Home / Markets / Stock Markets /  Rajesh Palviya's stock recommendations: 4 stocks to buy or sell today — Sept 9

Rajesh Palviya's stock recommendations: Following some recovery in global markets, Indian stock market started the weekly expiry session on a positive note. NSE Nifty went up 174 points and closed at 17,798 levels whereas BSE Sensex ended 1.12 per cent higher at 59,688 levels. Bank Nifty index ended 753 points higher at 40,208 levels. Despite Indian indices breaching the major 17,800 hurdle on Nifty and 40,000 hurdle on Bank Nifty index, some experts are still advising stock specific trade.

Buy or sell stocks for today

To make life easy for stock specific traders, Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities has listed out four stocks to buy today. Those four stocks are LIC Housing, Tech Mahindra, Adani Ports and IOC.

Stock market today: Nifty, Bank Nifty technical outlook

Speaking on Nifty 50 technical outlook, Rajesh Palviya of Axis Securities said, "On the daily chart, the index has formed a bullish candle, and has closed above its previous session's high representing a positive bias ahead . Since the past 10-12 sessions, indexes continue to consolidate in a broad trading range (17800-17350), representing a sideways trend. The chart pattern suggests that if the Nifty crosses and sustains above the 17800 level it would witness buying, which would lead the index towards 17900-18000 levels. However, if the index breaks below the 17700 level, it would witness selling, which would take the index towards 17600-17500."

Rajesh Palviya said that Nifty is trading above its 20, 50, 100, and 200-day SMA which, indicates positive 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. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias.

On Bank Nifty technical outlook, Rajesh Palviya said, "On the daily chart, the index has formed a bullish candle and has closed above its previous session's high representing a positive bias ahead. 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 40300 level it would witness buying, which would lead the index towards 40500-40800 levels. However, if the index breaks below the 40000 level it would witness selling which would take the index towards 39800-39500."

Palviya said that Bank Nifty is trading above 20, 50, 100, and 200-day SMA indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, indicating positive bias.

Rajesh Palviya's stock recommendations

Here we list out details in regard to buy or sell stocks for today as recommended by Axis Securities expert Rajesh Palviya:

1] LIC Housing: Buy at 432, target 445, stop loss 422;

2] Tech Mahindra or TechM: Buy at 1090, target 1140, stop loss 1140;

3] Adani Ports: Buy at 883, target 920, stop loss 970; and

4] IOC: Buy at 73, target 79, stop loss 71.

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

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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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