Investment Insights: Recommended Stocks for Next Week
Rajesh Palviya of Axis Sec suggests Sun Pharma, Chennai Petro, Great Eastern Shipping shares to buy next week
Mint
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Rajesh Palviya, Senior Vice President of Technical and Derivatives Research at Axis Securities, recommends buying shares of Sun Pharmaceutical Industries Ltd, Chennai Petroleum Corporation Ltd, and Great Eastern Shipping Company Ltd for the upcoming week. These stocks show bullish trends and potential upside, despite a recent market downturn.
- 01Sensex fell by 582.86 points, closing at 76,913.50.
- 02Nifty 50 is consolidating between 23,600 and 24,600 levels.
- 03Sun Pharma shows potential upside of ₹1,950-₹2,050.
- 04Chennai Petroleum has bullish sentiment with an expected upside of ₹1,200-₹1,270.
- 05Great Eastern Shipping confirms a strong uptrend with an expected upside of ₹1,650-₹1,750.
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On Thursday, the benchmark stock indices in India experienced a decline, with the BSE Sensex dropping by 582.86 points to close at 76,913.50 due to rising crude oil prices and foreign fund withdrawals. The Nifty 50 index also fell by 180.10 points, closing at 23,997.55. Despite this downturn, Rajesh Palviya from Axis Securities suggests three stocks for investors to consider buying next week.
Sun Pharmaceutical Industries Ltd, currently priced at ₹1,810, is on the verge of a breakout and has an expected upside of ₹1,950-₹2,050. Chennai Petroleum Corporation Ltd, priced at ₹1,123, has recently surpassed resistance levels and is expected to rise to ₹1,200-₹1,270. Lastly, Great Eastern Shipping Company Ltd, at ₹1,580, is in a strong uptrend with an anticipated upside of ₹1,650-₹1,750. Investors are encouraged to buy, hold, and accumulate these stocks as they show bullish indicators across various time frames.
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Investors could benefit from potential gains in the recommended stocks, which may lead to increased portfolio value. However, they should remain cautious due to the current market volatility.
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