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 Tata Power, Piramal Enterprises, and SBI Cards and Payment Services.
Stock Market News: The domestic benchmark indices, Nifty 50 and Sensex, opened marginally higher on Friday, reflecting a positive sentiment among investors ahead of the Reserve Bank of India's (RBI) monetary policy decision. With expectations for potential policy easing in response to the recent economic slowdown, market participants are hopeful that the RBI's upcoming announcement could provide supportive measures to stimulate growth, according to experts.
Sensex declined 75.16 points to 81,690.70 in early trade; Nifty 50 fell 25.45 points to 24,682.95.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the turn of foreign institutional investors (FIIs) into buyers this December marks a significant shift from their previous two months of sustained selling. This shift has positively impacted market sentiment, favoring bullish trends.
The uptick in FII buying has also prompted retail investors to join in, contributing to a wave of purchasing activity. This buying frenzy has led to short-covering, resulting in notable intra-day volatility. The recent 500-point swing in Nifty, from its peak to its lowest point yesterday, highlights the ongoing struggle between bullish and bearish forces in the market.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities
In the past three weeks, the benchmark index has rebounded from 61.8% Fibonacci retracement level (23,190) of 21,281- 26,277 rally. It has also surpassed past three months "down-sloping " trend line resistance at 23,900 levels and sustaining above the same. In addition the index managed to hold its 200-day SMA of 23,706 which remains a crucial support zone.
From current levels an overhead resistance is around 25,000-25,200 levels whereas the crucial support zone is placed around 24,500-24,300 levels.
Tata Power (CMP: ₹433)
Since past 8-9 months, the stock is trending sideways within 470-390 levels indicating strong consolidation. However, since the past couple of weeks, the stock has witnessed a strong bounceback from "multiple support zone of 400-390 levels along with rising volumes which signifies increased participation near major support zone. The stock is well placed above its 20-day SMA which reconfirms positive bias. The daily and weekly strength indicator RSI is in positive terrain which justify rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of 450-475 with downside support zone of 420-410 levels.
Piramal Enterprises Ltd (CMP: ₹1,247)
On the daily and weekly chart, the stock is trending higher forming a series of higher tops and bottoms representing bullish sentiment. In addition , the stock has surpassed approx two years " multiple resistance zone" of 1150 levels on a weekly closing basis indicating strong comeback of bulls. This breakout is accompanied with huge volumes indicating increased participation. The stock is well placed above its 20, 50, 100 and 200 day SMA and these averages are also inching up along with price rise which reaffirms the bullish trend.The daily and weekly "band bollinger" buy signal signifies increased participation. The daily and weekly strength indicator RSI is in positive terrain which justify rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of 1350-1435 with downside support zone of 1190-1150 levels.
SBI Cards and Payment Services Ltd (CMP: ₹724)
Since the past couple of years, the stock has managed to hold its "multiple support zone" of 670-660 levels. This buying momentum was observed along with rising volume which signifies strong accumulation at major support zones.
The daily and weekly strength indicator RSI is in positive terrain which justify rising strength. Recently the stock has recaptured 20-day SMA and rebounded very sharply which reconfirms positive bias.
Investors should buy, hold and accumulate this stock with an expected upside of 750-777 with downside support zone of 713-700 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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