Rajesh Palviya’s Top Picks: Bank Nifty Set for Gains, Ajanta Pharma and ICICI Bank Among Week’s Hot Stocks

For the upcoming September series, Rajesh Palviya of Axis Securities has shared his insights on the market outlook and top stock picks.

Market Outlook for September

Palviya expects Nifty to trade within a range of 24,800 to 25,600 during the September series. He believes the current momentum in the market is likely to continue, especially given the strong buying activity that has been driving the market higher. Bank Nifty, he notes, has a key resistance level at 51,500. If this level is crossed, it could trigger further gains, potentially pushing Bank Nifty up to 52,000.

Sector Highlights

According to Palviya, the pharma, metal, oil and gas, and FMCG sectors are showing strong signs of continued bullishness. He also highlighted that FIIs (Foreign Institutional Investors) have recently turned more positive, especially in the pharma and IT sectors. This could lead to further upward movement in these areas.

Top Stock Recommendations

For the week ahead, Palviya recommends the following three stocks:

Ajanta Pharma (Pharma Sector):

• Reason: The stock has recently broken out of a bullish pattern and shows strong potential for further gains.
• Target Price: ₹3,360
• Stop Loss: ₹3,185

UPL (Agrochemical Sector):

• Reason: After a period of underperformance, UPL has formed a solid base and is now showing signs of a strong upward move.
• Target Price: ₹620
• Stop Loss: ₹592

ICICI Bank (Banking Sector):

• Reason: ICICI Bank has been consistently moving higher over the past few weeks and is expected to continue this trend, potentially reaching its all-time high again.
• Target Price: ₹1,270
• Stop Loss: ₹1,205

Palviya’s recommendations reflect a positive outlook on the market, with a focus on sectors and stocks showing strong technical signals for continued growth.