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Business News/ Markets / Stock Markets/  Buy or sell: Rajesh Palviya of Axis Securities recommends Intellect Design, APL Apollo, Tata Consumer stock for today
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Buy or sell: Rajesh Palviya of Axis Securities recommends Intellect Design, APL Apollo, Tata Consumer stock for today

Buy or sell stocks: Rajesh Palviya has recommended three stocks today - Intellect Design Arena Ltd, APL Apollo Tubes Ltd, and Tata Consumer Products Ltd.

Buy or sell stocks: Rajesh Palviya of Axis Securities recommends these three stocks today - Intellect Design Arena Ltd, APL Apollo Tubes Ltd, and Tata Consumer Products Ltd.Premium
Buy or sell stocks: Rajesh Palviya of Axis Securities recommends these three stocks today - Intellect Design Arena Ltd, APL Apollo Tubes Ltd, and Tata Consumer Products Ltd.

Stock Market News: Domestic equity benchmark indices, the Sensex and Nifty 50, began Friday's session higher amid positive global cues and better-than-expected Q3 GDP growth number that came in at 8.4 % on Thursday.

The 30-share BSE Sensex opened higher by 380.86 points or 0.53% at 72,606.31 level while the Nifty 50 opened at 22,048.30 level, up 139 points or 0.63%.

"The main factor influencing the market today is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 %. However, it is important to note that the GVA has come on expected lines at 6.5%. The difference between GDP growth and GVA is due to the excellent 32 % growth in net indirect taxes.

Also Read: Bank Nifty monthly and quarterly F&O contracts to expire on Wednesday from this month

The impressive GDP numbers provide the fundamental support to the bull market. Large caps like RIL, Bharti Airtel, L&T and ICICI Bank have the potential to lead the rally. Tepid private consumption numbers will be a drag on consumer staples stocks like HUL," explained Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The broad trend of the market, going forward, will be the outperformance of large caps over the broader market."

The Sensex and Nifty 50, ended in green on Thursday's trade amidst high volatility and mixed global cues. Bank, metal stocks led the market's recovery; Nifty Bank rose 700 points from its lows, and MSCI Flows also contributed to the upbeat mood of the market throughout the last hour.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 1

The 30-share BSE Sensex ended higher by 195.42 points or 0.27% at 72,500.30 level while the Nifty 50 closed at 21,982.80 level, up 31.65 points or 0.14%.

Market experts believed that, with a week full of important economic data approaching, investors took a cautious wait and watch stance during Thursday's trading.

Also Read: Stock market today: Sensex, Nifty 50 end volatile session with minor gains; bank stocks drive uptick

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Nifty 50 Outlook

On the weekly chart, the index is forming a second consecutive 'Doji' candle with shadows on either side, indicating indecisiveness among participants regarding the direction. The chart pattern suggests that if Nifty 50 crosses and sustains above the 22,200 level, it would witness buying, leading the index towards 22,300–22,500 levels. It is trending in a rising channel, with the lower band of the channel placed at 21,850, which is a crucial level to watch out for.

However, if the index breaks below the 21,850 level, it will witness selling, taking the index towards 21,700–21,500. The weekly strength indicator RSI is around its reference lines, indicating indecisiveness regarding direction, said Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.

Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US inflation to India’s Q3 GDP data

Bank Nifty Outlook

On the weekly chart, the index is forming a small rising channel. The upper band is placed at 47,300, and the lower band is placed at 45,300. The index is expected to continue consolidating the small band unless it breaks on either side. The chart pattern suggests that if Nifty crosses and sustains above the 46,600 level, it would witness buying, leading the index towards the 46,800–47,000 level. 

However, if the index breaks below the 46,000 level, it will witness selling, taking the index towards 45,900–45,700. The weekly strength indicator RSI continues to remain flat and is below its reference line, indicating the absence of momentum on either side, explained Palviya.

Stock Recommendations For Today By Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.

Intellect Design Arena Ltd (CMP: 1,123.95)

On the weekly chart, the Intellect Design Arena breaks above the 'Multiple Resistance' zone around the 1000 level, suggesting a continuation of the medium-term uptrend. The previous resistance level of 1000 is expected to act as support due to the principle of polarity, providing a support zone for the stock's price movement. Increased volume activity at the breakout suggests an influx of market participation. The daily, weekly, and monthly strength indicators RSI are in bullish terrain, supporting sustained strength, said Rajesh.

Investors should buy, hold and accumulate this stock with an expected upside of 1,220-1,300 with a downside support zone of 1,000-980 levels, advised Palviya.

APL Apollo Tubes Ltd (CMP: 1,554.95)

APL Apollo Tubes witnessed a bullish breakout above the downward-sloping trendline at 1,455 on the weekly chart, suggesting the initiation of an uptrend. The stock closing above the upper Bollinger Band and generating a short-term buy signal further supports the bullish outlook. Increased volume activity at the breakout suggests an influx of market participation, reinforcing the strength of the bullish move, explained Rajesh. 

Investors should buy, hold, and accumulate this stock with an expected upside of 1,700–1,780 with a downside support zone of 1,480–1,440, advised Palviya.

Tata Consumer Products Ltd (CMP: 1,200)

On the weekly chart, the stock has confirmed a "Bullish Flag" breakout at 1,164 levels, indicating a continuation of a medium-term uptrend. It is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signalling a strong uptrend in the stock. The stock has witnessed a long build-up in the February expiry with 4.50% gains in price and a 30% increase in open interest, indicating overall positive momentum in the stock for the March expiry. The current PCR (put call ratio) is at 0.83, further augmenting a positive trend in the stock.

Investors should buy, hold, and accumulate this stock with an expected upside of 1,300–1,350 with a downside support zone of 1,150-1,130 levels, said 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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Published: 01 Mar 2024, 10:00 AM IST
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