Amid rising volatility in the Indian equity markets, select domestic brokerage firms have issued 'buy' recommendations for three specific stocks based on sound technical parameters for short-term gains. The recommended stocks include Hyundai Motor India Ltd, Mahindra & Mahindra Financial Services Ltd, and Lloyds Engineering Works.
Hyundai Motor India: Technical Buy
Canara Bank Securities has recommended a 'buy' for Hyundai Motor India. The stock appears to be forming a short-term cup and handle breakout structure around the Rs 1,900–1,910 zone, demonstrating improved momentum. The breakout is supported by the Relative Strength Index (RSI) moving above 55, indicating strengthening buying interest.
A crucial hurdle lies near Rs 1,919, which has acted as strong resistance previously and coincides with nearby moving averages. A sustained close above this range could trigger further upside. Canara Bank Securities suggests buying above Rs 1,919 with short-term target prices ranging from Rs 2,030 to Rs 2,110. A stop-loss should be maintained at Rs 1,789.
M&M Financial Services: Strong Base Formation
SMIFS has given a 'buy' rating for Mahindra & Mahindra Financial Services (M&M Finance). The stock is reportedly forming a strong base near the Rs 330-340 support zone, indicating sustained accumulation following an extended consolidation phase. Price action suggests steady buying interest on declines, forming a rounded bottom on the daily chart and signaling a gradual trend shift.
Momentum indicators are stabilizing, reflecting improving strength without signs of overheating. This consolidation appears to be a healthy pause before a potential upside move. SMIFS predicts an upside potential towards Rs 390, with the bullish structure remaining intact as long as the stock holds above Rs 310 on a closing basis.
Lloyds Engineering Works: Breakout Signal
Bajaj Broking has recommended a 'buy' for Lloyds Engineering Works, noting that the stock recently generated a breakout above its 10-month falling channel, signaling strength and offering a fresh entry opportunity. The stock is also sustaining above its 52-week Exponential Moving Average (EMA), highlighting continued strength and extension of its upward movement.
Key support for the stock is around Rs 62, which represents the recent breakout area. Bajaj Broking expects the stock to head towards Rs 77.50, which aligns with its previous major high and the 80 percent retracement of the prior decline (Rs 84-38). The weekly Moving Average Convergence Divergence (MACD) is in an uptrend and has recently generated a buy signal, moving above its nine-period average, validating the positive bias.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.