Buy or sell: Osho Krishan of Angel One recommends buying Max Financial Services and Birlasoft today
- Buy or sell stocks: Osho Krishan has recommended buying two stocks for Thursday - Max Financial Services Ltd and Birlasoft Ltd.
Stock Market News: On the last trading day of the fiscal year 2024, the domestic benchmark equity indices, the Sensex and the Nifty 50, began the day higher on Thursday, fuelled by gains in information technology stocks and financials. However, significant volatility is anticipated ahead of the monthly derivatives expiry.
The Sensex opened higher by 269.86 points or 0.37% at 73,149.34 level while the Nifty 50 began at 22,163.60 level, up 73 points or 0.33%.
During Wednesday's trading session, heavyweights Reliance Industries (RIL) and oil marketing firms propelled the Sensex and Nifty 50 to higher closing levels after Goldman Sachs set a Street-high target price.
The 30-share BSE Sensex ended higher by 526.01 points or 0.73% at 72,996.31 level while the Nifty 50 closed at 22,123.65 level, up 118.95 points or 0.54%. On the broader market front, while the Nifty Smallcap 100 outperformed the benchmark indices, rising 1.15%, the Nifty Midcap 100 underperformed, ending 0.12%.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, yesterday's robust 119-point increase in the Nifty 50 has validated the rising trend that was anticipated starting in early April. The massive liquidity inflows into the market have been the main driver of the current rise.
The previous seven trading days have seen a large inflow of ₹24373 crores from domestic institutional investors (DIIs), which has given the market strength. There will probably be a rush for high quality stocks with strong growth potential because market inflows are still occurring and don't seem to be slowing down. This was evident in the spurt in Reliance stock yesterday, explained Vijayakumar.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Nifty 50 commenced Wednesday's session with a modest uptick, and throughout the day, prices gradually climbed higher, with bulls dominating most of the session. In the final hour, there was a surge in volatility, yet the bullish momentum persisted, culminating in gains of 0.54%, ending at 22,124, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.
Summing up the day, it was clearly favorable for the bulls, particularly supported by significant players like Reliance, which saw a notable uptick of around 3.5%. On the daily chart, prices remained within a defined range, concluding near the upper boundary as we approach the significant day of monthly expiry, coinciding with the financial year-end. Going ahead to the next session, 22,200 stands as a pivotal level to monitor; a sustained breach beyond this point could catalyse a robust upward movement, establishing a sturdy foundation for the market in the new month, explained Krishan.
Stock Market Tips
Conversely, recent sessions have seen buy-in during intraday dips, indicating potential support levels around the 22,000–21,950 zone for the upcoming session. Traders should vigilantly observe these levels and align their trades accordingly. Additionally, with an impending long weekend, exercising caution by refraining from aggressive overnight positions would be prudent to mitigate undue risks, according to Osho.
Wednesday's ascent was primarily propelled by Reliance, and as we approach the final day of the financial year, we anticipate further price adjustments across various stocks. Traders are advised to concentrate on such stocks poised to stand out, offering potential for outperformance, highlighted Krishan.
Stock Recommendations For Thursday by Osho Krishan
On stocks to buy on Thursday, Osho Krishan recommended two stocks - Max Financial Services Ltd and Birlasoft Ltd.
Max Financial Services Ltd
Max Financial Services has seen strong traction in the last couple of trading sessions and has emerged over the upper band of consolidation in the previous session, backed by a notable increase in trading volumes. The recent development construes a positive setup for the counter and seems poised to continue its upward march in the comparable period. On the oscillator front, 14-period RSI and MACD both indicate a buoyant development, adding a bullish quotient in the counter.
"Hence, we recommend BUY Max Financial Services around ₹1,010-1,000, keeping a stop loss of ₹972 for a positional target of ₹1,055-1,065," said Osho.
Birlasoft Ltd
Birlasoft has been in a corrective phase for the last couple of trading weeks, correcting over 17 percent from the lifetime high. However, in the last few sessions, the counter took a cushion around 100 DEMA and slightly recouped from the lows, suggesting an initial sign of reversal. At present, the counter is on the verge of breaching the sloping trendline, indicating a potent reversal. The technical parameters also aligned with the primary trend and look poised to continue its northward march comparable period.
"Hence, we recommend to BUY Birlasoft around ₹750, keeping a stop loss of ₹722 for a positional target of ₹795-800," said Krishan.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High