Top Stock Picks: Vedant Fashions, and Tata Technologies — Osho Krishan of Angel One recommends two stocks to buy today

  • Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Vedant Fashions (Manyavar), and Tata Technologies today.

Dhanya Nagasundaram
Published29 Aug 2024, 08:47 AM IST
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Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Vedant Fashions (Manyavar), and Tata Technologies today.
Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Vedant Fashions (Manyavar), and Tata Technologies today.

Stock Market News: In the midst of a generally strong global market, buying in information technology (IT), and healthcare sectors propelled the domesticbenchmark indices, Nifty 50 to a new lifetime high of 25,052, with Sensex rising by more than 70 points on Wednesday's session. Traders indicated that the positive market stance had been sustained by foreign capital inflows and a decline in the price of crude oil globally.

The Nifty 50 increased for the ninth consecutive session, gaining 34.60 points or 0.14% to end at 25,052.35, a new closing high. The benchmark increased by 111.85 points, or 0.44%, to reach a new intraday record high of 25,129.60. With a gain of 73.80 points, or 0.09%, the Sensex closed at 81,785.56, extending its winning streak to the seventh day. It increased by 327.5 points or 0.40% over the day to 82,039.26.

 

Also Read | Nifty 50 hits fresh record high, ends in the green for 10th consecutive session

The optimism in the domestic market was maintained, according to Vinod Nair, Head of Research at Geojit Financial Services, by FII inflows and consolidation in the US 10-year bond rate. On the other hand, valuation continues to be a short-term barrier, which will be examined more in light of this week's anticipated India Q1 FY25 GDP report. However, as seen by the outperformance of IT and pharmaceutical equities, investors are placing greater emphasis on defensive investments.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

Nifty 50 has shown remarkable resilience, extending its winning streak to ten consecutive sessions. However, the lack of significant exuberance following the new highs has prompted a cautious stance for Nifty 50. It is worth noting that while it took only three sessions in early August for prices to drop from 25,000 to 24,000, reclaiming this ground has taken considerably longer, resulting in a noticeable divergence on oscillators.

The recent movement suggests a potential slowdown in the bullish momentum. However, this doesn't necessarily imply a bearish setup. Overall sentiment remains optimistic, albeit with a cautious approach. Traders are advised to stay vigilant, look for buying opportunities during intraday dips, and consider profit-taking at appropriate times.

From a technical perspective, it is crucial to monitor specific levels for the upcoming monthly expiry. Resistance is anticipated within the range of 25,150 to 25,240, while support is expected at the psychological milestone of 25,000, followed by a bullish gap around 24,850. Traders should carefully modify their strategies based on these levels to make well-informed decisions.

 

Also Read | Stocks to buy: Indigo, Dixon Tech among top bets by MOFSL for this week

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to buy on Thursday, Osho Krishan recommended two stocks - Vedant Fashions Ltd (Manyavar), and Tata Technologies Ltd.

Vedant Fashions Ltd

Manyavar has demonstrated impressive gains in the recent trading sessions, following a strong move above the 200 SMA. It is now consistently trading above all major EMAs on the daily time frame. The recent upward momentum has been underpinned by positive crossovers of the moving averages and the formation of a 'Cup and Handle' pattern on a broader time frame. This suggests a significant potential surge in the near future.

“Hence, we recommend to BUY Manyavar around 1,200, keeping a stop loss of 1,130 for a potential target of 1,340,” advised Krishan.

Tata Technologies Ltd

Tata Technologies has demonstrated a promising trend reversal, accompanied by a robust surge in trading volumes during the recent trading sessions. The stock is currently positioned above all of its major EMAs on the daily timeframe, signaling potential for further upward momentum if this level is maintained. In addition, technical indicators have made a significant turnaround from oversold levels, indicating a potential for sustained momentum in the upcoming period.

"Hence, we recommend to BUY Tata Technologies on dips of 1,050, keeping a stop loss of 980 for a potential target of 1,180," said Osho.

Also Read | US Fed rate cut bets, AI scope boosts IT stocks; Cyient, Mphasis among top picks

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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First Published:29 Aug 2024, 08:47 AM IST
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