Stocks to buy today: Shakti Pumps, JK Tyre and IOC on investors' radar

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Benchmark indices rebounded sharply by about 1% on Friday, propelled by bargain hunting in tech and consumer durable stocks amid encouraging domestic inflation data.

Stocks that were in focus include names like Shakti Pumps, which rose 5% and IOC, which gained 2.01% and JK Tyre, whose shares fell 0.037% on Friday.


Here's what Santosh Meena, Head of Research at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.

Shakti Pumps


The counter has demonstrated solid strength amid a volatile market, trading comfortably near its all-time high zones. The charts appear promising, supported by strong momentum and favorable indicators.A breakout has been confirmed, and sustaining above the 900 level could open the path to the psychological hurdle of 1000. On the downside, the first support zone is positioned at 850, while 805, aligned with the 20-day moving average (DMA), serves as a crucial support level.

JK Tyre


The counter has rebounded from its weekly support zone, showing a strong pullback. Currently, it is consolidating between the 200 SMA and 100 SMA, forming a flag pattern.A breakout above 425 could lead to the next resistance zone at the 450 level. Sustaining above 450 may open the door for a significant upside, potentially reaching the 500 level. On the downside, the major support zone is at 400, aligned with the 100 EMA.

IOC


Following a healthy correction, the counter is showing signs of bottoming out, forming an inverse head-and-shoulders pattern.

However, a breakout above 145 is still awaited. A successful breakout could lead to a move toward 150 and 155 levels, where the 100 EMA is positioned. On the downside, support is seen at 138, aligned with the 20 DMA.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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