Latest news with #RajeshPalviya
Time of India
2 days ago
- Business
- Time of India
Bank Nifty is looking more promising compared to the Nifty: Rajesh Palviya
Rajesh Palviya , Senior Vice-president, Axis Securities , says Bank Nifty has potential to give breakout above 55,800 and once this happens, we could see a new all-time high trajectory very soon for Bank Nifty. That is giving us signs that ahead of policy action, there are a lot of accumulation activities happening in these PSU banks and a good rally could unfold in coming days for PSU banking space. So, Bank Nifty is looking more promising compared to the Nifty. The May series has ended on a positive note. We were up almost 2% as far as the May series is concerned. How do you expect the June series to play out? Rajesh Palviya: Looking at the rollover action, Nifty has registered almost 79% rollover. It was in line with the previous month and it is just above to the last three-month average of rollover activity. Nifty as well as Bank Nifty witnessed a higher rollover compared to the last three-month average rollover. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Alívio da dor sem os riscos: entenda o que essa planta pode fazer. Saúde e Bem Estar Undo Even the Bank Nifty has measured higher rollover compared to the last month also. So, on the Bank Nifty, there is a strength because long has been carried. In the Nifty also, 20 lakh shares have been added compared to the last month. Looking at the broader market rollover activity, we believe that after a brief consolidation of the next couple of days, there could be chances of the breakout of this consolidation range. Looking at data 24,900, 25,000 are acting as a resistance as a major call writing activity is still there at those strikes. So, any breakout above 24,900 can initiate a short covering action in the market and then, a possible rally can extend to 25,200 in coming weeks. So, one should remain on the buying side of trade. Bias is on the bullish side for the trade. 24,700, 24,600 are attracting major put writing activity. So, these levels are likely to act as a support area. For Bank Nifty, the major put base concentration is now placed at 55,000, 55,500. So, these two levels need to watch closely in the near-term perspective. If these levels are intact, Bank Nifty has potential to give breakout above 55,800 and once this happens, we could see a new all-time high trajectory very soon for Bank Nifty as especially in the today's session we have seen lot of activity in PSU banking basket, so that clearly giving us sign that ahead of policy action, there are a lot of accumulation activities happening in these PSU banks and we could see a good rally to unfold in coming days for PSU banking space. So, Bank Nifty is looking more promising compared to the Nifty. Live Events You Might Also Like: Nifty50 ends May with gains despite weekly volatility; all eyes on June 2 reversal alert Talk about a few stocks that have been in focus other than defence as well and the names like you have BSE, you have Bharti Hexacom , and Bharat Dynamics that Sudip just spoke of all of these stocks are at our all-time highs. Given the way the market has been performing and the kind of volatility we have seen, these stocks have managed to do well, joining this list is also IndiGo that stock has done very well in the month gone by. How are you seeing them on the charts, BSE, Bharti Hexacom , as well as IndiGo and where do you believe these stocks are headed going ahead? Rajesh Palviya: BSE is continuously making higher top, higher bottom formation and whole capital market related theme is doing well in last couple of weeks and the way most of the stocks from this theme are attracting the buying interest, we could see furthermore runup in these counters be it BSE, even CDSL from this basket can be looked at. BSE is at an all-time high and the way stock has shown the buying interest even at the higher level, so after a brief consolidation of five-six trading sessions now stock again moves back to the all-time trajectory. We believe that till stock is holding above 2450 kind of level, any minor dip should be used as a buying opportunity and maybe possible rally can extend further towards 2800, even 2900 kind of zone. So, we are holding a bullish view for this stock. Again, looking at the IndiGo, again here also we have witnessed that whatever minor dip we have seen in this counter, again holding the stock at the 50-day moving average support area. So, for IndiGo the immediate support area is placed at around 5200, till this stock is holding above 5200, I think here also we could see buying interest to remain continue, stock is moving in up sloping channel on weekly chart, so that is a clear sign of sustained buying action. So, once the stock crosses above 5400, 5450 zone, here also we could see a new all-time high trajectory. Even in Bharti Hexa, this stock has also managed to give a breakout of a rounding bottom sort of formation on the near-term chart on the daily chart. So, looking at the near-term chart breakout, we believe that till stock is holding above 1780 level, here also we could see traction towards 1880 to 1900 kind of zone. You Might Also Like: Nifty's breakout above 25,150 to pave way for 25,500: Analysts I think still buying interest is there despite stocks are trading almost near to their all-time high trajectory and the broader market is also behaving in the bullish manner. Nifty, Bank Nifty, benchmark indexes are also holding the near-term support area. So, we could see further buying interest to remain in this counter. You Might Also Like: Stocks to buy today: Paytm, Swiggy among top 5 trading ideas for 2 June 2025
Mint
5 days ago
- Business
- Mint
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.
