In today's fast-paced and dynamic financial markets, identifying potential opportunities for profitable investments can be a challenging task. Market experts and analysts often provide valuable insights and recommendations to assist investors in making informed decisions. Jay Thakkar, Head of Alternate Research at Sharekhan, is one such expert who has recently given two stock recommendations for today's trade - State Bank of India (SBI) and GAIL.

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Jay Thakkar suggests a "buy" recommendation on State Bank of India, a prominent name in the public sector banking domain. Thakkar believes that private sector banks are currently showing a sideways trend, making SBI an attractive option for investors seeking potential upside.

The technical analysis conducted by Thakkar reveals some promising factors supporting the bullish sentiment for SBI. Firstly, the stock has shown a strong breakout above the crucial resistance level of Rs 600.

Moreover, bullish crossover indicators in the stock's chart suggest that the upward momentum is likely to persist. As per Thakkar's analysis, the short-term target for SBI lies in the range of Rs 650 to Rs 670. He advises investors to initiate a buy position in SBI with a stop loss below Rs 600 to safeguard against any potential adverse price movements.

It is worth noting that SBI has exhibited an impressive performance in the past month, delivering a substantial gain of more than 10 percent.

The second stock recommendation by Jay Thakkar is on GAIL (India) Limited, a leading natural gas company in India. Thakkar identifies a good long buildup and technical sideways consolidation breakout in GAIL, indicating potential upward movement in the stock.

As of the recent market data, GAIL is trading around the levels of Rs 113. Thakkar anticipates that the stock will likely advance towards the levels of Rs 120 in the short term. Investors looking for short-term gains may find this recommendation particularly appealing.

To mitigate risk, Thakkar advises setting a stop loss at Rs 109. In line with the positive sentiment surrounding GAIL, the stock has already gained more than 7 percent in the last month.

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First Published:Jul 24, 2023 12:18 PM IST