Stocks in focus: Ruchit Jain of 5paisa recommends buying Affle India, and MRPL today

  • Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - Affle (India) Ltd, and Mangalore Refinery and Petrochemicals Ltd (MRPL).

Dhanya Nagasundaram
First Published25 Jun 2024, 10:00 AM IST
Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - Affle (India) Ltd, and Mangalore Refinery and Petrochemicals Ltd (MRPL).
Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today - Affle (India) Ltd, and Mangalore Refinery and Petrochemicals Ltd (MRPL).

Stock Market News: Tuesday's session started with slight advances for the domestic benchmark indices, the Sensex and the Nifty 50, driven by financial stocks. Meanwhile, the small-cap index rose as a result of an upsurge of 15% in Amara Raja Energy.

The 30-share BSE Sensex opened higher by 198.02 points or 0.26% at 77,529.19 level while the Nifty 50 started off at 23,577.10 level, up 55.45 points or 0.11%. Nifty Bank touched a record high intraday, crossing an earlier level of 51,957. 

Also Read: Nifty 50 Share Price Live Updates: Nifty 50 is trading at 23593.35

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says that the market's underlying trend is optimistic, as seen by the Nifty 50's notable 7.5% recovery from its June 4 lows. High valuations may cause FIIs to sell and DIIs to book profits, but enthusiastic retail investors will probably purchase at every downturn because the "buy on dip strategy" has shown to be quite successful in this bull market.

Market Review and Outlook - Ruchit Jain

Nifty 50 started the week marginally negative, but the index managed to recover from its support of 23,350 and ended the day on a positive note above 23,500, said Ruchit Jain, Lead Research Analyst at 5paisa.

While the markets witnessed some correction at the start of the day on Monday, the index managed to find a support around its hourly 89 DEMA and recovered from that support. The broader markets recovered as the day progressed which hints at a continuation of the uptrend. The immediate support for Nifty 50 is placed at 23,350-23,300 range and till this is intact, the momentum remains positive. 

On the higher side, 23,650-23,700 is seen as the immediate hurdle which if surpassed, then we could see a rally towards 23,900-24,000 soon. Traders should continue to trade with a positive bias and look for stock specific opportunities on the long side, advised Jain. 

Also Read: Stock market today: Trade setup for Nifty 50 to IPOs, five stocks to buy or sell on Tuesday — June 25

Stocks in focus today - Ruchit Jain

On stocks in focus on Tuesday, Ruchit Jain recommends buying two stocks - Affle (India) Ltd, and Mangalore Refinery and Petrochemicals Ltd (MRPL).

Affle (India) Ltd

Ruchit stated that the stock is on the verge of a breakout from a consolidation phase. On last few trading sessions, the volumes have increased along with the price upmove while the RSI oscillator is hinting at a positive momentum. 

Hence, short- term traders can look to buy this stock in the range of 1,320-1,310 for potential target around 1,440. The stop loss on long positions should be placed below 1,250.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 25

MRPL

Jain explained that the stock has been consolidating in a range since last few months and is now trading around its 100 DEMA support. In this corrective phase, the stock has traded above its important supports while the volumes were low during price corrections. The chart structure indicates possibility of a resumption of the uptrend from current price levels and hence the risk reward ratio is favourable to form new long positions.

Positional traders can buy the stock in the range of 225-220 for potential target of 260. The stop loss on long positions should be placed below 205.

Also Read: Stock market today: Nifty 50 ekes out gains; Adani Ports replaces Wipro in BSE Sensex

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:25 Jun 2024, 10:00 AM IST
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