Rajesh Palviya's Top Stock Picks Amid Market Consolidation
2 top stock recommendations from Rajesh Palviya
The Economic TimesImage: The Economic Times
Indian equity markets ended the week flat amid volatility, with Rajesh Palviya from Axis Securities recommending Amber Enterprises India and CG Power and Industrial Solutions for positional traders. He noted resistance for the Nifty around 24,400 and highlighted ongoing strength in midcap and smallcap stocks.
- 01Nifty faces resistance at 24,400 with support at 24,000.
- 02Rajesh Palviya recommends Amber Enterprises India and CG Power and Industrial Solutions as top stock picks.
- 03The Bank Nifty is range-bound, facing resistance at 56,000.
- 04Midcap and smallcap stocks are showing strength, indicating potential for broader market breakout.
- 05The auto sector is performing well, with stocks like Bajaj Auto and Samvardhana Motherson International showing positive momentum.
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Indian equity markets closed the week with minimal movement, as benchmark indices struggled to break out of their narrow trading range. Rajesh Palviya from Axis Securities noted that the Nifty index is facing resistance near 24,400, with a support level at 24,000. He highlighted that the market is currently consolidating, with major call writing observed at 24,300 and 24,400 strike levels, while put base concentrations are at 24,000-24,100. Palviya also pointed out that the Bank Nifty is encountering supply pressure at the 56,000 mark, with expectations of it remaining trapped between 54,500 and 56,000 in the near term.
Despite the index's consolidation, Palviya remains optimistic about the broader market, particularly in the midcap and smallcap segments, which are showing signs of strength. He recommended two stocks for positional traders: Amber Enterprises India, targeting ₹9,200 with a stop loss at ₹8,700, and CG Power and Industrial Solutions, which has recently broken out of previous highs, with a target of ₹910-₹920 and a stop loss at ₹855. Additionally, the auto sector has shown strong performance, with stocks like Bajaj Auto and Samvardhana Motherson International expected to continue their upward trajectory.
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Investors may find opportunities in the recommended stocks, potentially enhancing their portfolios amid market volatility. The focus on midcap and smallcap stocks could lead to increased trading activity and investment in these sectors.
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