Stocks to buy: Axis Securities recommends three shares amid rally in Indian stock market
Stock market today: Indian benchmark indices, Sensex and Nifty, extended their gains for a fourth straight session on Monday, buoyed by upbeat U.S. employment data, positive developments in India-U.S. trade negotiations, and supportive policy signals from the Reserve Bank of India.
At around 9:19 am, the BSE Sensex advanced by 423 points (0.52%) to reach 82,618, while the Nifty50 rose 130 points (0.52%) to 24,132.
On Friday, both indices jumped by almost 1% following the RBI's unexpected move to cut the repo rate by 50 basis points and lower the cash reserve ratio (CRR) for banks by 100 basis points, indicating a more aggressive monetary effort to boost economic growth.
" The Nifty ended above 25000 on Friday, as sentiment was boosted by RBI's actions that included a larger-than-expected 50 bps cut to the repo rate and a 100 bps cut to the cash reserve ratio (CRR). Technically speaking, Friday's jump was able to negate the prior day's somewhat "weak" close, and earlier, the test of 24672, which we had mentioned, held successfully. Getting past 25116 is the only thing that bulls need to do from hereon, and a break of 25260 will open the doors toward 25800 based on the pennant that seems to be complete. For the day, resistance and support lie at 25120 and 24820 respectively. Asian equities are a tailwind for today," said Akshay Chinchalkar, Head of Research, Axis Securities.
Brokerage firm Axis Securities has recommended three stocks to buy this week with upside potential up to 15 per cent - Jindal Stainless, Minda Corporation, and Oberoi Realty.
1] Jindal Stainless: Buy at ₹ 695 | Target price: ₹ 690-677 | Stop Loss: ₹ 650
2] Minda Corporation: Buy at ₹ 560 | Target price: ₹ 550-540 | Stop Loss: ₹ 513
3] Oberoi Realty: Buy at ₹ 1908 | Target price: ₹ 1900-1862 | Stop Loss: ₹ 1802
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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