Top Stock Recommendations: Osho Krishan of Angel One recommends buying AU Small Finance Bank and Coforge today
- Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying AU Small Finance Bank and Coforge.
Stock Market News: In the backdrop of bleak global cues, domestic equity benchmark indices, the Sensex and the Nifty 50, finished Wednesday's trading session flat. Realty stocks were under pressure, while Public Sector Undertakings (PSU) Bank stocks led the market, while the broader market resumed to trend upward.
The Nifty 50 closed at 22,434.65, down 18.65 points or 0.08%, while the 30-share BSE Sensex finished down by 27.09 points or 0.04% at 73,876.82 level. The broader market outperformed the benchmark indices. The Nifty Small Cap 100 ended 1.16% higher and the Nifty Midcap 100 closed 0.52% higher.
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Prior to the RBI policy meeting and the release of important macro data in the US and Europe, markets have been trading cautiously.
The Reserve Bank of India's rate-setting panel has began deliberations on the next round of monetary policy on Wednesday. It had been anticipated that the central bank would maintain the key interest rate unchanged on Friday and prioritise inflation control .
In a speech at Stanford University on Wednesday, Chair Jerome Powell of the US Federal Reserve stated that the US economy is still strong and that US inflation increased in January and February. However, he also stated that the Fed will probably lower its benchmark interest rate later this year, according to an AP news report.
Powell also made an effort to refute any rumors that this year's presidential election campaign may have an impact on the Fed's interest-rate choices. During the height of the campaign, in July and September, the Fed will meet and make a decision about whether to lower rates, according to the news report.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Despite the volatile trading session, the price structure of the Nifty 50 has not significantly altered as it made a subdued closure. The benchmark seems confined in a narrow range of 200–250 odd points from 22,300–22,500, and a decisive breakthrough on either side would only trigger a fresh round of move. On the lower end, 22,350–22,300 remains the cushion for intraday blips, with sacrosanct support of 22,200 in the comparable period. While on the higher end, 22,500 remains a daunting task for the bulls, and a sustainable breakthrough could only trigger the next leg of the rally in the near term, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.
Share Market Tips
Going ahead, sectoral rotation is evident and is expected to keep the traders’ fraternity busy in the coming sessions. Hence, it is required to maintain exclusivity in stock selection for outperformance. Simultaneously, global developments need to be tracked closely, as they might affect the ongoing trend of our markets. For now, dips are anticipated to augur well for the bulls, and we would advocate following the aforementioned levels stringently, advised Krishan.
Top Stock Recommendations For Thursday by Osho Krishan
On stocks to buy on Thursday, Osho Krishan recommended two stocks - AU Small Finance Bank Ltd and Coforge Ltd.
AU Small Finance Bank Ltd
AU Small Finance Bank, after its steep correction from the lifetime highs of 813, has for the first time witnessed some buying traction from its historical support zone of the 550–560 subzone. The recent volume-based resurgence has turned around the bearish view as the technical parameters have emerged from the oversold terrain with a positive crossover, suggesting an opportunity to gauge upcoming momentum in the counter.
"Hence, we recommend BUY AU Small Finance Bank around ₹600, Keeping a stop loss of ₹570 for a positional Target of ₹645-650", said Osho.
Coforge Ltd
Coforge has been in a corrective phase for the last couple of trading weeks, correcting over 20 percent from the lifetime high. However, in the last few sessions, the counter took a cushion around 200 DEMA and slightly recouped from the lows, suggesting an initial sign of reversal. Also, the recent consolidation coincides with the previous breakout, indicating it to be a strong support zone. On the indicators front, the 14-period RSI has witnessed a positive crossover from the oversold territory, adding a bullish quotient.
"Hence, we recommend to BUY Coforge around ₹5,650-5,620, keeping a stop loss of ₹5,460 for a positional Target of ₹6,000," said Krishan.
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 decisions.
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