Rajesh Palviya of Axis Sec suggests Sun Pharma, Chennai Petro, Great Eastern Shipping shares to buy next week
Stock market news: Benchmark stock indices, Sensex and Nifty 50, finished almost 1% lower on Thursday as rising crude oil prices, weak global trends, and foreign fund withdrawals weighed on investor confidence.
The 30-share BSE Sensex fell by 582.86 points or 0.75%, closing at 76,913.50. At one point during the day, it dropped by 1,237.5 points, or 1.59%, to 76,258.86, but it regained some ground in the latter part of the session.
The Nifty 50 decreased by 180.10 points, or 0.74%, to close at 23,997.55.
The stock and forex markets are closed today (Friday, 1 May) on account of Maharashtra Day.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
For the past couple of weeks, the index has been consolidating between the 23,600 and 24, 600 levels, representing a short-term pause in its recent upmove. The index is well placed above the 20-day SMA of 23,881, which reconfirms a positive bias. The immediate support zone is around the 23,700–23,600 levels. On the upside, this momentum is likely to extend towards 24,500-24,800 levels.
Stocks to buy next week
Sun Pharmaceutical Industries Ltd Cmp: ₹1,810
Since October 2024, Sun Pharma shares has been consolidating between the 1,600 and 1,800 levels. However, based on recent weeks’ price action, the stock is on the verge of a “down-sloping trendline” breakout at the 1800 levels. Buying momentum has returned with huge volumes, indicating increased participation near the major support zone of 1,600–1,620. Currently, the stock is well above the 20, 50, 100 and 200-day SMAs, which reconfirms bullish sentiment. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1950-2050, and its downside support zone is the 1,760-1,730 levels.
Chennai Petroleum Corporation Ltd Cmp: ₹1,123
As the current week closes, Chennai Petroleum shares has decisively surpassed the multiple resistance zones around the 1,100 level on a closing basis over the past couple of years. This price formation has also taken the shape of an “inverse Head & Shoulder,” which indicates bullish sentiments.The stock is well placed above its 20, 50, 100 and 200-day simple moving averages (SMAs). These averages are also inching up with the price rise, which reconfirms bullish sentiment. The daily and weekly “Bollinger Band” buy signals indicate increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1,200-1,270, and its downside support zone is the 1,080-1,050 levels.
Great Eastern Shipping Company Ltd Cmp: ₹1,580
Great Eastern Shipping shares are in a strong uptrend across all time frames, forming a series of higher tops and bottoms. With the current weekly price action, the stock has also confirmed a “rounding bottom” formation, and huge volumes indicate increased participation. The daily and monthly “Bollinger Band” buy signals indicate increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1650-1750, and its downside support zone is the 1,530-1,500 levels.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
