stocks for Double Digit Earnings
Best Stock to Buy Today
The Nifty index is nearing its all-time high, and there are several stocks that investors should keep an eye on for the potential of double-digit earnings in the June series. Here are some stocks to consider:
Consider buying L&T Finance Holdings with a stop loss at Rs 97 and a target price of Rs 108-112. This stock has the potential to provide a 9% return within the next 3-4 weeks.
According to market experts, the Nifty 50 index has formed a strong bullish candlestick pattern on the weekly chart, indicating higher highs for the ninth consecutive week.
The experts believe that the Nifty may reach levels of 18700-18800 in the coming sessions with support at 18400-18300. Options data also suggests that 18400-18200 is an important support range for the Nifty.
Furthermore, Sameet Chavan of Angel One suggests a potential breakout on the daily time frame chart with the Nifty possibly moving towards 18700 and surpassing it soon. The first major support levels for Nifty are at 18350 and 18200.
Stocks To Buy – Top Picks
United Breweries
After experiencing a short-term decline, United Breweries is showing signs of an upward movement. The stock had reached Rs 1800 in December 2022 but has since fallen to around Rs 1350.
It is expected to witness a pullback rally, and investors can consider buying the stock in two installments.
Purchase 50% at current levels and the remaining half when it reaches around Rs 1350. Set a stop loss at Rs 1300, and the stock may move towards Rs 1650 with resistance at Rs 1550.
Jindal Steel & Power
This stock has completed its first phase of correction at Rs 500 after a four-month decline from Rs 620.
Based on wave theory, it is expected to start trending higher and potentially undergo a major pullback in the near term. Consider buying the stock with a strict stop loss at Rs 490 and a target price of Rs 580.
Axis Bank
The stock has shown gradual gains and is currently trading within a tight range of Rs 908-930.
This could be a bullish continuation pattern, indicating a potential move towards Rs 970 levels in the medium term.
Buy Axis Bank with a stop loss at Rs 904 and a target price of Rs 970, which can provide a 5% return in the next 3-4 weeks.
Karnataka Bank
This stock has broken out from a downward sloping trendline on the daily chart and has seen an increase in price accompanied by rising volume.
The momentum oscillators, RSI and MFI, are trending up, indicating strength in the stock. Consider buying Karnataka Bank with a stop loss at Rs 135 and a target price of Rs 154-161, which can potentially provide a 12% return in 3-4 weeks.
Godrej Industries
With a breakout from a downward sloping trendline on the weekly chart and heavy volumes on the daily chart, Godrej Industries has shown positive signs.
It has formed multiple bottoms near Rs 400, and the Plus DI is trading above Minus DI while the ADX line is above 25, indicating the possibility of an upside move in the stock price.
Buy Godrej Industries with a stop loss at Rs 455 and a target price of Rs 520-540, which can potentially provide an 11% return in 3-4 weeks.
Quess Corp
Consider buying Quess Corp with a stop loss at Rs 370 and a target price of Rs 422-435, which can potentially provide a 10% return in 3-4 weeks.
CRISIL
Buy CRISIL with a target price of Rs 3900. This stock has the potential to offer a 5% return. Use a stop loss at Rs 3590.
Thangamayil Jewellery
Consider buying this stock with a target price of Rs 1520, as it can potentially provide a 15% return. Place a stop loss at Rs 1230.
Phoenix Mills
Buy Phoenix Mills with a target price of Rs 1580. It has the potential to offer a 7% return. Set a stop loss at Rs 1420.
These stocks have been selected by various experts based on their analysis and outlook.
However, it’s important to note that investing in the stock market involves risks, and it is advisable to conduct thorough research and consult with a certified financial advisor before making any investment decisions.
