Stocks to buy: Rajesh Palviya of Axis Sec suggests Samvardhana, Coromandel International, Shriram Finance shares today

Stock market today: The domestic stock markets entered a phase of consolidation during early trading on Friday, a day after both major indices reached new all-time highs, as traders took profits at elevated levels.

Profit-taking was anticipated, and market participants were looking for clearer indications to evaluate the next steps.

The Nifty 50 index began at 26,237.45, with a gain of 21.90 points (0.08%), while the Sensex started at 85,791.55, rising by 71.17 points (0.08%).

On Thursday, both indices achieved new lifetime highs, with the Sensex reaching 86,055.86 and the Nifty 50 hitting 26,310.45.

However, experts warned that even though the milestone was record-breaking, foreign investors were still net sellers on Thursday, indicating the necessity for close observation of the market's direction.

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. Nifty 50 has registered an all-time high at 26,310 levels, indicating bullish sentiments. The index is well placed above its 20, 50, 100 and 200-day SMA's which reconfirms positive bias. From current levels, we expect this momentum to extend towards 26,500-26,700 levels. Any short-term correction towards the 26,100-26,000 levels remains a buying opportunity. The daily and weekly strength indicator RSI is in positive territory, which indicates sustained strength.

Samvardhana Motherson International Ltd Cmp: ₹116

With the current price strong upmove, Samvardhana Motherson share price has decisively surpassed the past one year multiple resistance zone of 113 levels on a closing basis. The last three weeks' rising volumes signify 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 and weekly "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 125 - 132, and its downside support zone is the 113 - 110 levels.

Coromandel International Ltd Cmp: ₹2,372

On the daily chart, Coromandel International share price has confirmed a down-sloping channel breakout at 2300 levels along with rising volumes. In addition, it has also confirmed a multiple resistance breakout at 2,340 levels on a closing basis, indicating a short-term trend reversal. The daily "band Bollinger" buy signal shows increased momentum. The daily and 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 2,450 - 2,525, and its downside support zone is the 2,300 -2,270 levels.

Shriram Finance Ltd Cmp: ₹868

Shriram Finance share price is in a strong uptrend, forming a series of higher tops and bottoms representing a sustained uptrend. In addition, it has also registered an all-time high at 869, which signals bullish sentiments. 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 weekly and monthly "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 900 - 950, and its downside support zone is the 855 - 838 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.