Shivangi Sarda from Motilal Oswal Financial Services shared with CNBC-TV18 two buy recommendations that merit attention: Trent and Ashok Leyland.

Share Market Live

NSE

According to Sarda, Trent's robustness is evident as it has successfully broken out of a pole and flag pattern formation on the daily chart. Furthermore, it maintains a strong position above its previous resistance levels.

This strength is fortified by its consistent support at the 50-day exponential moving average on the daily chart. Notably, any minor declines are met with swift follow-up buying, swiftly capitalising on buying opportunities. As a result, the stock exhibits promising upside potential, as per the expert.

Sarda recommends a buy position, targeting approximately Rs 1,950, with a stop level set around Rs 1,840. Noteworthy is the stock's notable gain of over 11 percent in the past month.

Moving on, the second focus falls within the auto sector, specifically Ashok Leyland. The stock's impressive performance since mid-April this year has been characterised by consistent buying during minor declines.

Analysing the chart structure reveals an upward-sloping channel, complemented by recent sessions witnessing a substantial surge in volumes alongside price advancement. This collective data paints a positive picture of a substantial upward movement.

Consequently, a buy recommendation is put forth, with a target in the vicinity of Rs 197 and a support level of around Rs 184. Notable is the stock's remarkable gain of more than 15 percent in the last month.

Disclaimer:

The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Follow our live blog for more stock market updates

First Published:Aug 10, 2023 12:19 PM IST