Home / Markets / Stock Markets /  Rajesh Palviya's stock recommendations: Axis Securities expert unveils 3 stocks to buy or sell today — 21st Sept

Rajesh Palviya stock recommendations: After bouncing back from its lows on Monday, Indian stock market finished higher on Tuesday, extending its rally on second straight session. All indices of on Dalal Street ended in green zone whereas advance decline ratio stood at 1.55 on BSE. Strong global cues and steady foreign flows are helping Indian markets outperform its emerging market and Asian peers. However, Rajesh Palviya, VP — Technical & Derivative Research at Axis Securities believes that risk of selling pressure on higher levels still exist.

Rajesh Palviya's stock recommendations

On buy or sell stocks for today, especially for stock specific traders, Rajesh Palviya recommended three stocks to buy today — Balrampur Chini, Biocon and IndusInd Bank.

Speaking on Nifty 50 technical outlook, Rajesh Palviya of Axis Securities said, "On the daily chart, the index has formed a small Bullish candle with an upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart, indicating a sustained up trend. The chart pattern suggests that if the Nifty crosses and sustains above the 17,900 level it would witness buying, which would lead the index towards 18,000 to 18,100 levels. Important Support for the day is around 17,700 mark. However, if the index sustains below 17,700 levels, it may witness profit booking, which would take the index towards 17,600 to 17,500 levels."

The Axis Securities expert went on to add that Nifty is trading above 20, 50, 100, and 200-day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.

"The daily strength indicator RSI is on the verge of crossover above its reference line. Crossing above the reference line will turn bias positive," he said.

On Nifty Bank technical outlook, Rajesh Palviya said, "On the daily chart, the index has formed a small Bullish candle with an upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short-term up trend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 41,500 level it would witness buying, which would lead the index towards 41,650 to 41,900 levels. Important Support for the day is around 41,200. However, if the index sustains below 41,200 levels, it may witness profit booking which would take the index towards 41,000 to 41,900 levels."

Buy or sell: Stocks to buy today

Rajesh Palviya of Axis Securities recommended three stocks to buy on Wednesday session — Balrampur Chini, Biocon and IndusInd Bank. Here we list out full details:

1] Balrampur Chini: Buy at 379, target 398, stop loss 370;

2] Biocon: Buy at 299, target 315, stop loss 294; and

3] IndusInd Bank: Buy at 1259, target 1300, stop loss 1235.

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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