PremiumListen to this article |
Rajesh Palviya's stock recommendations: Key benchmark indices of the Indian stock market ended higher on second successive day on Friday. Nifty 50 index finished at the highest levels since 14th January 2022 at 17,833 even though advance decline ratio ended below 1 at 0.96 on BSE. On broader indices mid-cap and small-cap stocks continued its upside momentum on the weekend session. At a time, when a good number of stock market experts are advising stock specific trade till Nifty is below major hurdle placed at 18,000 levels.
Rajesh Palviya, VP - Technical & Derivative Research at Axis Securities believes that Indian stock market would attract bulk buying once Nifty 50 index sustains above its hurdle of 18,000 mark. For day traders who believes in 'stock specific' trade strategy, Rajesh Palviya of Axis Securities suggested 3 stocks to buy or sell today. Those three shares are State Bank of India (SBI), Bharat Forge and RBL Bank.
On Nifty 50 technical outlook, Rajesh Palviya said, "On the weekly chart, the index has formed a long bullish candle forming a higher High-low compared to the previous week, and has closed above the previous week's high indicating positive bias. The chart pattern suggests that if the Nifty crosses and sustains above the 18000 level it would witness buying which would lead the index towards 18100-18400 levels. However, if the index breaks below the 17600 level it would witness selling which would take the index towards 17500-17300. For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias."
Speaking on Bank Nifty technical outlook, the Axis Securities expert said, "On the weekly chart, the index has formed a sizable bullish candle forming a higher High-Low, compared to the previous week indicating positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above the 40700 level it would witness buying which would lead the index towards 41200-42000 levels. However, if the index breaks below the 40000 level it would witness selling, which would take the index towards 39500-39000. For the week, we expect Bank Nifty to trade in the range of 42000-39500 with a positive bias."
Asked about day trading stocks to buy today, Rajesh Palviya of Axis Securities listed out following 3 shares to buy on Monday:
1] State Bank of India or SBI: Buy at ₹551, target ₹565, stop loss ₹540;
2] Bharat Forge: Buy at ₹788, target ₹820, stop loss ₹770; and
3] RBL Bank: Buy at ₹129, target ₹140, stop loss ₹125.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.