Best stocks to buy today in India for the short to medium term
We have done an analysis of all Nifty50 stocks to find out the best stocks to buy in India in the current market. Before discussing those stocks lets find out the market scenario. The Indian markets closed in a strong note on October 1, the last day of the week. Today, the 2nd October Indian markets are closed on account of Gandhi Jayanti.
The US markets are trading marginally lower after President Donald Trump detected Coronavirus positive today. The European markets were closed mixed today whereas most of the Asian markets are in the holiday mood. Monday on 5th October if the market trades in a positive note then you can buy the below stocks to gain profit.
Best stocks to buy
Tata Consultancy Services Ltd (TCS) | NSE CMP- Rs 2523.45 as on 1st Oct.2020
TCS is one of the best IT stocks to buy in the Nifty50 index in India. It is currently quoting at Rs 2523.45 gained 1.25% on 1st October on NSE. The gained 22.48% in the last one year as compared to a 0.96% gain in Nifty and a 32% gain in the Nifty IT index.
The IT & Software sector has gained last week and TCS was up continuously for five straight trading sessions. The sector and the stock both are looking bullish in the near term.
The stock was in news on Thursday, that it will implement the wallets and Reward solution from Quartz- The smart Ledgers- a UK based startup Zapaygo for pre-order mobile ordering and payment solutions.
Technically the TCS share price is looking strong and an uptrend in the chart. The RSI is at 63.3, according to RSI analysis TCS is looking technically strong and positive. According to the exponential moving average (EMA) analysis, it has got strong support at 2423-2335-2241 and one can trade for short, medium, or even long term. All technical parameter shows a buy signal for TCS.
According to the Fibonacci Retracement, the immediate resistance of TCS share price is at 2548-2566 with the support of 2518-2500. Trade can take the position of stock at CMP for an immediate target of 2566 with a Stop Loss of 2500. One can also carry forward the position with trailing stop loss.
IndusInd Bank | NSE CMP- Rs 593 as on 1st Oct. 2020
IndusInd Bank closed at Rs 592.2 or 12.3% higher on 1st October 2020. The IndusInd Bank share price gained 15% on a weekly basis but down 6% monthly. The Bank share saw a sharp rally of 13% and recoded as top gainers in the Nifty50 index.
The Brokerage houses are bullish on the stocks after Thursday’s rally and recommended Buy calls. The IndusInd Bank share price has made a 52 week high of Rs 1596.55 and the 52 week low was Rs 235.55.
As per the Exponential Moving Average (EMA), the IndusInd Bank share price has closed above its 50-Day and also above the 20-Day EMA which is a positive signal for the stock. The IndusInd Bank share price is having resistance at 200-Day EMA at Rs 727 and support levels at Rs 565.
The RSI is 54.6. According to RSI analysis, IndusInd Bank share price has just gone above its resistance levels and showing a positive and strong signal for buy. According to Fibonacci Retracement, the IndusInd Bank share price is above 61.8% levels, traders can put trade with the support of Rs 571 for the first target of Rs 624.
Housing Development and Finance Ltd (HDFC| NSE CMP- Rs 1790.65 as of 1st Oct 2020
The Mortgage lender Housing Development and Finance Ltd (HDFC) is one of the best stocks to buy in the Nifty 50 index in the Financial sector. The stock closed at Rs 1790.65 or 2.91% higher on 1st October 2020. On a weekly basis, it gained 9.4% while on yearly basis the share price of HDFC is down by 9.43%. The share price of HDFC touched Rs 2499.9 as a 52-Week high and Rs 1473.45 as a 52-Week low.
On 23rd September the HDFC company has reported that it will raise up to Rs 5000 crore by issuing bonds on a private placement basis. After the news, the stock moved 7.5% higher and we feel there is more upside remaining in the stocks.
Technically the HDFC share price is in a positive trend. The RSI of HDFC share is at 57. According to RSI analysis, HDFC share price has moved above its resistance level and showing a positive signal to Buy.
The HDFC share price is above its 50-Day exponential moving average and also got above its 20-Day EMA. This is giving a positive Buy signal for the stock. The stock is facing its 200-Day EMA at Rs 1875 and support level at 1773
As per the Fibonacci Retrenchment, the HDFC share price has support at Rs 1173 -1737 with a resistance of Rs 1810-1830. One can buy the stock next week with the first target of Rs 1830 and later can carry forward the position with trailing stop loss.
Hero Motorcorp Ltd | NSE CMP- Rs 3151.45 as on 1st Oct 2020
India’s largest two-wheeler maker Hero Motorcorp Ltd is the best stocks to buy in the auto sector at present. The stock closed at 3151.45 or 0.13% higher on 1st October 2020. The stock is near to its 52-week high at Rs 3222.05 and its 52-week low is Rs 1475. On a weekly basis, the share price of Hero Motorcorp gained 7.99% and on monthly basis, it is up by 7.14%.
The Company reported a 16.9% increase in sales in the month of September 2020 at 7,15,718 units. This is as compared to 6,12,204 units sold in the same period last year. The company is expecting its sales to grow in the coming months due to the festive season.
Technically the stock is in a strong uptrend. It is trading above all key moving average. According to EMA analysis, it has strong support levels are 3035- 2915- 2591. The RSI is at 62.5 which also means a strong Buy for the stock.
According to Fibonacci Retracement, the Hero Motorcorp share price can be Buy for the target of 3187- 3208- 3241 with the support of 3120- 3100- 3067. The investor can also hold the stock for the higher target in the medium term.
Conclusions:
The above are the best stocks to buy in India for the short term. However, an investor can also take the position of above stocks for the long term view, for a higher profit margin. In the long term also the above stocks will give a good return on investment.
You may also like to read, Nifty50 Stocks list | Index | Share price
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