Stock In Focus: Rajesh Palviya Of Axis Securities Recommends Three Stocks For Explosive Growth

Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, noted that the Nifty 50 reached a new high of 23,000 but follow-up buying is missing. He suggests a buy-on-dip approach, expecting key indices to consolidate while broader markets may continue to perform well. He advises booking profits before the key election results, as there is strong resistance between 23,100 and 23,200.

Nifty 50 Outlook by Rajesh Palviya, SVP, Axis Securities

The Nifty 50 hit a new high at 22,993, showing strong bullish sentiment. The index continues to rise, forming higher tops and bottoms, indicating a bullish trend. It broke out of a three-month consolidation resistance at 22,800, which is a positive sign. Short-term support is around 22,800–22,500, and the index might rally to 23,000–23,300 soon.

The current series saw a long buildup, with the Nifty gaining 1.56% (350 points) and open interest increasing by 35%. Options data for the monthly expiry on May 29 shows high open interest at the 23,200 and 23,500 call strikes, indicating resistance, while 22,500 and 22,700 put strikes indicate support. The key level is 23,000.

Stock Recommendations by Rajesh Palviya

Infosys Ltd (CMP: ₹1,471)

Infosys has broken out of a four-week consolidation at 1460, with high volumes indicating increased participation. This breakout suggests a short-term trend reversal. Buying support was seen at the 20-day SMA (1,434), confirming a bullish trend. The RSI indicator is also bullish, suggesting rising strength. Investors should buy, hold, and accumulate Infosys, with an expected upside of 1,530-1,600 and downside support at 1,450-1,430.

In the May series, Infosys saw a price gain of 1.12% and a 2.11% increase in open interest, indicating a long buildup. High open interest at the 1,500 call strike suggests resistance, with strong support at 1,440 and 1,400. Unwinding at the 1,440 and 1,460 call strikes further supports a positive outlook.

Bajaj Finance (CMP: ₹6,600)

Bajaj Finance has been around its previous breakout zone of 6,600. The stock has regained its 20-day SMA and rebounded sharply. The RSI indicator is bullish, indicating rising strength near the support zone. Investors should buy, hold, and accumulate Bajaj Finance, with an expected upside of 7,000-7,185 and downside support at 6,700-6,600.

In the May series, Bajaj Finance saw a 1.36% price gain (92 points) and a 1% increase in open interest, indicating a long buildup. High open interest at the 7,000 call strike suggests resistance, with support at 6,500 and 6,700.

ACC Ltd (CMP: ₹2,613)

ACC Ltd has broken above a four-month downtrend line resistance at 2,560 with high volumes, indicating strong buying interest. The stock has regained its 20, 50, and 100-day SMAs and rebounded sharply. The RSI indicator is bullish, indicating rising strength. Investors should buy, hold, and accumulate ACC, with an expected upside of 2,700-2,750 and downside support at 2,550-2,500.

Rajesh Palviya’s recommendations reflect strong bullish trends and potential growth in these stocks, making them solid picks for investors.