Top Buy Ideas

The market took a breather on November 26 after a significant run-up in the previous two sessions, closing moderately lower due to profit-taking, but the breadth remained positive. About 1,437 shares advanced, while 1,042 shares declined on the NSE. The benchmark indices are expected to consolidate in the upcoming sessions and look for fresh triggers. Below are some trading ideas for the near term:

Riyank Arora, Technical Analyst at Mehta Equities

Siemens | CMP: 7,243

Siemens has broken out above the VWAP (Volume Weighted Average Price) resistance mark of Rs 7,227 and is currently witnessing a throwback to re-test the breakout level. Strong support is visible near Rs 7,100, which should serve as an effective stop-loss level. Upside potential targets of Rs 7,600 and Rs 7,800 appear achievable, supported by a sharp surge in volumes. The RSI (Relative Strength Index 14) reading near 57 indicates strong momentum, adding confidence to the bullish outlook.

Strategy: Buy

Target: Rs 7,600, Rs 7,800

Stop-Loss: Rs 7,100

Ashok Leyland | CMP: Rs 231.5

Ashok Leyland has broken out above its swing high resistance mark of Rs 230 and is successfully holding above the same. Post-breakout, the stock is undergoing a throwback to its previous resistance, which is now acting as support. The risk-reward ratio looks favorable, with a stop-loss set at Rs 222. Potential upside targets are Rs 240 and Rs 245, making it a strong candidate for continued bullish momentum.

Strategy: Buy

Target: Rs 240, Rs 245

Stop-Loss: Rs 222

L&T Technology Services | CMP: Rs 5,489.7

L&T Technology has seen a breakout above its swing high resistance mark of Rs 5,424 and is maintaining strength above this level. The RSI (14) is near 64, showing consistent upward momentum, indicating bullishness and strong buying interest. The stock has the potential to move towards targets of Rs 5,700 and Rs 5,800. A stop-loss at Rs 5,300 is recommended to manage risk effectively.

Strategy: Buy

Target: Rs 5,700, Rs 5,800

Stop-Loss: Rs 5,300

Torrent Pharmaceuticals | CMP: Rs 3,226

Torrent Pharma has achieved a breakout above Rs 3,241 and is now witnessing a throwback to test its support level. The overall chart structure indicates strong bullishness, supported by increasing volumes, which provide additional confirmation. The risk-reward ratio appears favorable for buying, with a stop-loss placed at Rs 3,150. The stock is well-positioned for upside targets of Rs 3,400 and Rs 3,500.

Strategy: Buy

Target: Rs 3,400, Rs 3,500

Stop-Loss: Rs 3,150

Om Mehra, Technical Analyst at Samco Securities

Data Patterns India | CMP: Rs 2357.6

Data Patterns has formed a solid base around the Rs 2,200 level after a decent correction. The bullish candle closing above Rs 2,350 further strengthens the stock's outlook. A bullish divergence in the daily RSI, along with a double bottom pattern, enhances the positive outlook. The stock is also sustaining above the 20 DMA (Day Moving Average), with a rise in volume supporting the uptick in price, signaling potential upward momentum in the near term. Based on the above technical structure, one can initiate a long position at CMP (current market price).

Strategy: Buy

Target: Rs 2,790

Stop-Loss: Rs 2,220

Kaynes Technology India | CMP: Rs 5,986

Kaynes Technology India has shown strong momentum and closed above the previous resistance of Rs 5,980. The stock is trading above both its 20 and 50 DMAs, reflecting sustained bullish momentum. The weekly trend also remains positive. A breakout above the Rs 6,100 level could extend the rally further on the higher side. Additionally, the stock is forming a saucer pattern, which enhances the bullish outlook. Hence, based on the technical structure, one can initiate a long position at CMP.

Strategy: Buy

Target: Rs 6,600

Stop-Loss: Rs 5,740

Computer Age Management Services | CMP: Rs 4,751.6

Computer Age Management Services has been in a consolidation phase but is gradually inching higher. The primary trend remains bullish, supported by higher highs and higher lows. The stock has formed a strong base around the Rs 4,450 level. A minor resistance is seen at Rs 4,800, and if broken, the stock could see further upside. Strong volume participation and the stock's positioning above the 20 DMA confirm the bullish trend. Hence, one can initiate a long position at CMP.

Strategy: Buy

Target: Rs 5,250

Stop-Loss: Rs 4,500

Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors

PB Fintech | CMP: Rs 1,850.8

PB Fintech, since September 2024, has been consolidating in a broader range of Rs 1,585-1,775 levels. Recently, prices broke out of the consolidation and showed a good rise. On the daily chart, for the past two days, prices have formed strong bullish candles consecutively, suggesting an increase in buying momentum.

Additionally, prices found support at the Ichimoku cloud and witnessed a sharp pullback on the upside. For now, we can expect bullish momentum to continue, with minimum targets of Rs 1,970 (the previous swing high level). The current trend for PB Fintech has shifted to the positive side. A break above Rs 1,865 could lift prices toward Rs 1,920, followed by Rs 2,000, as long as Rs 1,800 holds as support on the downside.

LTIMindtree | CMP: Rs 6,227

In comparison to other sectors, IT has been consistently outperforming. LTIMindtree has protected its lows since November 19 on a closing basis, which suggests strength in the ongoing trend. After a breakout of the important resistance area of Rs 6,000-6,100, the stock has managed to sustain above it, which is a positive signal.

Additionally, prices recently broke out of the upper Bollinger Bands, and further buying is needed for positive momentum to continue. The RSI is at 61, which gives the stock room to trend further. Hence, the current trend for the stock has shifted to the positive side. A breach above Rs 6,265 could lift the prices higher toward Rs 6,500, followed by Rs 6,780, as long as Rs 6,035 holds as support on the downside.

Strategy: Buy

Target: Rs 6,500, Rs 6,780

Stop-Loss: Rs 6,035

Marksans Pharma | CMP: Rs 337.5

In the previous session, Marksans Pharma outperformed its peer companies. The stock surged 7 percent during the day. On the daily chart, prices formed a rounding bottom pattern at the higher end, which is rare. Prices closed above Rs 329, confirming the breakout of the pattern.

KST (Know Sure Thing) is trading above the zero line after a crossover, suggesting that strong momentum is likely to continue. Hence, Marksans Pharma's trend is bullish. One can use dips towards Rs 327-330 as a buying opportunity, with targets of Rs 350, followed by Rs 365, as long as Rs 325 remains protected on the downside, which is a crucial support level.

Strategy: Buy

Target: Rs 350, Rs 365

Stop-Loss: Rs 325