Stock Recommendations of Rajesh Palviya: After some correction in the global markets, the Indian stock market started the weekly closing session on a positive note. The NSE Nifty closed 174 points higher at 17,798 while the BSE Sensex closed 1.12 per cent higher at 59,688. Bank Nifty index closed 753 points higher at 40,208 level. Despite Indian indices crossing the key 17,800 barrier on Nifty and 40,000 barrier on Bank Nifty index, some experts are still advising stock specific trading.
buy or sell stock for today
To make life easier for stock specific traders, Rajesh Palviya, VP – Technical & Derivatives Research at Axis Securities has listed four. stocks to buy today, Those four stocks are LIC Housing, Tech Mahindra, Adani Ports and IOC.
Stock Market Today: Nifty, Bank Nifty Technical Outlook
to speak on nifty 50 technical outlookRajesh Palviya of Axis Securities said, “On the daily chart, the index has formed a bullish candle, and closed above its previous session high, which represents a positive bias. Last 10-12 Over the sessions, the index continues to strengthen in a. Broader trading range (17800-17350), representing a sideways trend. The chart pattern shows that if Nifty crosses the level of 17800 and maintains it It will witness a buy, which will take the index towards the level of 17900-18000. However, if the index breaks below the level of 17700, it will witness a sell-off, which will take the index towards the level of 17600-17500.”
Rajesh Palviya said Nifty is trading above its 20, 50, 100 and 200-day SMAs, indicating a positive bias in the near term. Nifty remains in an uptrend for short term, hence buying on dips remains our preferred strategy. Daily Strength Indicator RSI is trending up and above its reference line which is showing positive bias.
On technical outlook for Bank Nifty, Rajesh Palviya said, “On the daily chart, the index has formed a bullish candle and closed above its previous session’s high representing a positive bias. The index is hitting a higher top. Further higher is moving in bottom formation. Daily chart indicates a short term trend. The chart pattern suggests that if Bank Nifty crosses 40300 level and sustains, then it will be buying which index 40500-40800 levels. However, if the index breaks down at 40000 levels it will witness a selloff which will take the index towards 39800-39500.”
Palviya said Bank Nifty is trading above the 20, 50, 100 and 200-day SMAs, indicating a positive bias in the short to medium term. Bank Nifty remains in an uptrend in the near term, hence buying on dips remains our preferred strategy. The daily strength indicator RSI is trending up and above its reference line, which is showing a positive bias.
Stock Recommendations of Rajesh Palviya
Here we list down the details regarding buy or sell stock for today as recommended by Axis Securities expert Rajesh Palviya:
1]Buy on: LIC Housing 432, target 445, stop loss 422;
2]Buy on: Tech Mahindra or TechM 1090, target 1140, stop loss 1140;
3]Adani Ports: Buy Here 883, target 920, stop loss 970; And
4]IOC: Buy on 73, target 79, stop loss 71.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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