Top Stock Recommendations: Osho Krishan of Angel One suggests buying Petronet LNG, and Balkrishna Ind today
- Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Petronet LNG Ltd, and Balkrishna Industries Ltd today.
Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50 began Thursday's session in green driven by information technology (IT) stocks and after a rise in other Asian equities, following softer-than-expected US consumer inflation, which bolstered prospects of at least two interest rate cuts in 2024.
The Nifty 50 rose 0.53% at 22,319.20 points, while the Sensex was up 0.48% to 73,338.24 at 9:15 IST.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the global market backdrop remains encouraging, with US indices establishing new records. The US CPI inflation rate fell to 3.4% in April, paving the way for the Fed to cut interest rates.
Further, Vijayakumar noted that the Indian market has underperformed over the recent month. While the S&P 500 is up 5.08% and the Euro Stoxx 50 is up 3.74%, the Nifty is nearly flat, up only 0.24%. More importantly, Chinese equities have outperformed with a remarkable 17.38% rise on the Hang Seng. China's outperformance is driving FIIs to continue selling in India. India's underperformance is anticipated to reverse shortly with clarity on election outcomes.
Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One
Technically, the price action remained muted, and hence, there is no significant change in the market outlook. The broader view remains intact with the bullish biases, but it seems really challenging to hold on to higher grounds with conviction. Hence, one is required to have a pragmatic approach to ‘Buy on Dips’ and ‘Sell on the Rise’ until we see the decisive participation of the bulls in carrying momentum. Simultaneously, the resilience of 20 DEMA is expected to act as a daunting task for the bulls in the near period, and an authoritative breach could only dictate the next leg of the rally in the index. On the lower end of the spectrum, the support lies around 22,150–22,100, which is expected to cushion any intraday blips, followed by the sacrosanct support at the 22,000 mark, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.
As the benchmark is expected to hover within the mentioned range, participation in the broader space is likely to keep up the buzz for the traders’ fraternity. However, it is crucial to reiterate the need to maintain exclusivity in stock selection amidst the elevated volatility, added Krishan.
Top Stock Recommendations For Thursday by Osho Krishan
On stocks to buy today, Osho Krishan recommended two stocks - Petronet LNG Ltd, and Balkrishna Industries Ltd.
Petronet LNG Ltd
Petronet LNG has been hovering in the cycle of higher highs – higher lows, hovering above all its EMAs on the daily chart. The counter has seen decent traction in the last couple of trading sessions, reversing from the recent lows. This indicates a strong potential for growth. Meanwhile, on the oscillator front, the 14-period RSI is on the verge of a positive crossover, portraying a bullish quotient, and a sustained move would likely trigger fresh traction to propel the counter northwards into uncharted territory from a broader term view.
“Hence, we recommend to BUY Petronet LNG around ₹305-302 keeping a stop loss of ₹290 for a potential target of ₹330,” said Krishan.
Balkrishna Industries Ltd
Balkrishna Industries has seen strong traction in the last couple of trading sessions as it resurged from its 200 SMA. The counter has formed a breakout of the ‘Cup & Handle’ pattern on the daily chart and is likely to attract traction. On the oscillator front, MACD and RSI have both showcased a positive crossover, suggesting strong momentum in the comparable period. Also, from the risk-reward point of view, the counter is placed in a lucrative zone and seems poised to continue its upward march.
“Hence, we recommend to BUY Balkrishna Industries around ₹2,510-2,500 keeping a stop loss of ₹2,400 for a potential target of ₹2,640-2,660,” said Osho.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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