Shares to buy or sell: Rajesh Palviya of Axis Securities recommends THESE three stocks to buy, hold, and accumulate
- Shares to buy or sell: Rajesh Palviya has recommended to buy, hold, and accumulate NDR Auto Components Ltd, Navin Fluorine International Ltd, and Pokarna Ltd.
Stock market today: The domestic benchmark indices, Sensex and Nifty 50, started flat on Friday as the battle between bears and bulls persists, with bears on the edge. The Nifty 50 index commenced at 23,552.40 points, reflecting an increase of 25.90 points or 0.11%, while the Sensex rose by 61.79 points or 0.08% to begin at 77,682 points
Analysts observed that the market conditions lean more towards risk rather than optimism, with ongoing challenges from weak earnings and slower economic growth in the country. Nevertheless, the upcoming Union Budget 2025 set for February 1st and potential monetary policy easing may offer some support.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized that given the impending uncertainty surrounding President Trump’s potential decisions, a market rally seems improbable in the short term. The persistent selling by foreign institutional investors, which reached ₹7,170 crores yesterday, shows no signs of abating. This trend will continue to apply pressure on the market.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities
Over the past three weeks, the benchmark index has extended its consolidation to 24,200-23,500 levels. The index is sustaining below its 20, 50, 100, and 200-day SMA, which reconfirms the overall bearish trend. The short-term outlook remains weak from current levels, with an expected supply zone of 23,800-24,000 levels, whereas the crucial support zone is around 23,500 levels. Any violation of this support may cause further weakness towards the 23,300-23,000 levels.
NDR Auto Components Ltd Cmp: 860
With this week's price movement, the stock has surpassed its multiple resistance zone of 805-815 levels on a closing basis, indicating the resumption of the prior uptrend. Rising volumes for the past couple of weeks signify increased participation. The stock is sustaining above its 20, 50, and 100-day SMA, which reconfirms bullish sentiment. The daily and weekly strength indicator, RSI, is in favorable territory, indicating rising strength.
Investors should buy, hold, and accumulate this stock. Its expected upside is 955-1020, and its downside support zone is 813-800.
Navin Fluorine International Ltd Cmp: 3,823
With a current close, the stock has decisively broken out of last year's multiple resistance breakout at 3,800-3,820 levels, along with huge volumes. The stock has recaptured its 20, 50, 100, and 200-day SMA and rebounded sharply. The daily Bollinger Band buy signal shows increased momentum. The daily, weekly, and monthly strength indicator, RSI, is in favorable territory, indicating rising strength.
Investors should buy, hold, and accumulate this stock. Its expected upside is 4,100-4,300, and its downside support zone is 3,700-3,590.
Pokarna Ltd Cmp: 1,389
The stock is in a strong uptrend across the time frames, forming a series of higher tops and bottoms. Recently, the stock has surpassed its multiple resistance level of 1,285 on a closing basis. This breakout is accompanied by significant volumes, which signal rising momentum. The stock is sustaining above its 20, 50, and 100-day SMA, which reconfirms bullish sentiment. The daily, weekly, and monthly strength indicator, RSI, is in favorable territory, indicating rising strength.
Investors should buy, hold, and accumulate this stock. Its expected upside is 1,585-1,740, and its downside support zone is 1,330-1,250.
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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