Stock broking firm Anand Rathi has announced two stocks as their pick of the month and has recommended traders buying these stocks for a decent upside over the time horizon of one month. The brokerage has a buy call on Mahindra & Mahindra Financial Services and Suraj Estate Developers.
As per the technical analysis of the brokerage firm, these stocks have the potential to deliver anywhere around 12% to 15% upside over a time frame of one month. It has recommended buy these stocks at the current market price, while applying stop losses.
Also Read: Stocks to buy: Maruti Suzuki, M&M, TVS Motor among top picks in auto sector by HDFC Securities
M&M Financial Services | Buy | TP: ₹333
M&M Financial Services on a weekly chart is showing a high volume breakout. The stock has given a range breakout above ₹280-285 level, which was its previous week high, said the brokerage firm Anand Rathi.
It advises traders to go long in the stock with a stop loss of ₹265 for the target price of ₹333, implying an upside of over 13% from Friday’s closing price. The time frame is one month.
Mahindra & Mahindra Financial Services had reported better than expected December quarter earnings driven by improved net interest margins (NIMs) and low provisions.
The non-banking finance company had posted a standalone net profit ₹553 crore in Q3FY24, while its net interest income (NII) was at ₹1,815 crore. The company’s net interest margin (NIM) stood at 6.8%.
Suraj Estate Developers | Buy | TP: ₹396
Suraj Estate Developers shares have experienced a significant correction, now hovering around ₹348, closely aligned with its previous support at ₹345. Currently, it is positioned above the William Alligator indicator, indicating a positive trend, and hourly stochastics exhibit hidden bull divergence, suggesting an appealing opportunity, Anand Rathi noted.
Therefore, it advises traders and investors to consider long positions in this counter within the range of ₹340-350. Its recommended target for this trade is ₹396, with a stop-loss set at ₹318 on daily close basis.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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