Stocks to buy: Rajesh Palviya of Axis Sec suggests Chennai Petroleum, Strides Pharma, Paytm shares today
Stock market today: Indian stock markets opened flat in the red on Friday, reflecting ongoing global concerns that are impacting investor sentiment. The recent ruling by the US Federal Appeals Court, which permits the Trump administration to maintain its tariff policy while awaiting a decision from a higher court, has added to the uncertainty that is affecting markets worldwide. Investors are now looking for clearer guidance from the higher courts regarding the legal challenges surrounding these tariffs.
At the start of trading, the benchmark Nifty 50 index declined by 21.00 points or 0.08%, reaching 24,812.60. Similarly, the BSE Sensex opened lower, down by 167.33 points or 0.20%, at 81,465.69.
This weakness in Indian markets is consistent with the overall negative sentiment observed in major Asian indices. Analysts suggest that caution is likely to prevail until there is more clarity on the tariff situation.
On the technical front, Rajesh Palviya of Axis Securities expects Nifty 50 to extend towards 25,200-25,500 levels. Palviya suggests three stocks to buy, sell and accumulate. Check out his views.
The benchmark index is in a strong uptrend, forming a series of higher tops and bottoms, indicating bullish sentiments. Nifty 50 is firmly placed above its 20,50,100, and 200-day SMA, which reconfirms a bullish trend on a higher time frame.
Over the past 12-13 sessions, the index is consolidating within 25,200-24,500 levels, and hence any either-side breakout may indicate further direction. On the upside, the index is expected to extend this momentum towards the 25,200-25,500 levels. The crucial support zone is located around the 24,600-24,500 levels; hence, any minor correction around this remains a buying opportunity for traders. The weekly strength indicator, RSI, is in positive territory, indicating rising strength.
On the weekly chart, the Chennai Petroleum share price has confirmed an "inverse head and shoulders", a trend reversal pattern at 668 levels on a closing basis, indicating bullish sentiments. This breakout is accompanied by huge volumes, indicating increased participation.
Chennai Petroleum share price is sustaining above its 20-, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily and weekly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹ 765-800, and its downside support zone is the 685-665 levels.
On the daily chart, the Paytm share price has confirmed a "down-sloping trendline" breakout at 870 levels on a closing basis. This buying momentum was observed around the 20-day SMA support zone at 852 levels, which remains a crucial support zone.
Paytm share price is sustaining above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily, weekly and monthly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 913-955, and its downside support zone is the 850-820 levels.
Strides Pharma Science share price decisively surpassed the past eight months' "multiple resistance zone" of 760 levels on a closing basis, which shows bullish sentiments. This breakout is accompanied by huge volume, which signals increased participation. In addition, the daily band Bollinger buy signal indicates increased momentum.
Strides Pharma Science share price is sustaining above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend and these averages are also inching up along with price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 860-930, and its downside support zone is the ₹ 760-715 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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