Top Stock Picks Amid Nifty Decline: Insights from Angel One's Rajesh Bhosale
2 stocks to buy now: Why Angel One’s Rajesh Bhosale is betting on these counters despite Nifty slide
The Economic Times
Image: The Economic Times
Despite a decline in the Nifty index, Rajesh Bhosale (technical analyst at Angel One) identifies two stocks with strong buy signals: Sona BLW Precision Forgings and Multi Commodity Exchange (MCX). Bhosale suggests buying Sona at ₹590 and MCX at ₹2,900, with specific stop-loss levels for both.
- 01Nifty index shows resilience above the 20-day exponential moving average at 23,500.
- 02Rajesh Bhosale identifies Sona BLW Precision Forgings as a strong buy with a target of ₹590.
- 03MCX is trading near its all-time high, with a target of ₹2,900 after breaking previous resistance.
- 04Bhosale emphasizes focusing on individual stocks despite broader market consolidation.
- 05Market consolidation is expected until clarity on geopolitical issues emerges.
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As the Nifty index experiences a decline of over 1%, Rajesh Bhosale (technical analyst at Angel One) sees potential in specific stocks. He highlights Sona BLW Precision Forgings as a strong buy, recommending an entry at current levels with a target of ₹590 and a stop loss at ₹545. The stock recently broke above ₹550, indicating a bullish trend supported by strong trading volumes. Bhosale's second pick, Multi Commodity Exchange (MCX), is also showing positive momentum, having broken through a significant resistance level of ₹2,700. He recommends buying MCX with a target of ₹2,900 and a stop loss at ₹2,626. Bhosale advises investors to focus on these individual stocks while the Nifty consolidates, which he expects to continue until geopolitical uncertainties are resolved.
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Investors focusing on these stocks could benefit from potential price increases, especially if they follow Bhosale's recommendations.
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