Buy or sell: Rajesh Palviya of Axis Securities recommends to buy, hold, and accumulate Kalyan Jewellers India next week

Stock Market News: Domestic equity benchmark indices, the Sensex and Nifty 50, finished Thursday's session—the final trading day of the fiscal year 2024—with strong gains amidst favourable global cues. Nifty 50 zoomed around 30% in FY24, and Sensex surged about 28% in the same period. 

On Thursday, the 30-share BSE Sensex closed higher by 655.04 points or 0.90% at 73,651.35 level while the Nifty 50 closed at 22,326.90 level, up 203.25 points or 0.92%. Also, on the broader front, the small- and mid-cap segments wrapped with healthy gains. Smallcap ended 0.33% higher, and the BSE Midcap index increased by 0.62%.

Also Read: Stock market today: Nifty 50, Sensex jump almost 1% each; investors earn nearly ₹3 lakh crore in a day

The last trading day of the financial year at Dalal Street turned out to be a time for "window-dressing," a long-standing custom of money managers buying up stocks to improve their portfolios' performance before the financial year ended, explained Prashanth Tapse, Research Analyst, Sr VP Research of Mehta Equities. In light of this, stocks essentially roared like a lion. The positive aspect is that Thursday's trade closed strongly, which is consistent with the typical optimistic March-end pattern.

Dalal Street will remain closed today (March 29) on account of Good Friday.

A number of important data releases are anticipated in the next first week of April, including factory orders, US unemployment data, and PMIs for both the US and India. Market players will also be keeping a tight eye on signals related to policy rates, especially those issued by the Reserve Bank of India (RBI).

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Also Read: Shifting dynamics: New RBI rule raises alarms among currency derivatives traders

Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities

The benchmark index has witnessed a strong recovery from a recent low (21,710), indicating bullish sentiments. This rally is supported by a 50-day SMA 21954, which remains crucial in the near term. Since the past six weeks, the index has been consolidating within 22,500–21,800 levels, indicating a short-term sideways trend. Hence, any breakout from either side of the range will indicate further direction. On a breakout of 22,500–22,600 levels, the index may extend upside momentum towards 22,800–23,000 levels, said Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.

In the March expiry, Nifty 50 witnessed a long build-up with a price gain of 0.75% (167 points) and open interest gains of 22%, while the approximate rollover was seen at 66%. As per the options data for the April expiry scheduled for April 4th, the resistance is indicated at 22,500 and 22,600; while support is at 22,000 and 22,200, stated Palviya. 

Also Read: World markets today: US stocks rise slightly ahead of Easter break

Stock Recommendation For Next Week By Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.

Kalyan Jewellers India Ltd (CMP: ₹433.70)

The stock is in a strong uptrend across all the time frames, forming a series of higher tops and bottoms. The stock has also registered an all-time high at 439 levels, indicating bullish sentiments. The stock is well placed above its 20, 50, 100, and 200-day SMA, and these averages are inching up along with rising prices, which reconfirms the bullish trend. The daily, weekly, and monthly strength indicators of RSI are in positive terrains that show sustained strength. Huge volumes at this rally signify sustained participation. The daily and weekly "band bollinger" buy signals indicate increased momentum, said Rajesh. 

Investors should buy, hold, and accumulate this stock, with an expected upside of 455–475 and a downside support zone of 415–390 levels, advised Palviya.

Also Read: Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87

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 decisions.