Shares to buy or sell: Rajesh Palviya of Axis Securities suggests THESE three stocks to buy, hold, and accumulate today

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, opened lower on Friday, impacted by losses in IT stocks after Accenture cautioned about limited discretionary spending in the United States. IT stocks, which rely heavily on revenue from the US, fell by 2%, with Tata Consultancy Services, Wipro, HCL Technologies, and Infosys declining between 1.5% and 2.5%.

On Thursday, global IT consultancy firm Accenture indicated that discretionary spending in the United States had been reduced due to heightened macroeconomic uncertainties. In early trading, the Sensex fell by 252.8 points to 76,095.26, while the Nifty 50 decreased by 57.85 points to 23,132.80.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned that the market rally this week, which saw the Nifty increase by 3.5%, has occurred amid rising trade tensions, with expectations of more developments as reciprocal tariffs take effect on April 2nd.

The primary catalyst for this rally is the influx of buying by foreign institutional investors in the cash market over the past two days and, perhaps more importantly, a notable reduction in their short positions alongside an uptick in long positions in the futures market. This shift seems to have instilled confidence in retail investors, who have returned to purchasing in the broader market, reflected in the strong rebound of the mid and smallcap indices.

Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities

Nifty 50

In the past 2-3 weeks, the benchmark index has shown strong buying momentum and short covering at lower levels, leading to its close above the psychological resistance level of 22,800. The Nifty 50 index is positioned well above its 20-day and 50-day simple moving averages (SMAs), which reinforces a short-term positive outlook. Additionally, the index has decisively broken through the downsloping trendline resistance from the past 6-7 months on a closing basis, indicating a trend reversal. Currently, the crucial support to monitor is around the 23,000-22,800 levels. On the upside, the index is expected to extend its rally towards the 23,500-23,800 levels.

Torrent Power Cmp: ₹1,464

Torrent Power share price has experienced a trend reversal on the daily chart, characterized by a series of higher highs and lower lows. It has also decisively broken out of the past six months’ “down-sloping trendline” on a closing basis, which reconfirms bullish sentiments. The daily “band Bollinger” buy signal signifies increased momentum. The daily and weekly RSI strength indicators are in favourable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,600-1,700, and its downside support zone is ₹1,400-1,355.

Bharat Dynamics Cmp: ₹1,245

Following the upward move in the past couple of sessions, Bharat Dynamics share price has surpassed its multiple resistance zone of 1,160 levels on a closing basis. This breakout is accompanied by huge volume switch signals and increased participation. The stock is well positioned above its 20-, 50-, and 100-day SMAs, which reconfirms a positive bias. The daily and weekly RSI strength indicators are in favourable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,350-1,460, and its downside support zone is ₹1,190-1,150.

Jindal Saw Cmp: ₹285

With the current close, Jindal Saw share price has strongly broken out “rounding bottom” formation at 275 levels on a closing basis. This breakout is accompanied by a large volume, indicating increased participation. The positive crossover of the 20- and 50-day Simple Moving Averages (SMA) signifies bullish sentiment. The daily and weekly RSI strength indicators are in favourable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹300-320, and its downside support zone is ₹272-262.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.