Economic Times
5 days ago
- Business
- Economic Times
Indices close higher amidst legal ruling on Trump's tariffs
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian benchmark indices ended on a positive note on Thursday, but gains were muted compared with other Asian markets, which rose after a US federal court ruled that US President Donald Trump's reciprocal tariffs were illegal and blocked his plan to impose broad import duties under emergency Nifty gained 81.15 points, or 0.33%, to close at 24,833.6, while BSE's Sensex rose 320.7 points, or 0.39%, to end at 81,633.02. Both indices had fallen about 0.3% in Asia, Japan rose 1.9%, China gained 0.7%, Hong Kong advanced 1.35%, South Korea was up 1.9%, and Taiwan ended flat."Indian markets underperformed relative to other Asian indices, primarily due to a strong rally earlier in the May series and significant call writing at the 25,000 level ahead of the monthly expiry, which created a key resistance zone," said Rajesh Palviya, head of technical and derivatives research at Axis expects the Nifty to cross 25,000-25,200 range next indices initially rose after the court order but ended lower after the Trump administration filed an immediate notice of appeal. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell 0.5-0.6% at Wednesday's close."India remained relatively muted compared with other Asian peers, having already priced in optimism around potential manufacturing shifts from China and South Asia to India, along with expectations of an India-US trade deal ahead of the 90-day cut-off," said Sham Chandak, head of institutional equities at Elios Financial Services."A Nifty breakout above 25,000-25,200 levels would likely require a significant positive catalyst," he said. FPIs were net buyers of ₹884 crore, while domestic institutions bought shares worth ₹4286.5 Nifty Midcap 150 gained 0.6%, and the Nifty Smallcap 250 rose 0.4% on Thursday. Out of the total 4,111 stocks traded on BSE, 1933 advanced and 2056 declined.
Time of India
5 days ago
- Business
- Time of India
Indices close higher amidst legal ruling on Trump's tariffs
Mumbai: Indian benchmark indices ended on a positive note on Thursday, but gains were muted compared with other Asian markets, which rose after a US federal court ruled that US President Donald Trump's reciprocal tariffs were illegal and blocked his plan to impose broad import duties under emergency powers. NSE's Nifty gained 81.15 points, or 0.33%, to close at 24,833.6, while BSE's Sensex rose 320.7 points, or 0.39%, to end at 81,633.02. Both indices had fallen about 0.3% intraday. Elsewhere in Asia, Japan rose 1.9%, China gained 0.7%, Hong Kong advanced 1.35%, South Korea was up 1.9%, and Taiwan ended flat. Agencies "Indian markets underperformed relative to other Asian indices, primarily due to a strong rally earlier in the May series and significant call writing at the 25,000 level ahead of the monthly expiry, which created a key resistance zone," said Rajesh Palviya, head of technical and derivatives research at Axis Securities. Palviya expects the Nifty to cross 25,000-25,200 range next week. US indices initially rose after the court order but ended lower after the Trump administration filed an immediate notice of appeal. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell 0.5-0.6% at Wednesday's close. "India remained relatively muted compared with other Asian peers, having already priced in optimism around potential manufacturing shifts from China and South Asia to India, along with expectations of an India-US trade deal ahead of the 90-day cut-off," said Sham Chandak, head of institutional equities at Elios Financial Services. "A Nifty breakout above 25,000-25,200 levels would likely require a significant positive catalyst," he said. FPIs were net buyers of ₹884 crore, while domestic institutions bought shares worth ₹4286.5 crore. The Nifty Midcap 150 gained 0.6%, and the Nifty Smallcap 250 rose 0.4% on Thursday. Out of the total 4,111 stocks traded on BSE, 1933 advanced and 2056 declined.
