Stock in focus: Rajesh Palviya of Axis Securities recommends Hero MotoCorp, Crompton Greaves, and Ajanta Pharma today

The 30-share BSE Sensex opened higher by 71.28 points oregon 0.10% astatine 72,475.40 level portion the Nifty 50 began astatine 21,990.95 level, up 33.50 points oregon 0.15%.

Also Read: Sensex Today Live Updates: Sensex climbs 330pts, Nifty astatine 22,050; FMCG, Metal, Oil & Gas pb gains

The main concern strategist of Geojit Financial Services, Dr. V K Vijayakumar, noted that this month's organization enactment disparity is getting much evident. Throughout each of this month's trading days, FIIs person go persistent sellers and DIIs person go persistent buyers. Thus acold this month, FII income person totaled ₹22,858 crores, portion DII purchases person totaled ₹16,700 crores. It seems that HNIs and retail investors person booked immoderate profits and are successful a wait-and-see mode, possibly successful effect to the sound and uncertainties astir the predetermination results, based connected information indicating steeper falls successful the wide market.

Further, Vijayakumar said that it's important to realise that FIIs are selling due to the fact that China and Hong Kong are outperforming India (the Shanghai Composite and Hang Seng person accrued by 4.19% and 8.61%, respectively) portion India is underperforming (the Nifty 50 has dropped by 3.5% successful the past month). This is not owed to election-related worries.

Also Read: Share marketplace today: Sensex cracks implicit 1,000 points arsenic indices astatine 2-month low; investors suffer ₹7.35 lakh crore

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

Since the past 5 consecutive sessions, the scale has experienced nett booking, forming a bid of little tops and bottoms indicating a antagonistic bias. With the existent close, the scale is hovering astir its six-month "up-sloping" trendline enactment portion astatine the 21,900 levels, a precise important enactment zone. Hence, immoderate usurpation of the aforesaid whitethorn origin further downside towards 21,700-21700 levels. This existent "up-sloping" trendline enactment portion coincides with the 100-day SMA (21,981). On the different hand, 22,200–22,300 levels volition stay arsenic an contiguous proviso zone. The regular and play spot indicator RSI is successful the antagonistic terrain, signalling rising weakness, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.

The Nifty 50 successful the existent bid has witnessed a abbreviated build-up with a terms chopped of 2.67% (603 points) and an summation successful unfastened involvement by 17%. As per the options information of the play expiry scheduled connected 16th May, 22,300 and 22,500 telephone strikes person precocious OI concentration, indicating a beardown resistance, portion connected the enactment side, precocious unfastened involvement concentrations were astatine 21,500 and 21,800 acting arsenic support, portion the pivotal level volition beryllium 22,200, explained Palviya. 

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

Hero MotoCorp Ltd (CMP: ₹4,761)

With the existent close, the banal has decisively breached retired its 4 monthly "down-sloping" transmission breakout astatine 4,640 levels. This breakout, accompanied by immense volumes, indicates accrued participation. The banal has recaptured its 20, 50, and 100-day SMA's and rebounded sharply, indicating bullish sentiments. The daily, weekly, and monthly spot indicator RSI is successful the affirmative terrain, justifying rising spot crossed each the clip frames, said Rajesh.

Investors should buy, hold, and accumulate this banal with an expected upside of 5000-5250 and a downside enactment portion of 4,630-4,500, advised Palviya.

Hero MotoCorp contiguous has seen terms gains of astir 3.50% (157 points) successful existent expiry and an summation successful unfastened involvement of 2% per the provisional information indicating a Long build-up. In the May series, determination has been a precocious OI attraction astatine 4900 telephone onslaught followed by 5,000, showcasing a probable absorption zone, portion beardown enactment is astatine 4,500 and 4,600 levels arsenic important OI attraction connected the Put side, explained Rajesh.

Also Read: Stocks to bargain oregon sell: Tata Motors to Hero MotoCorp — Sumeet Bagadia recommends 3 breakout stocks contiguous — May 10

Crompton Greaves Consumer Electricals Ltd (CMP: ₹335)

On the regular chart, the banal has experienced a inclination reversal arsenic it has surpassed the past January 2024 plaything precocious of 338 connected a closing basis. The banal is placed good supra its 20, 50, 100, and 200-day SMA, and these averages are besides inching up on with the terms rise, reconfirming a bullish trend. The regular and play spot indicator RSI is successful affirmative terrain, signaling rising strength. The play Band Bollinger bargain awesome indicates accrued momentum. Rising volumes astatine each rally signify accrued participation, said Rajesh. 

Investors should buy, hold, and accumulate this banal with an expected upside of 370–385 with a downside enactment portion of 328–316, advised Palviya. 

Crompton Greaves has witnessed abbreviated covering with terms gains of 9% (27 points) and a alteration successful unfastened involvement of 24% (as per today’s provisional data). In the May series, determination has been precocious OI unwinding witnessed astatine 340 telephone onslaught followed by 330, indicating a probable enactment zone, portion the absorption is astatine 350 levels followed by 360 and 365, explained Rajesh. 

Also Read: Nifty 50, Sensex today: What to expect from Indian banal marketplace successful commercialized connected May 10

Ajanta Pharma Ltd (CMP: ₹2,420)

The banal is successful a beardown uptrend crossed each the clip frames, forming a bid of higher tops and bottoms, indicating affirmative bias. On a play clip frame, the banal has decisively breached retired of the consolidation portion (2360-2000) connected a closing ground accompanied by immense volumes. The banal is placed good supra its 20, 50, 100, and 200-day SMA, and these averages are besides inching up on with the terms rise, reconfirming a bullish trend. The regular and play spot indicator RSI is successful the affirmative terrain, signalling rising strength, said Rajesh.

Investors should buy, hold, and accumulate this banal with an expected upside of 2,585-2,630 with a downside enactment portion of 2,320-2,250, advised Palviya.

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

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Published: 10 May 2024, 10:01 AM IST