2 top stock recommendations from Rajesh Bhosale for near term

Time of India

2 days ago

"So, unless we surpass 25,000, the markets are likely to remain under pressure. On the downside, 24,600 is the key level, which coincides with the 89 EMA. In the near term, we expect the
Nifty
to consolidate within the 24,600–25,000 zone," says
Rajesh Bhosale
, Angel One.
Did you happen to see the Test match I was talking about? And is there any parallel with the market?
Rajesh Bhosale:
Yes, I did watch the match. It was very interesting—and kudos to Washington and Jadeja, they helped to draw the game. It was a significant match. So, we still have a chance to draw the series.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Product Management
Data Science
Healthcare
Management
MCA
Data Science
Leadership
Design Thinking
Cybersecurity
Data Analytics
Public Policy
others
Digital Marketing
Project Management
healthcare
CXO
PGDM
Others
Technology
MBA
Finance
Artificial Intelligence
Degree
Operations Management
Skills you'll gain:
Product Strategy & Competitive Advantage Tactics
Product Development Processes & Market Orientations
Product Analytics & Data-Driven Decision Making
Agile Development, Design Thinking, & Product Leadership
Duration:
40 Weeks
IIM Kozhikode
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Creating Effective Product Roadmap
User Research & Translating it to Product Design
Key Metrics via Product Analytics
Hand-On Projects Using Cutting Edge Tools
Duration:
12 Weeks
Indian School of Business
ISB Product Management
Starts on
May 14, 2024
Get Details
Skills you'll gain:
Product Strategy & Roadmapping
User-Centric Product Design
Agile Product Development
Market Analysis & Product Launch
Duration:
24 Weeks
Indian School of Business
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
If we look at the Nifty, the FMCG and some defensive sectors like pharma are helping the market hold on to key levels.
But the heavyweights are not supporting. In fact, from a technical perspective, last week we saw a major breakdown on the Nifty charts. A rising channel pattern as well as the 50 EMA was breached.
So, unless we surpass 25,000, the markets are likely to remain under pressure. On the downside, 24,600 is the key level, which coincides with the 89 EMA. In the near term, we expect the Nifty to consolidate within the 24,600–25,000 zone.
Live Events
Yes, the market certainly lacks that sense of spirit at the moment. But then, it's clearly a stock-picker's market, especially since we are midway through the
earnings season
. However, the results so far haven't shown the kind of positivity one would hope for. What are the stocks on your radar right now?
Rajesh Bhosale:
Yes, there are some counters that are definitely showing relative strength. They're still trading around their 52-week or all-time highs. So, some of those could continue to perform well despite a lacklustre broader market.
One of our picks is PEL –
Piramal Enterprises
. If you look at the stock, it had a strong rally in early July, moving from 1150 to 1350. Last week, we saw some price correction. Today, the stock is showing strength around its 20 EMA and has already crossed Friday's high. So, we're bullish on this counter and recommend a buy with a stop loss at 1260, targeting 1410.
The second buy call is on HDFC Life. On the monthly chart, it has already given a strong long-term breakout. After some correction last week, it formed a bullish engulfing pattern, and this week we're seeing follow-up buying. It has also crossed above the 20 EMA. So, we expect
HDFC Life
to resume its positive momentum. With a small stop loss at 750, we expect an upside target of 805.