Rajesh Palviya of Axis Sec suggests Glenmark Pharma, Polycab India, Karnataka Bank shares to buy today

Stock market today: The key domestic indices, Nifty 50 and Sensex, started the day on a negative note on Friday, primarily due to declines in major financial stocks, as overall risk sentiment remained weak amid the intensifying US-Israeli conflict involving Iran.

This situation has raised concerns about a potential widespread energy supply disruption that could lead to an increase in crude oil prices, reignite inflation concerns, and obscure the global growth outlook.

As of 9:15 IST, the Nifty 50 had dropped by 0.44% to 24,656.4, while the BSE Sensex decreased by 0.45% to 79,658.99.

At the open, thirteen out of the sixteen major sectors reported losses. The broader small-cap and mid-cap indices declined by 0.1% and 0.2%, respectively.

Asian stocks edged down, while Wall Street ended the day in the red, and the US dollar strengthened as tensions escalated among the United States, Israel, and Iran.

Brent crude surged nearly 5% to reach a 20-month peak of $86.28 per barrel on Thursday and was priced at $84.4 as of 9:15 IST.

Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities

Nifty 50

On the daily and the hourly time frames, the benchmark index is trending negatively, forming a series of lower tops and bottoms indicating negative bias. Currently, the prices are sustaining below their 20, 50, 100, and 200-day SMAs, which reconfirms the downtrend. However, in the past couple of sessions, the Nifty witnessed a sharp relief rally from a multi-month support zone of 24,400-24,300 levels. Conversely, the short-term relief rally towards 25,000-25,300 levels may serve as an exit opportunity for the traders.

Glenmark Pharmaceuticals Ltd

Glenmark Pharma share price is trending higher, forming a series of higher tops and bottoms, which indicates a positive bias. Current buying momentum stems from the 20-day SMA support zone, which remains a positive sign. In addition, the stock is well-placed above its 50, 100, and 200-day SMAs, which reconfirms bullish sentiment. The weekly and monthly strength indicator RSI is in bullish territory, indicating sustained strength at higher time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 2,200–2,310, and its downside support zone is the 2,040-2,000 levels.

Polycab India Ltd

Polycab India share price is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. In addition, it has also confirmed the weekly " multiple resistance zone" of 8000 levels on a closing basis, which remains a positive sign. Over the past couple of weeks, rising volumes have signified increased participation. The weekly Bollinger Band buy signal indicates increased momentum. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The weekly and monthly strength RSI is in positive territory, signalling rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 9,000-9,170, and its downside support zone is the 8,200-8,000 levels.

Karnataka Bank Ltd

With the current close, Karnataka Bank share price decisively surpassed the down-sloping trendline resistance zone of the past two to three months at the 208 level on a closing basis, accompanied by huge volume indicating increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The daily Bollinger Band buy signal indicates increased momentum. The daily, weekly and monthly strength RSI is in positive territory, which signals rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 220-235, and its downside support zone is the 208- 200 levels.

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.