Home / Markets / Stock Markets /  Rajesh Palviya of Axis Securities recommends 3 stocks to buy today — 29 Sept

Stocks to buy or sell today: Following weak global sentiments and slide in national currency, Indian stock market continue to dip on sixth straight session on Wednesday. NSE Nifty ended 148 points south at 16,858 while BSE Sensex slump 509 points and finished at 56,598 levels. Bank Nifty index nosedived 599 points and ended at 37,759 mark. Rajesh Palviya, VP — Technical and Derivative Research, Axis Securities believes that Nifty has entered the bullish gap but Nifty Bank may continue to feel the sell-off heat for a while.

Rajesh Palviya's stock recommendations

Rajesh Palviya of Axis Securities went on to add that trend deciding day for Nifty 50 index is 16,905. If Nifty trades above this level, then we may witness a further rally up to 16,990-17,125-17,210 levels. However, if Nifty trades below 16,905 levels, then we may see some profit booking initiating in the market, which may correct up to 16,775-16,690-16,555 levels.

The Axis Securities expert went on to add that trend deciding level for Bank Nifty is is 37,920. If Bank Nifty trades above this level, we may witness a further rally up to 38,210-38,660-38,955 levels. However, if Bank Nifty trades below 37,920 levels, we may see some profit booking initiating in the market, which may correct up to 37,470-37,175-36,725 levels.

Rajesh Palviya of Axis Securities recommended 3 stocks to buy today and those 3 stocks are Asian Paints, Aditya Birla Fashion and Retail Ltd (ABFRL) and Krishna Institute Of Medical Sciences (KIMS).

Stock market today: Nifty, Bank Nifty outlook

Speaking on Nifty technical outlook, Rajesh Palviya said, "On the daily chart, the index has formed a bearish candle with a long upper shadow indicating selling pressure and resistance near 200 DMA. The index is approaching a bullish gap area between 16746-16653 which may act as crucial support. The index is moving in a Lower Top and Lower Bottom formation on the daily chart, indicating negative bias. The chart pattern suggests that if the Nifty crosses and sustains above the 17000 level, it would witness buying, which would lead the index towards 17150-17300 levels. Important support for the day is around 16800. However, if the index sustains below 16800, it may witness profit booking, which would take the index towards 16650-16500 levels."

Palviya said that Nifty is trading below 20 and 50-day SMA, which indicates negative bias in the short term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.

On Bank Nifty technical outlook Rajesh Palviya said, "On the daily chart, the index has formed a small Bearish candle with shadows on the upper shadow, indicating resistance at a higher level. The index is moving in a Lower Top and Lower Bottom formation on the daily chart, indicating negative bias. The chart pattern suggests that if Bank Nifty crosses and sustains above the 37900 level, it would witness buying, leading the index towards 38100-38300 levels. Important support for the day is around 37600. However, if the index sustains below 37600, then it may witness profit booking, which would take the index towards 37500-37300 levels."

Rajesh Palviya of Axis Securities said that Bank Nifty is trading below 20, 50-day SMA, indicating negative bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

Buy or sell stocks for today

As mentioned above, Rajesh Palviya of Axis Securities has recommended 3 stocks to buy today. Here we list out details in regard to Rajesh Palviya's shares for day traders:

1] Asian Paints: Buy at 3568, target 3640, stop loss 3515;

2] Aditya Birla Fashion and Retail: Buy at 330, target 345, stop loss 332; and

3] KIMS: Buy at 1390, target 1440, stop loss 1360.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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