Top Stock Recommendations: Osho Krishan of Angel One suggests buying Ipca Lab, and NRB Bearing today

There are affirmative and antagonistic aspects for the marketplace close now, according to Dr. V K Vijayakumar, Chief Investment Strategist of Geojit Financial Services. The RBI's grounds dividend of ₹2.11 lakh crores to the authorities is the top plus; it would connection the authorities an other 0.3% of GDP successful fiscal flexibility. This implies that the authorities whitethorn walk much connected infrastructure portion besides lowering its fund deficit. Bond yields person dropped significantly, which is indicative of the authorities borrowing less. Decline successful enslaved yields is affirmative for banking stocks.

Further, the minutes from the Federal Reserve meeting, which amusement interest implicit inflation's persistence, are a antagonistic for the equity markets.

Also Read: Nifty 50 Share Price Live Updates: Nifty 50 is trading astatine ₹22,672.95

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

The bulls person extended their gains for the 5th consecutive session, though the momentum has slowed, arsenic evidenced by tiny assemblage candles connected the regular illustration arsenic prices person approached a cardinal hurdle. For implicit 3 months, prices person been oscillating wrong a range, and aft rebounding from the little set past week, they person present approached the higher range, causing immoderate tentativeness successful intra-day sessions. Moving forward, the 22,700 - 22,800 scope is crucial, and however prices respond astir this portion volition beryllium important successful the adjacent fewer sessions. Although determination are nary signs of weakness, it is advisable not to marque assertive agelong bets and to see booking immoderate nett arsenic the Lok Sabha predetermination results approach. For the adjacent momentum move, prices request to adjacent supra 22,800, which could propulsion them towards 23,000 - 23,100. However, this seems improbable for the existent trading week. On the downside, 22,400 is simply a cardinal enactment level, and dips towards it tin beryllium seen arsenic buying opportunities, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.

Traders should show these levels and program their trades accordingly. While stock-specific trades proceed to beryllium rewarding, the favourable marketplace breadth has cooled down successful the past fewer sessions, warranting a much selective attack moving forward. Additionally, keeping an oculus connected planetary developments is crucial, arsenic immoderate issues could perchance interaction the caller marketplace run, advised Krishan.

Also Read: Stocks to watch: Grasim, Sun Pharma, Power Grid Corp., Nykaa, Garden Reach Shipbuilders

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to bargain today, Osho Krishan recommended 2 stocks - Ipca Laboratories Ltd (Ipca Lab), and NRB Bearing Ltd.

Ipca Laboratories Ltd (Ipca Lab)

Ipca Laboratories Ltd has been hovering successful the rhythm of higher highs – higher lows, hovering supra each its EMAs connected the regular chart. The antagonistic has seen decent traction successful the past mates of trading sessions, from its 50 DEMA connected the daily, which historically has provided beardown enactment to the counter. This indicates a beardown imaginable for growth. Meanwhile, connected the oscillator front, the 14-period RSI has witnessed a affirmative crossover, portraying a bullish quotient, and a sustained determination would apt trigger caller traction to propel the antagonistic northwards into uncharted territory from a broader word view.

"Hence, we urge to BUY Ipca Laboratories astir ₹1,310-1,300 keeping a halt nonaccomplishment of ₹1,250 for a imaginable Target of ₹1,400-1,420," said Krishan.

Also Read: Stock marketplace today: Trade setup for Nifty 50 to India VIX, 5 stocks to bargain oregon merchantability connected Thursday — May 23

NRB Bearing Ltd

NRB Bearing Ltd has seen beardown traction successful the past mates of trading sessions arsenic it resurged from its clump of EMA connected the regular chart. The antagonistic has a multi-week breakout connected the backmost of robust volumes and is apt to pull traction. On the oscillator front, MACD and RSI some person showcased a affirmative crossover, suggesting beardown momentum successful the comparable period. Also, from the risk-reward constituent of view, the antagonistic is placed successful a lucrative portion and seems poised to proceed its upward march.

"Hence, we urge to BUY NRB Bearing astir ₹340-330 keeping a halt nonaccomplishment of ₹315 for a imaginable Target of ₹360-370," said Osho.

Also Read: RBI's grounds dividend of ₹2.11 trillion to assistance Centre's FY25 fiscal deficit, little enslaved yields

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 decisions.

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Published: 23 May 2024, 10:04 AM IST