Axis Securities’ Rajesh Palviya recommends 3 stocks to buy today – September 29

Stocks to buy or sell today: On the back of weak global sentiment and a tumbling national currency, India’s stock market continued to plunge for the sixth straight session on Wednesday. NSE Nifty finished 148 points south at 16,858 while BSE Sensex dropped 509 points and finished at 56,598 level. The Bank Nifty index plunged 599 points and ended at 37,759 points. Rajesh Palviya, Vice President – Technical and Derivative Research, Axis Securities believes that Nifty has entered the bullish gap, but Nifty Bank may continue to feel the heat of selling for some time.

Rajesh Palviya’s stock recommendations

Rajesh Palviya of Axis Securities went on to add that the trend breakout day for the Nifty 50 index is 16,905. 16,990-17,125-17,210. However, if Nifty trades below the 16,905 levels, we could see profit bookings start in the market, which could correct down to 16,775-16,690-16,555 levels.

The expert from Axis Securities added that the trend breaking level for Bank Nifty is 37,920. If Bank Nifty trades above this level, we could see a further rally to the 38,210-levels. 38,660-38,955. However, if Bank Nifty trades below the 37,920 levels, we might see profit bookings start in the market, which could correct down to 37,470-37,175-36,725 levels.

Rajesh Palviya from Axis Securities recommended 3 stocks to buy today and these 3 stocks are Asian Paints, Aditya Birla Fashion and Retail Ltd (ABFRL) and Krishna Institute Of Medical Sciences (KIMS).

Stock market today: Nifty outlook, Bank Nifty

Speaking on the Nifty Technical Outlook, Rajesh Palviya said: “On the daily chart, the index has formed a bearish candle with a long upper shadow indicating selling pressure and resistance near 200 DMA. is approaching a bullish gap area between 16746-16653 which may act as crucial support.The index is moving into an upper lower and lower lower formation on the daily chart, indicating a negative bias.The chart pattern suggests that if the Nifty breaks and holds above the 17000 level, it would witness a buy, which will lead the index towards the 17150-17300 levels.The important support for the day is around 16800. However, if the index is holding below 16800, it could witness some profit booking, which would take the index towards the 16650-16500 levels.

Palviya said that Nifty is trading below the 20 and 50 day SMA, indicating a short-term negative bias. Nifty continues to remain in a short-term uptrend, so buying on the dips continues to be our preferred strategy.

On the Bank Nifty Technical Outlook, Rajesh Palviya said: “On the daily chart, the index has formed a small bearish candle with shadows on the upper shadow, indicating resistance at a higher level. The index is moving in an upper and lower lower formation on the daily chart, indicating a negative bias.The chart pattern suggests that if Bank Nifty breaks through and holds above the 37900 level, it would witness a buy, driving the index towards the 38100-38300 levels Important support for the day is around 37600. However, if the index holds below 37600, then it could witness some profit booking, which would bring the index towards levels 37,500-37,300.”

Rajesh Palviya from Axis Securities said that Bank Nifty is trading below the 20, 50-day SMA, indicating a negative bias in the short to medium term. Bank Nifty continues to remain in a medium to long-term uptrend, so buying dips continues to be our preferred strategy.

Buy or sell stocks for today

As mentioned above, Rajesh Palviya of Axis Securities recommended 3 stocks to buy today. Here we list the details regarding the actions of Rajesh Palviya for day traders:

1]Asian paintings: buy on 3568 target 3640, stop loss 3515;

2]Aditya Birla Fashion and retail: buy on 330 target 345, stop loss 332; and

3]KIMS: Buy on 1390 target 1440, stop loss 1360.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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