SBI Cards, Bank Of India — Check Chandan Taparia's Top Picks
Here is a look at Taparia's stock recommendations for Monday.
Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services Ltd., has identified SBI Cards and Payment Services Ltd. and Bank of India as his top stock picks on Monday.
Taparia has suggested buying SBI Cards and Payment Services Ltd. at current price of Rs 921 and put a stop loss as Rs 895 with a target price of Rs 970.
He highlights that SBI Cards has given a Cup & Handle pattern breakout on the daily chart and managed to close above this level. The stock is perfectly respecting the 50-day exponential moving average and is inching higher, he said.
It has been forming higher lows over the past five months, with supports gradually shifting higher. The rising RSI indicator confirms the positive momentum.
SBI Cards, launched in 1998 by the State Bank of India and GE Capital, is a leading credit card issuer in India. Headquartered in Gurugram, Haryana, the firm offers a wide range of credit cards catering to diverse customer segments, including super premium, travel, shopping, and corporate cards. The company became the first pure-play credit card issuer to list on the stock exchanges in India in March 2020.
Taparia also suggests buying Bank Of India Ltd. at current market price of Rs 122 with a stop loss at Rs 118 and a target price of Rs 130.
He noted that Bank of India has given a trend line breakout on the daily scale. Buying is visible across PSU banks, which may support the ongoing upward movement.
The MACD indicator is trending upward with a positive crossover, confirming the resumption of bullish momentum and providing further conviction for upside potential.
Founded in 1906, Bank of India is a public sector bank headquartered in Mumbai, Maharashtra. The bank has over 5,200 branches in India and a strong international presence with branches in 15 foreign countries.
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