Shares to buy or sell: Rajesh Palviya of Axis Securities suggests Angel One, Godawari Power, PNB Housing today - 4 April

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, dipped on Friday as technology shares continued their downward trend amid concerns that a recession in the US could impact growth potential.

The Sensex dropped by 509.54 points to reach 75,785.82 during early trading, while the Nifty 50 decreased by 146.05 points to settle at 23,104.05.

The United States announced a standard tariff of 10% on all imports and implemented increased reciprocal tariffs on trading nations that maintain a trade surplus with the US. India faced a retaliatory tariff of 27%, which is lower than the tariffs imposed on China at 34%, Vietnam at 46%, and Bangladesh at 37%.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, notes that markets are experiencing significant uncertainty that is likely to persist for a while. A trade conflict initiated by Trump, along with potential retaliatory tariffs from China, the EU, and other nations, is on the horizon. This situation will prolong the uncertainty and confusion within the market. It seems that a decline in global trade and a slowdown in global growth are unavoidable in the current scenario.

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

Nifty 50

In the past 6-7 sessions, the benchmark has extended its profit booking towards 23,100 levels, which remains a crucial support zone. The index is well placed above its 20 and 50-day SMA, which signals bullish sentiments. On the upside, the index is expected to extend its rally towards the 23,800-24,000 levels. The crucial support zone is located around the 23,200-23,000 levels. The weekly strength indicator, RSI, is in positive territory, indicating rising strength on the weekly chart.

Angel One Ltd Cmp: ₹2,454

On the daily chart, Angel One shares has confirmed a "flag" – a continuation price formation at 2,400 levels with huge volumes. The stock is well positioned above its 20- and 50-day SMAs, which reinforces bullish sentiment. The daily and weekly RSI strength indicators are in favorable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 2,600-2,800, and its downside support zone is the 2,400-2,300 levels.

Godawari Power and Ispat Ltd Cmp: ₹205

On the daily chart, Godawari Power shares has decisively broken out of its three-month "multiple resistance" zone of 192 levels on a closing basis. This breakout is accompanied by huge volumes, which show increased participation. The stock is well-positioned above its 20-, 50-, and 100-day SMAs, which reconfirms bullish sentiment. The daily and weekly RSI strength indicators are in favorable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹225-235, and its downside support zone is the ₹198-192 levels.

PNB Housing Finance Ltd Cmp: ₹939

On the daily chart, PNB Housing shares has confirmed a breakout from a "down-sloping channel" around the 880 level, accompanied by significant volumes. The stock is well positioned above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with the rising price, which reconfirms a positive bias. The daily Bollinger Bands buy signal signifies increased momentum. The daily and weekly RSI strength indicators are in favorable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,015-1,085, and its downside support zone is the ₹900-870 levels.

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.