Stocks to buy: Rajesh Palviya of Axis Sec suggests Laurus Labs, KFin Technologies, Ashok Leyland shares today

Stock market today: India's stock market indices opened slightly different on Friday following a recent surge fueled by a U.S. interest rate reduction and advancements in trade negotiations, while shares of the Adani group soared as the market regulator refuted Hindenburg's claims against the corporation.

Shares of Adani group firms rose between 0.7% and 11.3% after the Securities and Exchange Board of India (SEBI) dismissed two allegations made by U.S. short-seller Hindenburg Research against billionaire Gautam Adani and his businesses. Although SEBI has cleared two accusations against Adani group companies, there are still 22 other orders pending, which include claims of stock manipulation via offshore entities and breaches of minimum public float regulations.

As of 09:15 IST, the Nifty 50 dipped 0.04% to 25,414.35, while the BSE Sensex dropped 0.11% to 82,919.72.

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

Nifty 50

With the current close, the index has decisively surpassed the past 6-8 consecutive weeks 'consolidation range, indicating bullish sentiments. Index is well placed above its 20,50, 100 and 200 SMA, which reconfirms positive bias. From current levels, the short-term outlook remains bullish with an expected resistance zone of 25,600-25,700 levels. On the downside, the short-term support is placed around 25,200-25,000 levels. The daily strength indicator RSI is in positive territory, indicating rising strength.

Laurus Labs Cmp: ₹926

Laurus Labs share price is in a strong uptrend, forming a series of higher tops and bottoms across all time frames, indicating bullish sentiment. With the current close, the stock has decisively surpassed the "multiple resistance" zone of 910 levels, indicating resumption of the prior uptrend. This buying momentum was observed around the 20-day SMA support zone (884), which remains a crucial support zone. This breakout is accompanied by huge volumes, which signifies increased participation. The daily, weekly 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 955-985, and its downside support zone is the 900-880 levels.

KFin Technologies Cmp: ₹1,148

On the daily chart, KFin Technologies share price has surpassed the past couple of weeks' multiple resistance zone of 1,135 levels on a closing basis. Huge rising volumes indicate increased participation. The stock is well placed above the 20-day SMA, which supports bullish sentiments. The daily, weekly 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 1200-1250, and its downside support zone is the ₹1,117-1,100 levels.

Ashok Leyland Cmp: ₹139

Ashok Leyland share price is in a strong uptrend across all time frames, which signals bullish sentiment. On the weekly chart, the stock has confirmed a "rounding bottom" formation breakout on a closing basis, which shows positive bias. The stock is well placed above its 20, 50, 100 and 200-day SMA, which reconfirms bullish sentiments. The daily and weekly "band Bollinger" buy signal indicates 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 ₹147-155, and its downside support zone is the ₹135-132 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.