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

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, saw a modest uptick on Friday, influenced by positive momentum from Asian markets following statements from US President Donald Trump advocating for lower interest rates. However, concerns regarding a slowdown in domestic earnings tempered the gains.

As of 9:53 IST, the Nifty 50 dropped by 0.18% to reach 23,162.70 level, while the Sensex slipped 0.18% to 76,380.42. According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the resilience of the US markets, with the S&P 500 hitting record highs and the 10-year US bond yield holding strong at around 4.65%, is likely to continue affecting the Indian market dynamics. Furthermore, Foreign Institutional Investors (FIIs) are anticipated to keep selling, which may pressure large-cap stocks, particularly in the banking sector.

On a more positive note, the upcoming Q3 results for IT companies and optimistic management commentary hint at improving prospects within that sector, indicating it may be a safer investment option for the time being.

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

Nifty 50

On the daily and weekly time frames, the benchmark index continues to extend its downtrend, forming a series of lower tops and bottoms. The index is sustaining below its 20,50, 100, and 200-day SMA, which reconfirms the overall bearish trend. The short-term outlook remains weak from current levels, with an expected supply zone of 23,500-23,800, whereas the crucial support zone is around 23,000. Any violation of the same may cause further weakness towards the 22,500-22,000 levels in the upcoming month.

Zensar Technologies Ltd Cmp: 841

With 12% substantial gains, Zensar Technologies has surpassed the past 5-6 months' multiple resistance zone of 820-825 levels on a closing basis, indicating a resumption of the prior uptrend. The stock has recaptured its 20, 50, 100, and 200-day SMA and rebounded sharply, which reconfirms bullish sentiments. Huge volumes on this breakout signify increased participation. The daily and weekly strength indicator RSI is in favourable terrain, indicating rising strength.

Investors should buy, hold, and accumulate this stock. Its expected upside is 960-1050, and its downside support zone is 800-750.

Ambuja Cements Ltd Cmp: 550

Ambuja Cements has witnessed a short-term trend reversal on the daily chart, indicating bullish sentiments. It is well placed above its 20 and 50-day SMA, reconfirming the bullish trend. The daily and weekly strength indicator RSI is in favourable terrain, indicating rising strength.

Investors should buy, hold, and accumulate this stock. Its expected upside is 580-600, and its downside support zone is 535-525.

Eicher Motors Ltd Cmp: 5,118

Eicher Motors is in a strong uptrend, forming a series of higher tops and bottoms, indicating a bullish trend. The stock is well placed above its 20, 50, 100, and 200-day SMA, which reconfirms bullish sentiments. Huge rising volumes signify increased participation. On the monthly chart, the stock has confirmed a "consolidation" breakout at 5,050 levels on a closing basis, which shows a positive bias.

Investors should buy, hold, and accumulate this stock. Its expected upside is 5,400-5,550, and its downside support zone is 5,000-4,930.

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.