Time of India
6 days ago
- Business
- Time of India
Metal stocks shine on a lackluster monthly expiry, surge up to 11%. Here's why
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Driven by a combination of factors like Q4 earnings and a block on President Donald Trump's trade tariffs, metal stocks surged up to 11% in Thursday's trade, outperforming a weak broader market, as both the Nifty and Sensex trading in the red. Welspun Corp shares led the rally, surging 11.1% to hit a high of Rs 903.90 during the session after reporting impressive Q4 results. The pipe manufacturing major's fourth-quarter net profit more than doubled, the company slashed its gross debt, and guided for strong revenue growth in the year Corp posted a 143% year-on-year rise in consolidated net profit to Rs 699.19 crore for the March quarter, up from Rs 287.28 crore in the same period last year. The sharp profit growth came despite a decline in total income to Rs 3,966.86 crore from Rs 4,543.70 crore, largely supported by a significant drop in expenses, which fell to Rs 3,639.32 crore from Rs 4,292.37 other metal stocks, Lloyds Metal & Energy shares climbed 4.8% to reach Rs 1,422.00. Jindal Stainless shares also gained 3.5%, touching Rs 669.50, while Hindustan Zinc rose 2.8% to Rs Steel & Power shares were up 2.5%, hitting Rs 968.75, while Tata Steel shares advanced 1.7% to touch Rs 163.95. NMDC shares registered a more modest rise of 1.2%, with the stock reaching a high of Rs broader Nifty Metal index also outperformed the market, surging by over 1%. However, at around 2 pm, the index was up by 0.8%.Meanwhile, the shares of the state-owned Steel Authority of India Ltd (SAIL) jumped 2.2% to an intraday high of Rs 131.80 after the company reported an 11% year-on-year (YoY) rise in consolidated net profit for Q4FY25 at Rs 1,251 crore, compared with Rs 1,125 crore in the same quarter last rally in the metal pack came after a U.S. federal court ruling dealt a major blow to Donald Trump's plan to impose sweeping reciprocal tariffs on imports from several trading partners, including India.'The Federal court's decisions may have partly driven the uptick in metal stocks as commodities follow the international prices. Metal stocks have already seen a lot of buying activity and technically they are showing signs of bottoming out,' said Rajesh Palviya, Senior Vice President, Research-Head Technical & Derivatives at Axis Securities, adding that he sees an uptrend, going ahead.'Most metals behave with the same kind of momentum and we remain bullish on them," Palviya said while recommending a buy on Tata Steel, Vedanta, Jindal Steel and mining stock line a similar sentiment, Aamar Deo, Senior VP of Research at Angel One said, 'To a certain extent, metals stocks are reacting to the US court's decision as domestic commodities track global prices'.The development is being seen as a potential boost for global trade sentiment and a relief for export-driven sectors, particularly ruling, delivered by the U.S. Court of International Trade, invalidated the tariffs Trump had recently imposed on nearly all trading partners. These duties, which went as high as 50% in nations with trade deficits with the U.S., had disrupted international commerce, impacted supply chains, and added to inflationary pressures across global Indian metal exporters , the move may bring significant respite. The rollback of these tariffs may enhance price competitiveness for domestic players in overseas markets, particularly the U.S., which is a key export destination for steel, aluminum, and other metal tariffs in question were imposed under the International Emergency Economic Powers Act (IEEPA), a law the court found was misused to justify trade restrictions. While other Trump-era tariffs on steel, aluminum, and autos remain intact under different trade statutes, the latest ruling significantly curtails the scope for unilaterally imposed duties under emergency ruling may still face appeals, but for now, the market is pricing in the potential for a more stable and predictable global trade environment. With tariffs temporarily blocked and the scope of unilateral trade actions curbed, metal exporters stand to benefit from restored access and improved sentiment in global markets.
