Shares to buy today: Rajesh Palviya of Axis Securities recommends these three stocks to buy on Friday — Sept 27

Shares to buy today: Indian stock market indices Sensex and Nifty 50 have been hitting record highs, led by positive momentum in global equities that gathered pace after the US Federal Reserve’s outsized interest rate cut last week. On Thursday, cash market volumes on the NSE were 15% higher than the previous day. The broad market indices ended negatively even as the advance-decline ratio remained almost flat at 0.70:1.

Rajesh Palviya’s stock picks for Friday

Rajesh Palviya, SVP—Technical and Derivatives Research at Axis Securities, believes that bullish sentiment on Dalal Street is intact. The Axis Securities expert said that the nifty 50 index is heading towards 26,700 as the 50-stock index has formed a series of higher tops and bottoms.

Speaking on the outlook of the Indian stock market today, Rajesh Malviya said, “The benchmark index has reached an all-time high at 26250, showing bullish sentiments. The index continues to trend higher, forming a series of higher tops and bottoms, indicating a strong uptrend. The index has sustained above its 20-day SMA (25405), indicating a positive bias. The crucial support zone is around 26000-25800 levels, while on the upside, the index is likely to extend towards 26500-26700 levels.”

Regarding stocks to buy today, Rajesh Malviya recommended buying these three shares: Elecon Engineering, Apollo Tyres, and GAIL India.

Stocks to buy today

1] Elecon Engineering: On the daily chart, the stock has experienced a “rounding bottom” breakout at ₹690 on a closing basis. This breakout is accompanied by significant volumes, signifying increased participation. The stock is well positioned above its 20, 50, 100, and 200-day SMA, and these averages are also rising along with the price, confirming the bullish trend. The daily “Bollinger Bands” buy signal indicates increased momentum. Additionally, the daily, weekly, and monthly RSI strength indicators are in favourable terrain, justifying rising strength across all time frames.

Investors should buy, hold, and accumulate this stock, which has an expected upside of ₹755 and ₹800 and a downside support zone of ₹666 to ₹650.

2] Apollo Tyres: On the daily and weekly timeframes, the stock has confirmed a “multiple resistance” breakout at the ₹560 level on a closing basis. This breakout is accompanied by huge volumes, signifying increased participation. The daily and weekly Bollinger Bands indicate a buy signal, showing increased momentum. The daily, weekly, and monthly strength indicator RSI is in favourable terrain, justifying rising strength across all timeframes. Recently, the stock has recaptured its 20, 50, and 100-day SMA and rebounded sharply, confirming the bullish trend.

Investors should buy, hold, and accumulate this stock, which has an expected upside of ₹625 to ₹700 and a downside support zone of ₹545 to ₹528.

3] GAIL India: The stock has experienced a sharp rebound and significant trading volumes in the last five sessions, indicating a rapid recovery. This buying activity was observed from the multiple support zone around ₹210, which continues to be a crucial support area. The daily strength indicator RSI is in favourable terrain, suggesting increasing strength.

Investors should buy, hold, and accumulate this stock, which has an expected upside of ₹240 to ₹255 and a downside support zone of ₹225 to ₹220.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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