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Business News/ Markets / Stock Markets/  Buy or sell: Osho Krishan of Angel One recommends buying Samvardhana Motherson and Hindustan Unilever stock today

Buy or sell: Osho Krishan of Angel One recommends buying Samvardhana Motherson and Hindustan Unilever stock today

Buy or sell stocks: Osho Krishan has recommended two stocks to buy today - Samvardhana Motherson International Ltd and Hindustan Unilever Ltd.

Buy or sell stocks: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Samvardhana Motherson International Ltd and Hindustan Unilever Ltd.Premium
Buy or sell stocks: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Samvardhana Motherson International Ltd and Hindustan Unilever Ltd.

Stock Market News: Domestic benchmark equity indices, the Sensex and the Nifty 50, began Thursday's session on a flat note amid mixed global cues. 

BSE Sensex opened lower by 84.31 points or 0.12% at 72,220.57 level while the Nifty 50 opened at 21,935.20 level, down 16 points or 0.07%. 

“The market has suddenly turned unpredictable amidst high volatility. Resistance has become strong at Nifty 22,200 level. The cut in Nifty 50 by more than 1% yesterday despite the foreign institutional investor (FII) selling getting neutralised by domestic institutional investors (DII) buying is significant. 

Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US GDP to Bitcoin price rally

This is due to rebalancing of the positions a day ahead of the monthly expiry. The volatility will continue today, too, being the last day of the monthly expiry. Investors may wait for the volatility to subside," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The Sensex and the Nifty 50, ended Wednesday's session lower on the backdrop of a lack of direction and led by heaving selling in PSU bank, realty, auto, oil, and gas stocks.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 29

The 30-share BSE Sensex ended lower by 790.34 points or 1.08% at 72,304.88 level while the Nifty 50 closed at 21,951.15 level, down 247.20 points or 1.11%. On the broader market front, the Nifty Small Cap 100 dropped 1.87% and the Nifty Midcap 100 indexes was down by 1.94%.

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Analysts believed that investors booked profits after significant gains that triggered some short-term selling pressure. Additionally, as the F&O expiry day of today, drew near, traders' rollover of holdings to the next expiry day caused volatility.

Further, analysts noted that 90 stocks were trading lower during Wednesday's session as the Nifty Midcap index fell more than 1,000 points.

Also Read: Nifty 50, Sensex crash today over 1% each; 5 reasons why market is falling today

Stock Market Recap

In the absence of significant catalysts, the Nifty 50 benchmark index kicked off the session with a slight positive tone but lacked sustained buying interest, leading to an immediate downturn in prices. Throughout the day, this weakness persisted, with any attempts at intra-day recovery met with selling pressure. Eventually, a strong sell-off in the last hour resulted in a 1.11% cut, closing a tad above 21,950, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.

"Although the key indices picked up momentum, unfortunately, it favoured the bearish side. The market on Wednesday saw a widespread sell-off, particularly impacting recent outperformers and mid-cap stocks. The session's price action broke below the recent trading range and closed below the crucial 20-day exponential moving average. Furthermore, there's a close proximity to breaking below a rising wedge formation, coupled with a fresh sell signal in the RSI Smoothened, indicating potential further weakness in the near term," highlighted Osho.

Also Read: Q3 GDP data today: India's FY24 GDP pegged at 7.3%, H2FY24 growth to ease on lower capex, says NSE Report

Nifty 50 Outlook

With the monthly expiry session, upside potential appears limited, and any rebounds are likely to encounter selling pressure. Immediate resistance is anticipated around 22,050–22,100, while support levels to watch are last Thursday’s low near 21,875, followed by 21,700, explained Krishan.

Stock Market Tips

Traders are advised to exercise caution, refraining from aggressive long positions and considering lightening their holdings in case of any rebound, according to Osho.

Stock Recommendations For Today by Osho Krishan

On stocks to buy today, Osho Krishan recommended two stocks - Samvardhana Motherson International Ltd and Hindustan Unilever Ltd.

Samvardhana Motherson International Ltd

Samvardhana Motherson International has been in a secular uptrend, hovering above all its EMAs on the daily time frame. Recently, the stock witnessed a price-volume spurt to come out of the slumber zone of the time-wise correction phase. The stock looks poised to test its recent swing high and even to have the potential to surpass in a comparable period. Technically, the 21 DEMA has provided a substantial cushion in the recent period, adding to a bullish quotient. Meanwhile, the positive crossover in the 14-day RSI adds to the primary undertone.

"Hence, we recommend to BUY Samvardhana Motherson International around 117, keeping a stop loss of 113 for a positional target of 123–125," said Krishan.

Hindustan Unilever Ltd

Hindustan Unilever has witnessed a steep correction from the 2,670 odd zone to shed nearly 12 percent since the commencement of the new calendar year. The technical parameters have turned extremely oversold, and with the recent developments from the lows 2,360–2,380, the stock seems to take a breather and could be seen as an opportunity to accumulate in a staggered manner from a short- to medium-term perspective.

"Hence, we recommend to BUY Hindustan Unilever at 2,410–2,400, keeping a stop loss of 2,350 for a positional target of 2,500," said Osho.

Also Read: Oil prices pull back on delayed US Fed rate cuts, OPEC output hopes; Brent down 1% to $82/bbl

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 decision.

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Published: 29 Feb 2024, 10:02 AM IST
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