From ITC to Infosys, these are Choice Broking's top 5 technical picks for 2023

ITC: The brokerage advises buying the stock at ₹334 and up to ₹325 for the targets of ₹380 and ₹400. On a monthly chart, the stock is continuously trending upward since March 2022, concluding the primary trend is bullish. ITC is trading at ₹334 and has numerous support between ₹320 and ₹325 levels on the weekly chart, noted the brokerage. The daily chart's RSI indicator is trading near 50 levels, which suggests that the stock would move higher in the coming days. Additionally, the stock is up against a downward-sloping trend line resistance and may break out above ₹340 levels, which would push it toward its ATH levels of ₹360 and above. So based on the above technical structure, Choice recommends a ‘buy’ position on the stock for the medium to long term.

Bharat Electronics: The brokerage advises buying the stock at ₹99 and up to ₹96 for the targets of ₹114 and ₹120. On daily as well as weekly charts, BEL is sustaining above 200-day EMA, suggesting that a bullish trend would continue in the near term. On the daily chart, the stock has strong support around the 95-98 zone which is also supported by a 38.2 percent retracement level, said the brokerage. Indicators such as RSI are trading at 50 levels, suggesting that shares have good momentum and would continue their primary trend. So based on the above technical structure, Choice recommends a ‘buy’ position in the stock for the medium to long term.  

Titan: The brokerage advises buying the stock at ₹2,560 and up to ₹2,500 for the targets of ₹2,800 and ₹2,850. On a weekly basis, the stock has a good foundation around ₹2450 levels. In addition, the price has taken trendline support from the rising channel. In the short term, the technical outlook remains range-bound nonetheless gradual rise in volume with price would confirm the stock's strength. The immediate obstacle appears to be ₹2,670; once broken and held, the price would rise further, predicted the brokerage. The MACD and RSI indicators position reinforces the stock’s bullish narrative in the counter. So based on the above technical structure, the brokerage recommends a ‘buy’ position in the stock for the medium to long term.  

M&M: The brokerage advises buying the stock at ₹1,252 and up to ₹1,240 for the targets of ₹1,360 and ₹1,390. M&M had continued to move upside, after the short-term consolidation on the weekly chart. ‘The stock has a strong support zone around the 1,150-1,200 zone, which is also supported by a 200-day EMA,' said the brokerage. There is a downward-sloping trend line with a slight resistance near ₹1280 on the daily chart. Once it overcomes this resistance and maintains above the indicated levels, the stock would ride on the higher side, said the brokerage. The RSI Indicator is at a comfortable level of 50, indicating that the stock has the potential to rise higher. Based on the above technical structure, the brokerage is recommending a ‘buy’ position in the stock for the medium to long term.

Infosys: The brokerage advises buying the stock at ₹1,520 and up to ₹1,490 for the targets of ₹1,725 and ₹1,760. On the daily chart, INFY has seen a sideways consolidation for the past 6 months when the stock had corrected 30 percent from the top. On the weekly chart, INFY has managed to sustain and trade above 50 and 100 EMA, suggesting the scrip is currently in positive momentum. RSI currently remains within the 45-50 range, however, once it sustains above 50, the price would rise gradually, noted the brokerage. Based on Fibonacci Retracements, INFY is taking support at 23.6 percent, which acted as a crucial level for the past few weeks. Based on the above technical structure, Choice is recommending a ‘buy’ position in the stock for the medium to long term.