Stock in focus: Rajesh Palviya of Axis Securities recommends Firstsource Solutions, Canara Bank, and JSW Steel today

The Nifty 50 was up by 50.10 points, statesman trading astatine 22,620.40, portion the Sensex roseate by 169.87 points, kicking disconnected astatine 74,509.31.

Chief Investment Strategist astatine Geojit Financial Services Dr. V K Vijayakumar stated that yesterday's important DII buying of Rs. 6167 crores wholly outweighed the ongoing FII selling, demonstrating the market's resilience for a 5th time successful a row. The buy-on-dips attack has shown to beryllium effectual successful the existent bull market, and investors should support utilizing it.

 US information shows that the US system is weakening. Although Q1 GDP maturation was 1.6% little than anticipated, the Fed is improbable to chopped rates successful the upcoming sessions due to the fact that ostentation is inactive precise high, according to Vijayakumar.

Also Read: Sensex Today Live Updates: Sensex, Nifty unfastened successful the greenish arsenic planetary peers gain; TechM, Indigo, Tata Steel, Vedanta eyed

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

Since Feb '24, the benchmark scale has continued to consolidate wrong a wide trading scope (22800–21700), indicating a sideways trend. However, the scale is good placed and sustaining supra its 20, 50, 100, and 200-day SMA. These averages are besides inching up on with each rally, which signifies a semipermanent bullish trend. Short-term traders are advised to follow a buy-on-dips strategy and travel 22300 arsenic an contiguous enactment zone, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.

The Nifty 50 successful the existent bid has witnessed a agelong buildup with a marginal terms summation of 0.38% (85 points) and an summation successful unfastened involvement by 35% arsenic per provisional data, portion today's monthly expiry provisional rollover stood astatine 63%, which is little than the erstwhile expiry of 68% overall, indicating a deficiency of assurance successful bulls w.r.t adjacent expiry. As per the options information of the play expiry scheduled connected 02nd May, 22,900 and 23,000 Call strikes person precocious OI concentrations, indicating a beardown resistance, portion connected the Put side, precocious unfastened involvement concentrations were successful 22,000, 22,500, and 22,400, hinting towards support, explained Palviya. 

Also Read: Day trading stocks to buy: ITC to Tata Power — Anand Rathi adept recommends 3 shares to bargain contiguous — 26th April

Stock successful absorption contiguous - Stock proposal for Friday by Rajesh Palviya

Firstsource Solutions Ltd (CMP: ₹215.95)

With Thursday's beardown gains of 6%, the banal has decisively breached retired its past mates of months "multiple resistance" portion of 208 levels connected a closing basis. This breakout is accompanied with immense volumes, which signify accrued information successful a rally. Recently, the banal has recaptured its 20, 50, and 100-day SMA and rebounded sharply, which reconfirms bullish trend, said Rajesh. 

The regular and play spot indicator RSI is successful affirmative terrain, which signals rising strength.

Investors should buy, hold, and accumulate this banal with an expected upside of 235–250 with a downside enactment portion of 205–198 levels, advised Palviya. 

Also Read: Indian banal market: 7 cardinal things that changed for marketplace overnight - Gift Nifty, US GDP to Alphabet banal soars

Canara Bank (CMP: ₹617.85)

On the regular and play clip frames, the banal is successful a beardown uptrend, forming a bid of higher tops and bottoms, indicating a sustained uptrend. Recently, the banal has recaptured its 20- and 50-day SMA and rebounded sharply, reconfirming the bullish trend. Huge rising volumes awesome a beardown comeback of bulls, said Rajesh. 

Investors should buy, hold, and accumulate this banal with an expected upside of 655–685 with a downside enactment portion of 595–570 levels, advised Palviya. 

Canara Bank has seen terms gains of 5% (30 points) successful the existent expiry and an summation successful unfastened involvement of 30% arsenic per provisional data, indicating a agelong buildup. In the May series, determination has been a precocious OI attraction astatine the 620 telephone strike, followed by 650 and 700, indicating a probable absorption zone. Strong enactment is seen astatine the 600 level, arsenic important Put summation has been seen astatine the same, followed by 580 and 550, explained Rajesh. 

JSW Steel Ltd (CMP: ₹913.15)

The banal is successful a beardown uptrend crossed each the clip frames, indicating a affirmative bias. It has besides registered an all-time precocious astatine 909 levels, which reconfirms bullish sentiments. On the regular chart, it has confirmed a "Cup & handle" enactment breakout astatine 888 levels, on with immense volumes indicating accrued participation. The banal is good placed supra its 20, 50, 100, and 200-day SMA, which reconfirms a bullish trend. The regular and play spot indicator RSI is successful affirmative terrain, which signals rising strength, said Palviya.

Investors should buy, hold, and accumulate this banal with an expected upside of 950–985 with a downside enactment portion of 880–870 levels, advised Rajesh. 

JSW Steel has witnessed terms gains of 7.50% (63 points) and an summation successful unfastened involvement of 10% (as per today's provisional data), indicating a beardown Long Build Up. In the May series, determination has been precocious OI attraction astatine the 900 telephone strike, followed by 920 and 950, indicating a probable absorption zone, portion enactment is seen astatine the 850 and 800 levels arsenic precocious OI attraction is seen successful Put strike, explained Palviya. 

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — April 26

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 26 Apr 2024, 09:58 AM IST