Top picks: Reliance Industries, L&T among stocks to buy today as recommended by ICICI Direct
1 min read . Updated: 06 Mar 2023, 12:16 PM IST
Premium- Key sectors including the BFSI, IT, Power, Infra are likely to be in limelight, the brokerage said
The index started the week on a subdued note that hauled the Nifty to a fresh Feb low of 17255. However, fag end buying demand emerged from key support of 17200 on expected lines that helped index to recoup intraweek losses and settled the week on a positive note, said domestic brokerage and research firm ICICI Direct Research.
Going ahead, the brokerage expects the index to hold key support of 17200 and head towards short term hurdle of 17800, sustainability above which would lead to acceleration of upward momentum towards 18300 in March as it is 61.8% retracement of past three months decline (18887-17255).
Thus, any dips from hereon should be capitalized to accumulate quality stocks, it said.
Key sectors including the BFSI, IT, Power, Infra are likely to be in limelight, the brokerage said.
“On the large caps front Reliance, Kotak Bank, SBI, TCS, L&T, Jindal Steel and Power while Indian Bank, PFC, LTTS, Amber enterprises, National Aluminium, NCC, IEX, KNR Construction are preferred pick in midcap," it said.
ICICI Direct's top stock picks:
Nifty: The brokerage has given a "Buy" action with a buying range between ₹17630-17662 and a target price of ₹17697/17747. The time frame given is intraday. Stop loss can be kept at ₹17593.
Reliance Industries: The brokerage has given a "Buy" action on RIL with a buying range between ₹2358-2363 and a target price of ₹2393. The time frame given is intraday. Stop loss can be kept at ₹2341.
Larsen & Toubro: The brokerage has given a "Buy" action on L&T with a buying range between ₹2150-2154 and a target price of ₹2183. The time frame given is intraday. Stop loss can be kept at ₹2133.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.