Stock Market: Buy Balkrishna Industries, Mahindra & Mahindra, JK Tyre, Says Choice Broking

The S&P BSE Sensex and NSE Nifty 50 indexes were trading in a narrow range with the Sensex moving in a band of 215 points and the NSE Nifty 50 Index hitting intraday high of 11,637.20 and a low of 11,573.95. ICICI Bank, Reliance Industries, State Bank of India, Larsen & Toubro and Axis Bank were among the movers in the Sensex while losses in Tata Consultancy Services, Kotak Mahindra Bank, HDFC, Mahindra & Mahindra and HCL Technologies capped the upside for the benchmarks.

Here are few trading tips (top stock picks) from brokerage Choice Broking:

Buy JK Tyre & Industries

Choice Broking has recommended buy on JK Tyre & Industries for target price of Rs 84 with stop loss at Rs 74.90. Choice Broking in a note said that the stock on an hourly scale is sustaining above its 100 Hourly Exponential Moving Average which shows a positive move in the counter. On a daily chart, the stock has bounced back after taking a support of its upward rising trend line which indicates that the stock may go up in coming trading sessions, Choice Broking added in a note.

Buy Mahindra & Mahindra

Choice Broking has recommended buy on Mahindra & Mahindra for target price of Rs 715 with stop loss at Rs 597. The Mumbai-based brokerage firm in a note said, "On a weekly chart, the stock has been trading with a strong support of Upward Rising Trend line since last many weeks which suggests a bounce back movement in the counter." After a healthy correction from its all-time High on a monthly chart, the stock has halted its downside move at Rs 608 level which is a 61.80 per cent Fibonacci Retracement level of its previous up move from Rs 370 to Rs 993 which suggests northward movement in the counter, Choice Broking added.

Buy Edelweiss Financial Services

Choice Broking has recommended buy on Edelweiss Financial Services for target price of Rs 186 with stop loss at Rs 169.40. On a daily scale, the stock has bounced back from of its lower band of Symmetrical Triangle formation which shows stock may accelerate in coming trading sessions, Choice Broking said in a report. Additionally, the stock has bounced back after taking a support of around Rs 153 which is 78.6 per cent retracement level of its previous move from Rs 137.25 to Rs 210.50 level which suggests a positive move in the counter, Choice Broking added.

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Disclaimer: Investors are advised to make their own assessment before acting on the information.