Buy or sell: Rajesh Palviya of Axis Securities recommends HCL Tech, Colgate Palmolive, Hitachi Energy stock for March 15
- Buy or sell stocks: Rajesh Palviya has recommended three stocks today - HCL Technologies Ltd, Colgate Palmolive (India) Ltd, and Hitachi Energy India Ltd.
Stock Market News: Domestic equity benchmark indices, the Sensex and Nifty 50, began Friday's session with some minor cuts amid mixed global cues.
The 30-share BSE Sensex opened lower by 210.51 points or 0.29% at 72,886.77 level while the Nifty 50 opened at 22,064.85 level, down 81.90 points or 0.37%.
The market's recovery after Wednesday's meltdown is unlikely to last, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The 10-year US bond yield jumping to 4.29% and brent crude reaching $85 are challenges for the market. The market will be closely observing the results of the stress tests carried out by the mutual fund schemes with mid- and small-cap sizes that are anticipated today.
Domestic benchmark indices recovered during Thursday's trading session, somewhat offsetting Wednesday's losses, with the Nifty 50 closing above the critical 22,000 mark. Broader markets did better, particularly the Nifty Smallcap Index, which increased 3.45% as the focus was on remarks made recently by the SEBI Chairperson on investing in small- and mid-cap firms.
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Nifty 50 Outlook
Since the past four weeks, the index has continued to consolidate within 22,500–21,800 levels, indicating a sideways trend. This consolidation range is also supported by the 50-day SMA (21888), which remains a crucial support zone. However, any violation of the same may cause a trend reversal towards 21,500–21,300 levels. In the weekly time frame, the index has witnessed "negative divergence," which may cause profit booking in upcoming sessions, said Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.
Stock Recommendations For Today By Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.
HCL Technologies Ltd (CMP: ₹1,678.95)
On the daily chart, the stock has witnessed a "downsloping trendline" breakout at 1650 levels and huge volumes, indicating a strong return of bulls. Currently, the stock is well placed above its 20, 50, 100, and 200-day SMA, which reconfirms bullish sentiments. In the current, the expiry HCL Technologies has seen an increase in OI by 18% and a price gain of 1%, indicating a Long build. As per option data, strong support is seen at ₹1,600, while resistance is seen at ₹1,650 / 1,700. Significant unwinding is seen at the ₹1,600 put strike, further augmenting the positive trend in the stock, said Rajesh.
Investors should buy, hold, and accumulate this stock with an expected upside of ₹1,750–1,800 and a downside support zone of ₹1,650–1,600, advised Palviya.
Colgate Palmolive (India) Ltd (CMP: ₹2,722)
The stock is in a strong uptrend across the time frame, forming a series of higher tops and bottom formations. Recently, the stock has recaptured its 20- and 50-day SMA and rebounded sharply, indicating a positive bias. The daily "band bollinger" buy signal indicates increased momentum. In the past couple of sessions, rising volumes have shown increased participation, explained Rajesh.
Colgate Palmolive has seen an increase in OI by almost 5% and price gains of 6%, indicating a long build in the stock in March expiry, while options data suggest strong support at ₹2,500 and resistance at ₹2,650 / 2,700.
Investors should buy, hold, and accumulate this stock with an expected upside of ₹2,800–2,950 with a downside support zone of 2,560-2,500 levels, advised Palviya.
Hitachi Energy India Ltd CMP: ( ₹6,788.75)
On the weekly chart, the stock has confirmed a "flag"- continuation pattern breakout at 6370 levels and huge volumes. The stock is well placed above its 20, 50, and 100-day SMA's, and these averages are also inching up along with the price rise, which reconfirms a strong uptrend. The daily and weekly strength indicator RSI is in positive terrain, which indicates rising strength, said Palviya.
Investors should buy, hold, and accumulate this stock with an expected upside of ₹6,970-7,430 with a downside support zone of 6,300-6,150 levels, advised Rajesh.
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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