Shares to buy or sell: Rajesh Palviya of Axis Securities suggests these three stocks to buy, hold, and accumulate today
- Shares to buy or sell: Rajesh Palviya has recommended to buy, hold, and accumulate Aegis Logistics Ltd, Man Infraconstruction Ltd, and Punjab National Bank.
Stock Market News: The domestic benchmark indices, Sensex and Nifty 50, gained after opening flat on Friday, following a sharp correction of more than 1% on Thursday. The Nifty 50 regained the 24,000 mark, while the Sensex also climbed by more than 300 points. The Nifty 50 index opened at 23,927.15, reflecting an increase of 13 points or 0.05%. Meanwhile, the BSE Sensex opened slightly lower at 79,032.99, down by 10 points or 0.01%.
As per reports, experts have noted that geopolitical tensions and uncertainty surrounding the Federal Reserve's interest rate policy continue to impact the markets. Additionally, global trade dynamics, which are expected to shift under a potential Trump 2.0 administration, are also influencing markets worldwide.
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that the recent volatility in Foreign Institutional Investor (FII) activity presents an opportunity for deeper analysis. After several days of buying, the significant sell-off of ₹1,1756 crores yesterday prompts us to consider the underlying factors at play. This situation raises important questions: What might be driving this unexpected behavior, and could we see more fluctuations in the near future? As we seek answers, it may be beneficial for investors to take a step back and observe the evolving market trends before making any decisions. This careful approach can help in navigating potential opportunities ahead.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities
In the previous week, the benchmark index rebounded from the 61.8% Fibonacci retracement level (23,190) of the 21,281- 26,277 rally. It also surpassed the down-sloping trend line resistance of the past three months at 23,900 levels and has been sustaining above that level. Additionally, the index managed to hold above its 200-day SMA of 23,640, which remains a crucial support zone. From current levels, overhead resistance is around 24,400-24,700, while the key support zone is situated between 23,900 and 23,500 levels.
Aegis Logistics Ltd (CMP: ₹887)
With the current close, the stock has decisively surpassed the 4-5 month "consolidation range" (870-670) on a closing basis, indicating a strong comeback of bulls. This breakout is accompanied by huge volumes, which signify increased participation at breakout zones. The bullish crossover of the 20-day and 100-day SMA reconfirms the bullish trend. The daily and weekly "Bollinger Bands" buy signal signifies increased participation. The daily, weekly, and monthly strength indicator RSI is in positive territory, which justifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of 970-1050 with downside support zone of 815-800 levels.
Man Infraconstruction Ltd (CMP: ₹212)
With this week's strong price action, the stock has decisively surpassed the past ten months' "Down-Sloping Channel" at the 200 level, indicating a strong reversal of trend. The huge rising volumes over the past four sessions signify increased participation. The stock is well placed above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with the price rise, which reaffirms the bullish trend. The daily and weekly Bollinger Bands buy signal signifies increased participation. The daily and weekly strength indicator, RSI, is in positive terrain, which justifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of 230-250 with downside support zone of 200-190 levels.
Punjab National Bank (CMP: ₹107)
In the past couple of months, the stock has bounced from 95 levels, indicating buying support at lower levels. The stock is on the verge of a "multiple resistance" breakout at 109 levels; hence, any sustainable rally above the same may cause further upside towards the 120-125 levels. Huge rising volumes signify increased participation near the support zone. The daily and weekly strength indicator (RSI) is in positive territory, which justifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of 120-128 with downside support zone of 103-96 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.
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