Best stocks to buy today: Expert Raja Venkatraman’s recommendations for 22 May

Here are two stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Thursday, 22 May.

CANFINOMES: Buy CMP and dips to ₹725, stop ₹715 target ₹810-830

GABRIEL : Buy CMP and dips to 618, stop 608 target ₹705 – 729

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Stock market today

The Nifty 50, after opening at 24,744, quickly staged a sharp rally early in the 21 May session, reaching a day’s high of 24,946. However, momentum swiftly reversed in the second half, dragging the index to an intraday low of 24,685.

The market was caught in a tug-of-war between bulls and bears, resulting in a volatile and ultimately directionless close. On the sectoral front, realty, pharma, auto, healthcare, and financial services showed strength. Conversely, consumer durables, private banks, and media stocks were pressured to the downside, weighing on overall sentiment.

With global markets currently lacking clear direction, we should anticipate a few more lacklustre sessions. The broader market indices appear uncertain about their next move, leading to this prevailing lack of clarity.

Outlook for trading

Market enthusiasm has noticeably evaporated, and we continue to await significant triggers to propel the market higher. Given the clear sector rotation evident today, it’s prudent to temper expectations, as the overall trend remains uncertain about a sustained upward move.

As we’ve repeatedly mentioned, the market continues to be characterised by intent but a lack of catalysts. While charts indicate a strong inclination to move higher, there’s still resistance from both Nifty and Bank Nifty as far as Option data is concerned.

Also read: IDFC’s growth hits a speed bump. Is the stock’s bounce-back at risk?

The Put/Call Ratio (PCR) for Nifty is at 0.64, and for Bank Nifty, it stands at 0.76, both continuing to show hesitation from the options segment. However, the inability of bearish forces to breach support levels can also be interpreted as a positive sign. While the market awaits clear triggers, we should continue to focus on stock-specific action.

Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman:

CANFINHOME (Cmp 751.05)

CANFINOME: Buy CMP and dips to ₹725, stop ₹715 target ₹810-830

• Why it’s recommended:CANFINHOME’s recent results beat estimates, and the stock has shown an encouraging rebound. However, it remains stuck in a consolidation phase, which is keeping a strong lid on price appreciation. Nevertheless, the consistent retention of support levels indicates an underlying intention for prices to move higher in the coming sessions. The formation of steady “higher highs and higher lows” on the charts further highlights a clear bullish intent.
• Key metrics:
  • P/E: 11.64
  • 52-week high: ₹952
  • Volume: 151.12 K
• Technical analysis: Support at ₹700, resistance at ₹850.
• Risk factors: Interest rates , RBI Policy changes , Property approvals
• Buy: CMP and dips to ₹725.
• Target price: ₹810- 830 in 1 month.
• Stop loss: ₹715.
  
  GABRIEL: (Cmp 656.95)

GABRIEL : Buy CMP and dips to 618, stop 608 target ₹705 – 729

• Why it’s recommended: GABRIEL has been attempting a breakout above the 600 level for several weeks. This breakthrough finally occurred in mid-May, led by a significant surge in trading volume. The stock’s consistent support at its Tenkan Sen (TS) and Kijun Sen (KS) bands has been a positive indicator, encouraging this upward trajectory. With the emergence of strong Q4 results, GABRIEL now presents an appealing opportunity for initiating long positions.
• Key metrics:
  • P/E: 44.54
  • 52-week high: ₹651
  • Volume: 4.49 M
• Technical analysis: Support at ₹556, resistance at ₹755.
• Risk factors: Intense competition , Regulatory Approval
• Buy:CMPand dips to ₹618.
• Target price: ₹705 – 729 in 1 month.
• Stop loss: ₹608.

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Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.