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 Redington Ltd, SBI Cards and Payment Services Ltd, and Muthoot Finance Ltd.
Stock market today: Domestic benchmark indices, Nifty 50 and Sensex, started the trading session higher on Friday following comments from US President Donald Trump indicating that the Indian Prime Minister was open to discussions about reducing tariffs, which alleviated some concerns regarding reciprocal duties.
In early trading, the Sensex increased by 344.09 points, reaching 76,483.06, while the Nifty 50 rose by 102.3 points to 23,133.70.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that the initial signals from the discussions between Modi and Trump are favourable from the market's viewpoint. The proposed reciprocal tariffs have been postponed, allowing for more negotiations and the possibility of reaching an agreement.
India's readiness to purchase additional oil and gas from the US could help lower the trade deficit with the United States. Although it is unlikely that Trump will withdraw his stance on reciprocal tariffs, India is regarded as a friendly nation, and the camaraderie between the two leaders bodes well for India.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities
Nifty 50
On the daily and weekly timeframes, the index is trending lower, forming a series of lower tops and bottoms, indicating a sustained downtrend. The index is also sustaining below its 20, 50, 100, and 200-day SMA, which reconfirms bearish sentiments. From current levels, the crucial support to watch for is around 22,900-22,800, and any violation may cause further weakness towards 22,500-22,300 levels. An overhead supply zone is placed around 23,300-23,500 levels.
Redington Ltd Cmp: ₹245
Redington is in a strong uptrend across all the time frames, which indicates bullish sentiments. On the daily and weekly chart, the stock has decisively surpassed its "multiple resistance" of 230 levels on a closing basis. This breakout is accompanied by huge volumes, which signify increased participation. The stock is well placed above its 20-day SMA, which reconfirms bullish sentiments. The daily and weekly "band Bollinger" buy signal reconfirms increased momentum. The daily and weekly strength indicator RSI is in favourable terrain, indicating rising strength.
Investors should buy, hold, and accumulate this stock. Its expected upside is 265-285, and its downside support zone is 228-222.
SBI Cards and Payment Services Ltd Cmp: ₹860
SBI Cards has witnessed a strong trend reversal on the daily and weekly charts, forming a series of higher tops and bottoms, indicating a positive bias. The stock has confirmed a breakout from the "Descending Triangle" on the weekly chart, suggesting a trend reversal. It has recaptured its 20-day SMA and rebounded sharply. Huge rising volumes signify increased participation. The daily, weekly, and monthly strength indicators (RSI) are in favorable terrain, indicating rising strength.
Investors should buy, hold, and accumulate this stock. Its expected upside is 920-960, and its downside support zone is 820-800.
Muthoot Finance Ltd Cmp: ₹2,320
With the current close, the stock has decisively broken out of the past six weeks' "multiple resistance" zone of 2,275 on a closing basis, indicating a resumption of the prior uptrend. This breakout is accompanied by huge volumes, which suggests increased participation. The daily and weekly "band Bollinger" buy signal reconfirms increased momentum. The daily and weekly strength indicator RSI is in favourable terrain, indicating rising strength.
Investors should buy, hold, and accumulate this Muthoot Finance. Its expected upside is 2,400-2,525, and its downside support zone is 2,225-2,200.
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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