Stocks to buy: Rajesh Palviya of Axis Sec suggests Nelco, Hyundai Motor, Wipro shares today

Mint

a day ago

Stock market today: Indian stock markets experienced a significant decline on Friday morning, leading many to label it a "Black Friday" for investors. Both major indices opened significantly lower, responding sharply to escalating geopolitical tensions in the Middle East.
The Nifty 50 index dropped to 24,473.00, a decrease of 415.20 points or -1.67 percent, while the BSE Sensex fell to 80,429.54, down by 1262.44 points or -1.55 percent during early trading.
This drastic drop followed Israel's launch of an attack on Iran early Friday, heightening concerns about a potential wider regional conflict.
The United States issued a statement describing the attack as a unilateral military action by Israel and cautioned Iran against retaliating by targeting US bases and facilities in the area.
Markets worldwide reacted with turmoil as the situation remains unpredictable. US futures and major Asian indices also saw significant declines as investors hurried to minimize their risk exposure.
For the fifth consecutive week, the index has continued its consolidation within the 25,200-24,500 levels. Therefore, any breakout on either side may indicate the next direction. The index is firmly placed above its 20,50,100, and 200-day SMA, which reconfirms a bullish trend on a higher time frame. The crucial support zone is located around the 24,800-24,400 levels; hence, any minor correction around this remains a buying opportunity for traders. The daily strength indicator RSI has turned bearish, indicating a loss of strength.
On the daily chart, Nelco share price has confirmed trend reversal, forming a series of higher tops and bottoms. In addition, the stock has also surpassed the "multiple resistance zone" of 1030 levels on a closing basis. This breakout is accompanied by huge volumes, which signifies increased participation. The stock is sustaining above its 20-, 50, and 100-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily and weekly "band Bollinger" buy signal suggests increased momentum. 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 ₹ 1,200-1,255, and its downside support zone is the ₹ 1,010-985 levels.
With the current close, the stock has decisively surpassed the past 7-8 months' "multiple resistance zone" of 1930 levels on a closing basis. Huge rising volumes signify increased participation. Hyundai Motor India share price is trending higher, forming a series of higher tops and bottoms, indicating sustained strength. The stock is well placed above its 20, 50 and 100-day SMA, which reconfirms positive bias. 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 2030-2100, and its downside support zone is the 1930-1890 levels.
On the daily chart, Wipro share price has confirmed a trend reversal, forming a series of higher tops and bottoms. In addition, the positive crossover of the 20 and 50-day SMA reconfirms bullish sentiments. Rising volumes at lower levels indicate increased participation. 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 270-285, and its downside support zone is the 250-245 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.