Stocks to Buy: Bank of India, L&T, Sonata Software among top choices, here's why
2.L&T | Recommendation: Buy | CMP: ₹3,560-3,530 | Target: ₹3,800/4,000 | Stop Loss: ₹3,450 Larsen & Toubro (L&T) is poised for a breakout from an upward consolidation range, consistently finding support at its 20DMA. The momentum indicator RSI has recently turned positive with a crossover, confirming the bullish momentum.
A visible lower-end support at 3,450 acts as a foundation for potential bullish movements. Considering these factors, the stock holds potential upside targets of 3,800 and 4,000.
Sonata Software is currently in a robust uptrend, showcasing higher highs and higher lows on the daily chart. The stock recently witnessed a breakout with increased volumes from its 20-day moving average, affirming the bullish momentum.
The positive crossover in the momentum indicator RSI further confirms the buy signal. The lower-end support is identified at 720, providing a cushion for the bulls.
The author, Kunal Shah is Senior Technical & Derivative 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.Milestone Alert!
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