Today, Rajesh Palviya, Senior Vice President of Technical and Derivatives Research at Axis Securities, recommends buying Laxmi Organic, Nippon Life, and Kopran stocks.
The Indian stock market opened lower today, with the Sensex and Nifty 50 falling slightly due to nervousness about upcoming US jobs data. At 9:50 AM IST, the Sensex was down 0.61% to 81,697.11, and the Nifty 50 index fell 0.6% to 25,001.05.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the US jobs data will affect the market’s short-term trend. While it’s expected that the Federal Reserve will lower interest rates at its September meeting, the exact cut will depend on the jobs data. If the jobs report shows weaker-than-expected numbers and a higher unemployment rate, the Fed might cut rates by 50 basis points. However, this might not be good news for the market, explained Vijayakumar.
Stock Market Tips and Nifty 50 Outlook by Rajesh Palviya, Axis Securities
The Nifty 50 index is currently in a strong uptrend, forming a pattern of higher highs and lows. It recently hit an all-time high of 25,333, reflecting a bullish sentiment. The index is well above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), indicating a continued uptrend. However, the Relative Strength Index (RSI) recently showed a negative divergence, which could mean weakening momentum. There is key support around 25,000. If this level is breached, there could be further profit-booking down to 24,800-24,500. Despite this, the major trend remains bullish, with a potential upside to 25,500-25,800.
For specific stocks, Rajesh Palviya recommends the following:
Laxmi Organic: The stock has reversed its trend and is moving higher, forming higher highs and lows. It recently reclaimed its 20-day SMA at 280 and bounced back strongly, confirming a bullish trend. It is also well above its downward-sloping trendline from the past few years. This rebound, with high volumes, indicates strong buying interest. The RSI on daily, weekly, and monthly charts is positive, indicating rising strength. Investors should buy, hold, and accumulate with a target of ₹350-385 and a support zone of ₹280-275.
Nippon Life: This stock is in a strong uptrend on all timeframes, showing bullish sentiment. It is trading above its 20, 50, 100, and 200-day SMAs, which are all rising with the price, confirming the bullish trend. The RSI is also positive across daily, weekly, and monthly timeframes, supporting the trend. The stock follows an upward-sloping channel, indicating sustained strength. Investors should buy, hold, and accumulate with a target of ₹735-785 and a support zone of ₹668-640.
Kopran Ltd (Current Market Price: ₹341): On the weekly chart, Kopran has confirmed a “Rounding Bottom” pattern at 295 on a closing basis. This breakout is supported by high volumes, showing increased interest. The weekly “Bollinger Band” buy signal also points to growing momentum. The RSI on daily, weekly, and monthly charts is positive, suggesting rising strength. The stock has broken through multiple resistance levels around 325, indicating bullish sentiment. Investors should buy, hold, and accumulate with a target of ₹385-435 and a support zone of ₹315-295.
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