Shares to buy or sell: Rajesh Palviya of Axis Securities suggests these three stocks to buy, hold, and accumulate today | Stock Market News

Stock Market News: The domestic benchmark indices, Nifty 50 and Sensex, remained under pressure on Friday and opened without significant change, influenced by foreign institutional investors (FIIs) and the declining Indian rupee.

The Nifty 50 index started the day at 23,960.70 points, reflecting a marginal increase of just 9 points, while the Sensex rose by 0.15 percent to begin at 79,335.48 points.

Analysts noted that the unexpected pause in the US Federal Reserve’s rate-cutting cycle has unsettled markets worldwide. However, there is still a possibility of a rally before the year ends, although selling by foreign portfolio investors (FPIs) is complicating the market’s ability to gain momentum.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned that the FII purchases seen in early December are now being reversed, with this week’s sales totaling ₹12,229 crores. This shift in FII strategy is being reflected in market behaviors as well, particularly with large-cap stocks, especially in the financial sector, facing pressure from FII selling. This trend is not expected to last, so retail investors might consider taking a stance contrary to that of the FIIs. The negative reaction to the Fed’s comments yesterday is anticipated to be short-lived. A recovery driven by large-cap stocks is likely in the near future.

Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities

The benchmark index has been consolidating within 24,800-23,800 levels in the past four weeks, indicating a short-term sideways trend. This consolidation is supported by the 200-day SMA support of 23,826, which remains a crucial support zone. From current levels, overhead resistance is around 24,200-24,400 levels, whereas the crucial support zone is placed around 23,800 levels. Any violation of the same may cause further weakness towards the 23,500-23,300 levels.

E.I.D Parry (India) Ltd (CMP: ₹987)

The stock is in a strong uptrend across all the time, forming a series of higher tops and bottoms formation. Recently, the stock has registered an all-time high at 997 levels, indicating bullish sentiments. In addition, the stock is well placed above its 20, 50, 100 and 200-day SMA’s, which reconfirms a bullish trend. Rising volumes at every rally signify increased participation. The daily and weekly strength indicator RSI is in favourable terrain, which justifies rising strength.

Investors should buy, hold, and accumulate this stock, which has an expected upside of 1,085-1,150 and a downside support zone of 935-920.

With the upward movement of the past couple of sessions, the stock has decisively surpassed the past one-year “down-sloping” trendline resistance at the 1463 levels on a closing basis. This signals a short-term trend reversal. It has also surpassed the past six months’ “multiple resistance” zone of 1460 levels, and huge volumes indicate increased participation. Recently, the stock has recaptured its 20, 50, 100, and 200-day SMAs and rebounded sharply. A vast volume spurt signifies increased participation. The daily and weekly strength indicator RSI is in favorable terrain, which justifies the rising strength.

Investors should buy, hold, and accumulate this stock, with an expected upside of 1,685-1,830 and a downside support zone of 1,440-1,410 levels.

AGI Greenpac Ltd (CMP: ₹1,280)

On the weekly chart, the stock has surpassed the past year’s “rounding bottom” formation at the 1,100 levels on a closing basis. This breakout is accompanied by rising volumes, indicating a positive bias. The stock is well placed above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with the price rise, which reaffirms the bullish trend. The daily and weekly Bollinger Bands buy signal signifies increased participation. The daily and weekly strength indicator RSI is in positive territory, which justifies the rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of 1500-1585 and a downside support zone of 1,150-1,100 levels.

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.