Stocks to buy: Rajesh Palviya of Axis Sec suggests Hero MotoCorp, Entertainment Network, Indian Bank shares
The Nifty 50 index commenced at 24,544.25, decreasing by 51.90 points or 0.21 percent, while the BSE Sensex began the day at 80,483.56, reflecting a slight drop of 139.70 points or 0.17 percent.
Market analysts observed that investors are adopting a cautious stance, forecasting sideways movement in the short term as they await more insight into the effects of the new tariffs.
Rajesh Palviya of Axis Securities, expect Nifty 50's relief rally towards the resistance zone of 24,800-25,000 levels. Palviya suggests three stocks to buy, hold, accumulate in the short-term. Here's what he says about the overall market.
On the daily and hourly charts, the index is trending lower, forming a series of lower tops and bottoms, indicating negative bias. Nifty 50 is sustaining below its 20 and 50-day SMA, which signals a short-term downtrend. From current levels, the short-term outlook remains cautious with an expected support zone of 24,500-24,400 levels. From current levels, we expect the relief rally towards the resistance zone of 24,800-25,000 levels. The daily strength indicator RSI has turned bearish and sustained below its reference lines, indicating a loss of strength.
With the current close, the stock has decisively surpassed the past 8-9 months 'multiple resistance zone at 4,530-4,560 levels on a closing basis. This breakout is accompanied by high volumes, which signifies increased participation. This price formation also resembles an "inverse head and shoulder" pattern, which confirms trend reversal. The stock is sustaining above its 20, 50, 100 and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 4,900-5,085, and its downside support zone is the 4,550- 4,400 levels.
With the current close, the stock has confirmed a "horizontal consolidation range" (156-36) on a closing basis. This breakout is backed by huge volumes, which signal increased participation. This buying momentum is observed from the 100-day SMA(142), which remains a crucial support zone. The daily " band Bollinger" indicates increased momentum. The stock is sustaining above its 20, 50, 100 and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹ 175-200, and its downside support zone is the ₹ 155- 139 levels.
The stock is trending higher, forming a series of higher tops and bottoms across the daily and weekly charts. With current price action, the stock is on the verge of a "multiple resistance" breakout at the 660 levels. The stock is sustaining above its 20, 50, 100 and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹ 670-700, and its downside support zone is the ₹ 630- 620 levels.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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