Top Stock Recommendations: Osho Krishan of Angel One recommends buying Nazara Technologies, and Varun Beverages today

  • Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Nazara Technologies Ltd, and Varun Beverages Ltd.

Dhanya Nagasundaram
Published22 Aug 2024, 10:01 AM IST
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Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Nazara Technologies Ltd, and Varun Beverages Ltd.
Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Nazara Technologies Ltd, and Varun Beverages Ltd.

Stock Market News: During the opening session on Thursday, the domestic benchmark indices, Sensex and Nifty 50, saw a surge, bouncing back from a flat performance the day before. The Nifty 50 index reached 24,863.40 points after climbing by 93.20 points, or 0.38%. Similarly, the Sensex gained 301.94 points, or 0.37%, bringing it to 81,207.24 points.

Based on news reports, market analysts are positive about the potential for the Indian markets to hit a new record high in the upcoming week. This positive outlook is driven by the publication of the minutes from the US Federal Reserve, which have heightened anticipations of potential interest rate reductions in September.

Also Read | Nifty 50 rises for 5th consecutive session; focus shifts to Jackson Hole

The most recent US jobs statistics for the 12 months ending in March 2024 indicates that the number of new jobs created was less than previously anticipated, according to Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. This important data implies that it clarifies the road toward Fed rate cuts. The Fed becoming dovish and initiating the rate-cutting cycle with a 25 bps rate drop in September that signals further cuts to come is now the most likely scenario. Due to the decreasing amount of leeway for ambiguity, this can maintain market stability.

Also Read | Stocks to Watch: Zomato, Paytm, IIFL Securities, Alkem Labs, BEML, Zen Tech

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

Nifty 50 maintains its winning spree, though the small-bodied candle formation over the last three sessions indicates a tentative signal. Meanwhile, the gradual upward movement in the broader market suggests a noteworthy positive shift in sentiment for both traders and investors.

The benchmark index is steadily closing in on the critical resistance of the bearish gap around 24,850-24,950, which warrants close monitoring given the current momentum. Moreover, the support base is gradually strengthening, with 24,650-24,600 poised to act as a cushion against potential setbacks, while the crucial support remains in the pivotal zone of 24,500.

To ensure strong performance, it is advisable to focus on stock-specific opportunities amidst the buoyant undertone. Simultaneously, it is crucial to closely monitor the Bank Nifty index as it is likely to significantly impact market momentum in the comparable period. Additionally, staying attuned to global developments and making informed decisions based on specified levels is essential.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 22

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to buy on Thursday, Osho Krishan recommended two stocks - Nazara Technologies Ltd, and Varun Beverages Ltd.

Nazara Technologies Ltd

Nazara Technologies has made significant gains in the past few trading months, rising from the 600 to 960 subzone and is now comfortably trading above all its major EMAs on the daily time frame. The recent upward movement has been supported by increased trading volumes and the stock is on the verge of a breakout. The technical indicators are in line with the current momentum, further adding to the bullish sentiment for the stock.

“Hence, we recommend to BUY Nazara Technologies around 950, keeping a stop loss of 890 for a potential Target of 1,070,” said Osho.

Varun Beverages Ltd

Varun Beverages has seen a significant decrease from its record high of 1701, dropping towards the 200 SMA on the daily time frame chart in the recent period. Following a test of its previous swing low and consolidation zone, the stock experienced a reversal and began to pick up pace. Furthermore, the technical indicators settled into a favourable range and exhibited a positive crossover, bolstering the bullish outlook.

"Hence, we recommend to BUY Varun Beverages around 1,540-1,530, keeping a stop loss of 1,420 for a potential Target of 1,700," advised Krishan.

 

Also Read | Indian stock market: 10 key things that changed for market overnight

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:22 Aug 2024, 10:01 AM IST
Business NewsMarketsStock MarketsTop Stock Recommendations: Osho Krishan of Angel One recommends buying Nazara Technologies, and Varun Beverages today

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