Top Stock Recommendations: Osho Krishan of Angel One suggests buying Manali Petrochemical, and Ipca Lab today

  • Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Manali Petrochemical Ltd, and Ipca Laboratories Ltd.

Dhanya Nagasundaram
First Published11 Jul 2024, 10:01 AM IST
Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Manali Petrochemical Ltd, and Ipca Laboratories Ltd.
Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Manali Petrochemical Ltd, and Ipca Laboratories Ltd.

Stock Market News: Amidst positive global cues, the domesticbenchmark indices, Sensex and Nifty 50, started Thursday's session on a bullish note. The Sensex crossed 80,100 and the Nifty 50 approached 24,400.

Early trading saw Sensex rise 245.32 points to 80,170.09 and the Nifty 50 rise 78.2 points to 24,402.65.

Ahead of the quarterly report from market leader Tata Consultancy Services (TCS), information technology (IT) stocks also drove the market. In advance of its quarterly results, which are expected after the close, TCS climbed 1.5%.

Chief investment strategist Dr. V K Vijayakumar of Geojit Financial Services emphasise that the continuous bull market that has lifted the Nifty 50 from its low of 7,511 in March 2020 to its current level of over 24,300 has rewarded investors who have stuck to the buy on dips approach. The ongoing turbulence in the market is a noteworthy trend. The most recent shift is in favour of pharmaceuticals. The market's preference for luxury consumption themes, such as hotels and certain vehicle segments, is another significant development.

Also Read | Q1 results today: TCS, GTPL Hathway , RO Jewels, Anand Rathi Q1 results today

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

In the last session, as major indices trended downward, profit booking appeared significant. Nonetheless, bulls defended crucial support levels in the key indices, sparking a recovery from lower levels. Currently, prices remain elevated and are trading within a range, suggesting that market participants are awaiting a catalyst for decisive movements.

Going ahead, the upcoming results season could potentially provide such a catalyst; any disappointing results within heavyweights might finally trigger the overdue price correction. For Nifty, the trading range is observed between 24,140-24,100 on the downside and 24,460-24,500 on the upside, marking key levels for the weekly expiry. Traders should monitor these levels closely and adjust their strategies accordingly.

Also Read | TCS results on expected lines; Can Infy, HCL Tech do this to reverse IT trend?

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to buy today, Osho Krishan recommended two stocks - Manali Petrochemical Ltd, and Ipca Laboratories Ltd.

Manali Petrochemical Ltd

Manali Petrochemical has been in a consolidation phase for quite some time after the recent rally on the daily chart. However, in the last couple of trading sessions, the counter gained decent traction and attempted to enter the three-digit zone, backed by robust volumes, indicating a fresh breakout. The counter is placed firmly above all its significant EMAs, and dips are likely to augur well for the counter in the comparable period.

“Hence, we recommend to BUY Manali Petrochemical on dips of 95, keeping a stop loss of 90 for a potential Target of 105-108,” said Osho.

Also Read | Yes Bank Stock Price: Five things Moody’s said that sent the share price soaring

Ipca Laboratories Ltd

witnessed a substantial increase in price in the last couple of trading sessions from the 200 SMA on the daily chart. Additionally, the counter is witnessing a decisive breakthrough above its previous swing high and has also emerged above all its EMAs on the daily time frame chart. On the oscillator front, the MACD has witnessed a positive crossover from the oversold zone, adding a bullish quotient and suggesting a potential upside journey in a comparable period.

“Hence, we recommend to BUY Ipca Laboratories around 1,220-1,210, keeping a stop loss of 1,150 for a potential Target of 1,300-1,320,” advised Krishan.

Also Read | Indian stock market: 7 key things that changed for market overnight

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.

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News in Numbers

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$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:11 Jul 2024, 10:01 AM IST
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