2 Best Shares to Buy Today: Top Investment Opportunities in 2024
Best Shares/ Stocks to Buy Today: Indian stock markets started the year 2024 on a slightly weaker note, following a robust rally in the last two months of 2023. Traders preferred to book some profit after a strong rally in the last year. This presents a potential opportunity for investors to buy good quality stocks during market dips. Today, we are presenting two stocks recommended by top brokers with a target of around 14% return in the medium term.
2 Best Shares to Buy Today
State Bank of India- CMP Rs 644- Target- Rs 700 (13.85%)- Medium-Term Technical Pick
The share price of State Bank of India closed at Rs 641.45 on NSE on 5th January 2024. It has touched a 52-week high at Rs 660.40 and a low at 499.35. The SBI share price gained 5.5% yearly and (- 0.43%) weekly.
The share price of State Bank of India witnessed a decent rally in the last month and has resisted near the 660 zone with some consolidation seen thereafter. Currently, a pennant formation is seen on the daily chart, and with some signs of improvement, Prabhudas Liladher (PL) anticipates for further rise in the coming days.
The RSI of the SBI share price has cooled off from the overbought zone and is currently well-placed to expect the second round of rallies. With the chart looking good, Prabhudas Lilladher suggests buying and accumulating for an upside target of 700 (13.85%) keeping the stop loss of 620.
Jindal Saw- CMP-454- Target-517 (13.90%) – Medium-Term Technical Pick
The share price of Jindal Saw closed at Rs 450.50 on the NSE on 5th January 2024. The stock hit a 52-week high at Rs 515 and a low of Rs 107. The share price of Jindal Saw gained 298% yearly and 11% weekly.
Jindal Saw’s share price after peaking out near 515 levels has witnessed a decent correction to take support near the 404 zones recently. The share price of Jindal Saw witnessed pullback has moved above the significant 50 EMA level of 428 zones, indicating a falling channel breakout at around 430 levels. According to the top broking house, Prabhudas Lilladher the share has improved the bias anticipating a further up move in the coming days.
The RSI after a gradual slide has flattened out and is well paced indicating a trend resersal to signal a buy and with much upside potential visible. Technically the chart looks attractive. Prabhudas Lilladher suggests buying and accumulating the stock for an upside target of 517 keeping the stop loss near 429 levels.
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