New Year Pick 2026 by Choice Broking Ltd
Mahindra & Mahindra Ltd
Buy M&M @ 3650 & Upto 3540 for the Target of 4000/ 4180.
Mahindra & Mahindra continues to trade in a strong long-term uptrend and is currently undergoing a healthy consolidation after a sharp rally. The stock is forming a falling wedge–like structure near the top, indicating controlled profit booking rather than trend reversal.
Price is holding above the key demand zone of 3500–3550, which aligns with the 100-day EMA, while the 200-day EMA near 3250–3350 reinforces strong medium-term support.
Currently trading around 3650, M&M is showing resilience near the 20-day EMA, suggesting buyers are active on dips. The RSI is hovering near 51, indicating neutral momentum with room for an upside expansion once the consolidation resolves.
The stock remains a buy at CMP, with potential for a fresh upside move toward 4000, followed by 4180. On the downside, declines toward 3540 may be used as accumulation opportunities, while 3350 continues to act as a key structural support for the broader trend.
Marico Ltd
Buy MARICO @ 741 & Upto 723 for the Target of 820/ 855
Marico continues to trade in a strong long-term uptrend, supported by a well-defined rising channel on the daily chart. After a sharp recovery from the March lows, the stock has been consolidating within this upwardsloping channel, indicating healthy consolidation and sustained accumulation rather than any trend reversal.
Price is holding firmly above the key demand zone of 720–725, which aligns closely with the 50-day and 100-day EMA, reinforcing near-term support. The 200-day EMA near 690–700 acts as a strong medium-term base, keeping the broader bullish structure intact. Currently trading around 741, Marico is showing resilience near the short-term moving averages, suggesting buyers are actively defending dips.
The overall price structure remains constructive, with higher highs and higher lows intact, and momentum indicators reflecting steady strength with scope for further upside. The stock remains a buy at CMP, with potential for a fresh upside move toward 820, followed by 855, which align with the upper boundary of the rising channel and measured move projections. On the downside, declines toward 723 can be used as accumulation opportunities, while 690 continues to act as a major structural support for the broader trend.
Hindustan Petroleum Corporation Ltd
Buy HINDPETRO @ 470 & Upto 460 for the Target of 525/ 550
Hindustan Petroleum continues to trade in a strong long-term uptrend, having resumed its bullish structure after a corrective phase earlier. The stock has posted higher highs and higher lows and is currently undergoing a healthy consolidation near the upper end of the range, indicating profit booking rather than a trend reversal
Price is holding comfortably above the 460–465 demand zone, which coincides with the 50-day EMA, while the 200-day EMA placed near 440– 445 provides strong medium-term support and reinforces the broader bullish structure. The previous resistance zone near 490 remains a key hurdle on the upside. Currently trading around 470 the stock is showing stability above short- and medium-term moving averages, suggesting buyers are active on declines. The RSI is hovering near 58, indicating positive momentum with sufficient room for further upside without entering overbought territory.
The stock remains a buy at CMP, with potential for a fresh upside move toward 525, followed by 550, which align with prior swing projections. On the downside, dips toward 460 can be used for accumulation, while 442 continues to act as a major structural support for the broader trend.
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