Friday stock market recommendations, including five equities to buy and sell, and a trade setup for the Nifty 50 to the India VIX

Buy or sell stock ideas by experts:

The stock market recommendations for today come from Choice Broking’s Sumeet Bagadia and Prabhudas Lilladher’s Shiju Koothupalakkal. These stocks are organized and explained in additional detail under the experts’ names.

Shiju Koothupalakkal’s shares to buy today:

Prabhudas Lilladher Pvt Ltd.’s Technical Research Analyst, Shiju Koothupalakkal

1. Shriram Finance Ltd: Buy at ₹2,400, target ₹2,510, stop loss ₹2,350

• The stock has formed a bullish candle on the daily chart after the consolidation, which improves the bias. The relative strength index (RSI) is rising, which indicates strength. The stock has shown a trend reversal and has a lot of upside potential to continue moving positively in the future. With a stop loss of 2,350 rupees, we recommend purchasing the stock with a first upside objective of 2,510 rupees.

2. Tata Motors Ltd: Buy at ₹962, target ₹1,000, stop loss ₹942

• A good candlestick pattern on the daily chart improves the bias and anticipates further gain for the stock, which has signaled a pullback. With the relative strength index (RSI) in a favorable position and a trend reversal signaling a buy, an upward movement could be on the horizon in the next few days. We recommend purchasing the stock with a stop loss of 942 Rupees and an initial upside objective of 1,000.

3. Chennai Petroleum Corporation Ltd: Buy at ₹939, target ₹977, stop loss ₹918

• Following consolidation and finding support in the 838 zone, the stock has formed a bullish candle on the daily chart, strengthening the bias. The relative strength index (RSI) is rising, indicating strength, and the stock is showing signs of a trend reversal, suggesting further upside potential. We recommend purchasing the stock with a stop loss of 918 rupees and an initial upside objective of 977 rupees.

Sumeet Bagadia, Executive Director at Choice Broking

4. Bajaj Auto Ltd: Buy at ₹8,963.45, target ₹9,470, stop loss ₹8,700

• Bajaj Auto is now selling for ₹8,963 as of May 23, 2024. Not long ago, it made a high-volume breakout from a daily trendline. Strong trading volume and a daily chart pattern of rising highs and lows lend credence to this upward trend. The stock’s tenacious upward trend is supported by these trends.

  The RSI is going upwards and currently sits at 53.83, suggesting that purchasing momentum has recently surged. With both the Relative Strength Index (RSI) and the Stochastic RSI in the overbought area, positional traders would want to think about keeping their positions and putting a trailing stop-loss in place.

  When many technical indicators converge, it strengthens the positive trend for Bajaj Auto as a whole. The company could potentially reach its target price of ₹9,470 in the near future based on these signals.

  To take advantage of any stock price retracements, it is recommended to think about purchasing on dips, especially around ₹8,800. A stop-loss (SL) order at ₹8,700 should be put in place to manage risk wisely. In case of a sudden and unexpected market turn, this safety net will protect assets.

  

5. State Bank of India (SBI): Buy at ₹832.10, target ₹870, stop loss ₹812

• The trading dynamics of State Bank of India are at a pivotal point right now. The stock is holding its own thanks to a strong support base at 812 levels, which is close to its 20-day Exponential Moving Average (EMA). By staying above important moving averages, SBIN demonstrates strength in its trading at around 832.10 levels.

  The stock needs to break through a small resistance level at 840 levels before it can continue its upward trend, as shown on the charts. State Bank of India hopes to attain its target price of 870 and beyond if it is able to successfully break through this obstacle. Supporting the idea that the stock is strong, the Relative Strength Index (RSI) is sitting pretty at 61.67.

  State Bank of India (SBI) stock price watchers and traders should pay particular attention to the stock’s behavior around the mentioned levels, as a bullish phase could be on the horizon if the stock manages to break free of the barrier.

  Our technical analysis suggests that you should purchase State Bank of India shares at the present market price of ₹832.10 with a stop loss of ₹812 and a target of ₹870.