This analyst recommends buying Balkrishna Industries and selling ICICI Bank, here's why

Technical analyst Jay Thakkar, Head of Alternate Research at Sharekhan shared his top stock picks for the day.

While sharing his insights on the stock market during an interview with CNBC-TV18, Thakkar provided his analysis on two specific stocks, ICICI Bank and Balkrishna Industries, and offered recommendations based on their current trends.

According to Thakkar, ICICI Bank has displayed a negative divergence on the daily charts, leading to a reversal in its trading pattern. The stock is currently priced around Rs 937, and Thakkar anticipates a correction to occur in the near future, with levels expected to reach around Rs 920 to Rs 910.

To take advantage of this potential correction, he suggested selling the stock and implementing a stop loss at Rs 950 to manage risk. The stock has gained more than 2 percent in the past month.

Conversely, Thakkar has a positive outlook on Balkrishna Industries and recommended buying the stock. He highlighted that Balkrishna Industries has recently experienced a breakout on a large triangular pattern, indicating a bullish trend.

The stock is currently trading at approximately Rs 2,355. Thakkar advised placing a stop loss at Rs 2,250 to protect against any unexpected downturns. Looking ahead to the June series, he suggested a target range of Rs 2,500 to Rs 2,600 for potential gains. The stock was up more than 16 percent over the past month.