Best Stock to Buy Now in India for Short Term
Best Stock to Buy Now: After a recent correction, we have seen a decent rally in the markets in the last few days. This is mainly as the global banking crisis subsides, strong economic data, and the return of foreign investors. We feel that the markets will remain positive and based on that selected the best auto stock to buy for the medium term.
Best Stock to Buy Now
Maruti Suzuki India Ltd | CMP Rs 8516 | Target- Rs 9250 | Stop-Loss- Rs 8150 | Short-Term Pick
Maruti Suzuki’s share price closed at Rs 8516 on 6 April 2023. The shares of Maruti have touched a 52-Week high at Rs 9769 and a low of Rs 7062. The company has declared positive results for four consecutive quarters. Maruti has declared outstanding results in Dec 2022, with growth in Net Profit of 132.23%. We expect the company to perform in the last quarter of FY2022-23.
Technically, the stock has witnessed a short correction from Rs 9030 levels. After a decent consolidation, it bottomed out near the Rs 8150 zone. Now it is indicating a pullback as decent volume participation is witnessed in the stock. Going ahead, a decisive breach above the significant 200 DMA level would strengthen the trend to anticipate a further rise in the coming days.
The RSI is also well placed and has indicated a trend reversal signal with a buying potential for much upside from here on.
The Broking House Prabhudas Lilladher recommends the best stock to buy now with an upside target of Rs 9250 keeping a support level of Rs 8150
According to Goldman Sachs Maruti’s partnership with Toyota for hybrid and electric vehicle platforms is a key positive for the stock. The foreign brokerage firm has also said ( on 23rd March) that the strong demand for its affordable SUVs can generate a potential upside of 33 percent in Maruti Suzuki’s stock.
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