Stocks to buy today: Recommendations by Anand James
LT Foods: LTP ₹381
View: Buy
Target: ₹408
SL: ₹365
On momentum, the daily MACD histogram is compressing toward the zero line with shrinking negative bars, indicating bearish momentum exhaustion. This aligns with the recent cluster of smaller-bodied candles and lower-range price movement, hinting at selling fatigue rather than fresh distribution. However, the structure is not outright bullish yet. Price remains below near-term pivot resistance ₹398-412, and RSI is drifting toward the lower band, signalling weak but stabilizing momentum.
While the broader short-term trend has weakened, the confluence of trendline support and momentum exhaustion increases the probability of a technical bounce or mean-reversion rally toward ₹408. Confirmation would require a strong bullish close above ₹398 with expanding volumes. Protect longs with a stop loss placed below ₹365.
Torrent Power: LTP ₹1,412
View: Buy
Target: 1,525
SL: ₹1,349
Price has retraced back into the 20-day SMA band, a zone that has historically led to short-term pullback reversals within the prevailing uptrend. This confluence of dynamic support from the moving average and the ascending trendline strengthens the likelihood of a technical bounce.
Momentum indicators are also aligning with a reversal setup. RSI is nearing the oversold region around the mid-30s, suggesting that downside momentum is gradually weakening. The lack of aggressive follow-through on the recent decline further supports the view of selling exhaustion. The setup favors a move towards ₹1,525 and all longs may be protected with a stop loss at ₹1,349.
A confirmation would come from a bullish reversal candle near support, accompanied by RSI flattening and turning higher, along with price reclaiming immediate resistance zones. As long as ₹1,349 holds, expect a bounce toward the ₹1,500-1,525 zone, while a breakdown below support would invalidate the reversal thesis.
Persistent Systems: LTP ₹5,402
View: Buy
Target: ₹5,700
SL: ₹5,340
Persistent Systems is showing strong signs of a trend resumption after a corrective phase, with multiple higher time-frame confirmations aligning in favor of a bullish reversal. On the weekly chart, a MACD signal line crossover indicates a shift in medium-term momentum after a prolonged consolidation. This is complemented on the daily timeframe by a Supertrend breakout, suggesting a transition back into a short-term uptrend.
Momentum remains firmly supportive. The daily RSI is sustaining above 65, reflecting strong buying strength and indicating that dips are being accumulated rather than sold into. Additionally, the stock has registered a monthly range breakout, which typically signals expansion in price action and the beginning of a new directional leg.
The confluence of these signals suggests that the recent pullback was corrective and is now transitioning into a continuation phase. Immediate resistance lies near ₹5,550-5,650. The setup favors a move towards ₹5,700. All longs may be protected with a stop loss at ₹5,340. As long as price holds above the trendline and maintains momentum strength, the bias remains toward an upward extension.
(Disclaimer: This article is by Anand James, chief market strategist, Geojit Investments. View expressed are his own. Click here for analyst disclosures)
