Top Stock Picks: ICICI Securities’ Suggests These Stocks To BUY For Good Returns In 3 Months

ICICI Securities, a domestic brokerage company, has announced its top momentum picks. Tech Mahindra, Graphite India, Bharat Electronics Ltd (BEL), Titan, and Siemens have all received a buy recommendation from the brokerage. The brokerage believes that the stocks will hit their respective target prices within a three-month time frame.

In a research note issued on March 16, 2022, ICICI Securities has said "we expect index to trade with a positive bias and gradually head towards 17200-17300 region in coming weeks as it is 61.8% retracement of January-March decline (18350-15672). Meanwhile, any global volatility amid Fed meet should note be construed as negative, instead dips from hereon should be capitalized as buying opportunity as we do not expect Nifty to breach the key support of 16200 in coming weeks."

As per the brokerage "Structurally, index has maintained the rhythm of witnessing buying demand in the vicinity of 52-week EMA. Historically, temporary breach of not greater than average 5% from the 52 weeks EMA has subsequently seen decent returns in the following three to six months. The formation of higher highlow on the weekly chart signifies rejuvenation of upward momentum that makes us confident to retain support base at 16200 as it is 61.8% retracement of current up move (15671- 16927)."

ICICI Securities has also highlighted that "The broader market indices have approached in the vicinity of 52 week EMA. We expect, the Nifty midcap and small cap indices to form a base around 52 weeks EMA in coming weeks that would set the stage for extended pullback. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to trade with a positive bias while sustaining above Tuesday's low of 16555. Thus, any dip towards 16800-16832 should be used to create long position for target of 16919."

Top Stock Recommendations By ICICI Securities

Stocks	Strategy	Recommendations Price In Rs	Target price in Rs	Stoploss in Rs	Time Frame
Tech Mahindra	Buy	1480-1505	1690	1328	3 Months
Graphite India	Buy	490-510	568	442	3 Months
BEL	Buy	210-217	245	192	3 Months
Titan	Buy	2500-2550	2860	2255	3 Months
Siemens	Buy	2350-2385	2740	2135	3 Months
Source: ICICI Securities Ltd. Data as of 16th March 2022