Stocks to buy: Rajesh Palviya of Axis Sec suggests Berger Paints, Thyrocare, Ashok Leyland shares today

Stock market today: - Indian stock market benchmarks opened lower on Friday as investors took profits following a recent upswing, while shares in the information technology sector fell amid diminishing expectations for a short-term interest rate cut in the US.

According to experts, there is likely to be increased volatility in the market during this session as results from the Bihar state elections begin to come in. Initial reports indicate that the ruling National Democratic Alliance, which includes Prime Minister Narendra Modi's party, is ahead.

As of 9:20 IST, the Nifty 50 dropped by 0.34% to 25,790.55, while the BSE Sensex fell by 0.30% to 84,211.55.

Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities

Nifty 50

On the daily and weekly timeframe, the index is in a strong uptrend, forming a series of higher tops and bottoms. The index is well placed above its 20, 50, 100 and 200-day SMA's which reconfirms positive bias. From current levels, a decisive breakout above 26,000-26,100 may lead to upward momentum towards 26,300-26,500 levels. However, violation of 25,700 may cause a small profit booking towards 25,500-25,400 levels. The daily and weekly strength indicator RSI is in positive territory, which indicates sustained strength.

Stock Picks

Berger Paints India Ltd Cmp: ₹581

With the current close, Berger Paints share price has decisively surpassed the past three months' "consolidation zone" (560-510) on a closing basis, indicating positive bias. This breakout is accompanied by huge volumes, which confirms 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 rising averages, which reconfirms bullish sentiments. The daily "band Bollinger" buy signal shows increased momentum. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 600-625, and its downside support zone is the 565-560 levels.

Thyrocare Technologies Ltd Cmp: ₹1,490

Thyrocare share price has registered an all-time high at 1558, indicating bullish sentiments. In addition, it has also surpassed the "multiple resistance zone" of 1456 levels on a closing basis, along with huge volumes, which signals 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 rising averages, which reconfirms bullish sentiments. The daily "band Bollinger" buy signal shows increased momentum. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1,585-1,675, and its downside support zone is the 1,440-1,390 levels.

Ashok Leyland Ltd Cmp: ₹150

Ashok Leyland share price is in a strong uptrend, forming a series of higher tops and bottoms across the time frames. In addition, the stock has decisively surpassed multiple resistance levels of 145 on a closing basis. Huge volumes on this breakout confirm increased participation in rallies. The daily "band Bollinger" buy signal shows increased momentum. The daily, weekly and monthly strength indicator, Relative Strength Index (RSI), is in favourable territory, indicating rising strength across all time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 155-166, and its downside support zone is the 145-142 levels.

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.