Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Stock Markets/  Top Stock Recommendations: Osho Krishan of Angel One suggests buying FACT and Varun Beverages today
BackBack

Top Stock Recommendations: Osho Krishan of Angel One suggests buying FACT and Varun Beverages today

Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Fertilisers and Chemicals Travancore Ltd (FACT) and Varun Beverages Ltd.

Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Fertilisers and Chemicals Travancore Ltd (FACT) and Varun Beverages Ltd. Premium
Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Fertilisers and Chemicals Travancore Ltd (FACT) and Varun Beverages Ltd.

Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50, started Thursday's trading session down as they took a break following four straight days of gains. The Kotak Bank share price slump contributed to the benchmark indices' decline. In the meantime, broader market continued to trade higher. The top gainers in today's session were the Nifty Media and Nifty PSU Bank stocks.

The NSE Nifty 50 opened at 22,316.90, down 85.50 points, or 0.38%, while the 30-share BSE Sensex started off at 73,572.34 level, down 278.77 points, or 0.38%.

The overarching pattern of this market, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, is its bullishness in spite of negative triggers. Considering Axis Bank's Q4 earnings exceeded expectations, the market will react positively. Axis has a favourable value. The regulatory restrictions on Kotak Bank will weigh on the stock. There won't be any significant corrections to the market because the VIX is at low levels. We can expect consolidation in the near future.

Also Read: Day trading stocks to buy: Anand Rathi expert recommends IndusInd Bank, Federal Bank and GAIL to buy today — April 25

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

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

Despite the bulls maintaining their upward trajectory for the fourth consecutive session, there's a noticeable lack of momentum, evident from the formation of a 'DOJI' candlestick pattern on the daily chart. This pattern typically signals uncertainty, particularly as it coincides with a critical resistance level of 61.8% retracement and a bearish gap. Going ahead, the 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500–22,550 could trigger further upward movement, potentially driven by contract adjustments. Conversely, immediate support levels are identified at 22,300–22,250, with a pivotal support zone around the bullish gap of 22,200–22,180. Traders should closely monitor these levels, as a period of consolidation may precede a directional move on the expiry day, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.

While the key indices have faced challenges recently, the small-cap index has achieved a fresh high, demonstrating similar strength in the mid-cap segment. Consequently, traders are encouraged to focus on these areas, which offer opportunities for outperformance, explained Krishan.

Also Read: Day trading stocks to buy: Anand Rathi expert recommends IndusInd Bank, Federal Bank and GAIL to buy today — April 25

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to buy today, Osho Krishan recommended two stocks - Fertilisers and Chemicals Travancore Ltd (FACT) and Varun Beverages Ltd.

Fertilisers and Chemicals Travancore Ltd (FACT)

FACT has been trading in a corrective phase for the last couple of months, which brought it to the strong support zone of 200 SMA on the daily chart. In the last two sessions, the counter witnessed strong buying traction, which led it to surpass the immediate swing high, construing a positive development. Also, the strong volume associated with the consolidation breakout suggests the counter is poised for upward movement. Simultaneously, the technical parameters are signaling an early sign of reversal, suggesting an opportunity to gauge upcoming momentum in the counter.

"Hence, we recommend to BUY FACT around ₹705-700, keeping a stop loss of ₹660 for a positional target of ₹780," said Krishan. 

Also Read: Stocks to watch: Axis Bank, Macrotech, LTIM, Nestle, Bajaj Finance, KMB

Varun Beverages Ltd

Varun Beverages has been in a secular uptrend, hovering above all its major EMAs on the daily time frame. The stock has witnessed strong traction in the last couple of trading sessions, which suggests a consolidation breakout and potent momentum in the near term. On the oscillator front, the 14-period RSI has seen a positive crossover from the lower levels, adding a bullish quotient to the counter's primary trend.

"Hence, we recommend to BUY  Varun Beverages around ₹1,440–1,430, keeping a stop loss of ₹1,380 for a positional target of ₹1,520," said Osho. 

Also Read: Stock market today: Sensex, Nifty 50 end in the green for 3rd straight session; India VIX falls 20%

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.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 25 Apr 2024, 10:00 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started