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 today: The domestic benchmark indices, Nifty 50 and Sensex, ended lower on Thursday, with the Sensex dropping by 213.12 points to close at 78,058.16, while the Nifty 50 fell 92.95 points to finish at 23,603.35.

Market sentiment remained wary as investors awaited the Reserve Bank of India’s (RBI) policy announcement, resulting in a consolidation phase across various sectors. Looking ahead, market participants will keep a close eye on the RBI for its policy direction, which may influence equity and currency fluctuations. The RBI commenced discussions on monetary policy on Wednesday, February 5, with an announcement scheduled for today (Friday, February 7).

Vinod Nair, Head of Research at Geojit Financial Services, noted that the benchmark indices saw a slight decrease as investors were on standby for the RBI’s decision regarding a possible rate cut amid the ongoing trade conflict. The wider market remained wary, stuck in a consolidation stage, despite the government’s efforts to enhance consumption in order to alleviate lower growth.

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

Nifty 50

In the past couple of weeks, the benchmark index has experienced short covering and buying at lower levels, suggesting a potential minor trend reversal. The index remains comfortably above its 20-day Simple Moving Average (SMA), reaffirming a positive outlook. If the index can sustain a move above 23,800, it may continue to gain momentum towards 24,000-24,300. Conversely, the 23,400-23,200 level will serve as a crucial support zone. Additionally, both the daily and weekly Relative Strength Index (RSI) indicators are in positive territory, indicating increased strength.

Kaveri Seeds Company Ltd – CMP: ₹988

The daily price action has confirmed a “Triangle” breakout at the 950 levels on a closing basis. This breakout is accompanied by significant volume, indicating increased participation in the rally. The buying momentum was observed around the support zone of the 20, 50, and 100-day SMAs, further affirming the positive trend. Additionally, the daily Bollinger Bands buy signal confirms the increase in momentum. Both the daily and weekly strength indicators, such as the RSI, are in positive territory, suggesting a rise in strength.

Investors should buy, hold, and accumulate this Kaveri Seeds. Its expected upside is ₹1,060-1,155, and its downside support zone is ₹925-900.

Natco Pharma Ltd – CMP: ₹1,327

With the current close, the stock has decisively surpassed the past three weeks’ resistance zone of 1275 levels on a closing basis, indicating a short-term trend reversal. This buying momentum is accompanied by huge volumes, indicating a positive bias. The daily and weekly strength indicator RSI is in positive territory, indicating rising strength.

Investors should buy, hold, and accumulate this Natco Pharma. Its expected upside is ₹1,420-1,460, and its downside support zone is ₹1,275-1,225.

Adani Ports and Special Economic Zone Ltd – CMP: ₹1,166

Since August 2024, the stock has been trending lower, forming lower tops and bottoms, indicating a downtrend. However, with the current close, the stock has decisively surpassed its “down-sloping trendline,” indicating a trend reversal. The stock is well placed above its 20-day SMA, which reconfirms bullish sentiments. In the past 8-10 sessions, rising volumes signify increased participation. The daily and weekly strength indicator RSI is in positive territory, indicating rising strength.

Investors should buy, hold, and accumulate this Adani Ports. Its expected upside is ₹1,250-1,300, and its downside support zone is ₹1,125-1,090.

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.