Stock in focus: Rajesh Palviya of Axis Securities recommends Manappuram Finance, Century Plyboards, and RIL today

In the archetypal trading, the Nifty 50 started up 41.40 points, oregon 0.17%, astatine 24,085.90, portion the Sensex roseate 214.40 points, oregon 0.27%, to 79,457.58.

Dr. V K Vijayakumar, Chief Investment Strategist astatine Geojit Financial Services, believes that the Sensex mightiness scope 80,000 owed to marketplace momentum. The latest rally's affirmative inclination is that it is being driven by largecaps with coagulated fundamentals, specified arsenic RIl, Bharti, and the apical backstage assemblage banks. But since the marketplace is successful an overbought country and DIIs are booking gains, corrections mightiness hap astatine immoderate time. It's important to announcement that during the erstwhile 3 years, the DIIs person consistently prevailed implicit the FIIs successful this tug-of-war.

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

The benchmark scale has registered an all-time precocious astatine 24,087 representing bullish sentiments. The scale is successful a beardown uptrend forming a bid of higher tops and bottoms formation. The scale is good placed supra its 20, 50, and 100-day SMA and these averages are inching up on with the terms emergence which confirms the bullish trend. We expect this momentum to widen towards 24,300-24,500 levels successful upcoming weeks. The short-term enactment portion is placed astir 23,800-23,500 levels, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.

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

Manappuram Finance Ltd (CMP: ₹210)

With a beardown adjacent of 210 levels, the banal has registered a 7% up move. This buying momentum was accompanied by immense volumes indicating accrued participation. The affirmative crossover of 20 and 100-day SMA signifies bullish sentiments. On the regular chart, the banal has confirmed a "multiple resistance" portion breakout astatine 204 levels connected a closing basis. The play "band bollinger" bargain awesome indicates accrued momentum. The regular and play spot indicator RSI has turned bullish which shows rising strength.

“Investors should buy, clasp and accumulate this banal with an expected upside of 230-255 with a downside enactment portion of 204-196 levels," said Rajesh.

Century Plyboards India Ltd (CMP: ₹753)

On the regular chart, the banal has confirmed "Cup & Handle" enactment astatine 736 levels connected a closing basis. This breakout is accompanied by immense volumes indicating accrued participation. The banal has recaptured 20, 50, 100 and 200-day SMA and rebounded sharply. The regular and play spot indicator RSI has turned bullish which shows rising strength.

“Investors should buy, clasp and accumulate this banal with an expected upside of 790-820 with a downside enactment portion of 730-720 levels," advised Palviya.

Reliance Industries Ltd (RIL) (CMP: ₹3,058)

Since Feb'24, the banal has been nether beardown consolidation wrong the "down-sloping channel" formation. However, with the past mates of sessions' up move, the banal has observed a consolidation breakout astatine 3025 levels. Huge rising volumes signify accrued participation. The banal has recaptured 20, 50, 100 time SMA and rebounded sharply from 2900-2870 levels which remains a important enactment zone. The regular and play "band bollinger" bargain awesome indicates accrued momentum. The regular and play spot indicator RSI has turned bullish which shows rising strength.

“Investors should buy, clasp and accumulate this banal with an expected upside of 3,130-3,250 with a downside enactment portion of 3,000-2,970 levels," said Rajesh.

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: 28 Jun 2024, 10:35 AM IST