Stock Recommendations of Rajesh Palviya: Dalal Street continued to trade double-sided and highly volatile in Tuesday’s session on fears of an economic slowdown. The Nifty 50 index fell 10 points to end at 17,655 while the BSE Sensex lost 48 points to end at 59,196. Bank Nifty index closed 139 points lower at 39,666 points. However, the midcap index outperformed the NSE Nifty and registered a gain of 0.47 per cent on Tuesday.
Rajesh Palviya, VP – Technical & Derivatives Research at Axis Securities believes that the range-bound trend notwithstanding Share Market Businessmen of India have a chance to earn money from this. He said that the trend deciding level for Nifty 50 index is 17,670. If Nifty trades above this level, then we can see another rally from 17,750 to 17,845 and up to 17,930 level. However, if Nifty trades below the level of 17,670, we may see some profit-booking start in the market, which may correct from the level of 17,575, 17.490 to 17,395.
Stock Recommendations of Rajesh Palviya
On Nifty technical outlook, Rajesh Palviya of Axis Securities said, “On the daily chart, the index has formed a small bearish candle with shadows on either side representing volatility movement throughout the session. The index has formed a high top and a high bottom. Moving in formation. The daily chart indicates an upward trend. The chart pattern suggests that if Nifty crosses and sustains the level of 17700, it will witness buying, which will propel the index to 17800. -17900 levels. However, if the index breaks below the level of 17600, it will witness a selloff, which will take the index towards 17500-17400.”
He said Nifty is trading above its 20, 50, 100 and 200 day SMA, which indicates positive bias in the short term. Nifty remains in an uptrend for short term, hence buying on dips remains our preferred strategy. The Daily Strength Indicator RSI is trending down and is trading below its reference line, which is showing negative bias.
On the technical outlook of Nifty Bank, Rajesh Palviya of Axis Securities said, “On the daily chart, the index has formed a bearish candlestick with long shadows on either side, indicating extreme volatility at higher levels. Index 1 Moving into higher top and higher bottom. Formation on the daily chart, shows a short-term upward trend. The chart pattern shows that if Bank Nifty crosses 39800 level and sustains, then it is a buy point. will witness a selloff, which will lead the index towards 40200-40500 levels. However, if the index breaks below 39600 levels, it will witness a selloff, which will take the index towards 39400-39200.”
Experts at Axis Securities 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 remains flat and is below its reference line, indicating an absence of momentum on either side.
“Trend decisive level for the day is 39770. If Bank Nifty trades above this level, we may see another rally to 39970-40280-40480 levels. However, if Bank Nifty trades below 39770 levels If so, we can see some profit-booking is starting in the market, which may correct to 39465-39260-38955 levels.”
Day Trading Stock of Rajesh Palviya
day trading stocks buy or sell Today, Rajesh Palviya of Axis Securities recommended three stocks – Tata Power, Tata Steel and Varun Beverages Ltd or VBL.
Here we list the complete details below:
Tata Power: buy on 246, target 258, stop loss 242
Tata Steel: buy on 108.50, target 114, stop loss 105.
Varun Beverages Limited or VBL: buy on 1095, Target 1140, stop loss 1070.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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