Top Stock Recommendations: Osho Krishan of Angel One Suggests Buying FDC and Hi-Tech Pipes Today

Stock Market News: The Sensex and Nifty 50 opened lower on Thursday. Weak global signals and poor quarterly results from Axis Bank added to the negative mood caused by the government’s tax hikes on equity gains and derivatives trading.

At 9:53 AM, the Nifty 50 was down 0.65% to 24,254.75, and the Sensex dropped 0.61% to 79,668.04.

Global markets are clearly negative, says Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The Nasdaq saw a big drop of 3.64%, its biggest fall in 2024. Most of the selling happened in tech companies, which had been leading the US market. The proposed capital gains tax increase in India’s budget was also not well received. Even with a 24% rise in Nifty earnings in FY24, there are signs of slowing corporate profits.

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

Technically, not much has changed in Nifty 50’s daily chart. There’s support around the 20 EMA in the 24,250 – 24,300 zone. Prices have bounced twice from this area since budget day, making it important for bulls. Although the main indices are seeing profit-booking, many individual stocks are performing well, showing strong moves. Traders are focusing on stocks outside the index, which is expected to continue.

For the monthly expiry session, we expect Nifty 50 to trade within a range. The 24,300 – 24,250 zone is likely to act as support. If it falls below this, the panic low of 24,050 from the budget day could be tested. On the upside, 24,600 is a tough barrier, and 24,850 remains hard to cross. Traders should watch these levels and set their trades accordingly.

Top Stock Recommendations For Thursday by Osho Krishan

FDC Ltd

FDC’s price has increased recently after retesting its breakout point at the 50-day EMA. After a brief drop from its all-time high, the stock is showing strength and could move higher. Indicators like the 14-period RSI are positive, suggesting an upward trend.

• Buy FDC around ₹500
• Stop loss: ₹470
• Target: ₹550-560

Hi-Tech Pipes Ltd

Hi-Tech Pipes has been growing steadily, forming a rounding pattern after dropping from a high of 170. It is trading above its major EMAs and could test its all-time high. Recent volume increases and a positive 14-period RSI suggest a strong uptrend.

• Buy Hi-Tech Pipes on dips around ₹142-140
• Stop loss: ₹126
• Target: ₹170