Stocks to buy: Rajesh Palviya of Axis Sec suggests Inox Wind, Hero MotoCorp, Triveni Engg shares for today - 25 April

Stock market today: Equity benchmark indices Sensex and Nifty 50 saw a rebound in early trading on Friday, fueled by ongoing foreign fund investments and a surge in global markets. However, they struggled to maintain this upward trend and were later trading lower, primarily weighed down by Axis Bank.

In the initial trade, the 30-share BSE benchmark index rose by 329.23 points to reach 80,130.66. The Nifty 50 also increased by 118.75 points, reaching 24,365.45.

Despite this initial surge, both benchmark indices eventually relinquished their early gains and were trading down. The BSE benchmark index was down by 174.24 points at 79,627.19, while the Nifty 50 was 94.35 points lower at 24,152.35.

Dr. VK Vijayakumar, the Chief Investment Strategist at Geojit Investments Limited, pointed out that the market currently faces both favourable and unfavorable conditions. A significant positive factor is the ongoing buying by foreign institutional investors (FIIs), which has reached a total of ₹29513 crores over the past week.

Further, Vijayakumar added that this signifies a complete shift from the previous trend of investing in US stocks during times of a strong dollar. Given that FII buying is expected to continue, bearish investors will likely avoid short-selling the market. Another supportive factor is the comment made by US Treasury Secretary Scot Bessent, indicating that “India is anticipated to be the first country to finalize a bilateral trade agreement with the US.”

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

Nifty 50

With the past couple of weeks' rally, the benchmark index has observed a "V" shape recovery, indicating bullish sentiment. The index is firmly placed above its 20,50,100 and 200-day SMA (24052), which signals bullish sentiments on a higher time frame. On the upside, the index is expected to extend this momentum towards the 24,800-25,000 levels. The crucial support zone is located around the 24,000-23,800 levels; hence, any minor correction around this remains a buying opportunity for traders. The daily and weekly strength indicator, RSI, is in positive territory, indicating rising strength.

Inox Wind Ltd Cmp: ₹182

With the current close, the stock has decisively broken out past four months' "multiple resistance" zone of 178 levels on a closing basis, indicating a strong comeback of bulls. This breakout is accompanied by huge volumes, signifying increased participation. The stock has formed a trend reversal on the daily and weekly charts, forming higher tops and bottoms. The stock is sustaining above its 20-by-50 and 100-day SMA reconfirms the bullish trend. The daily "band Bollinger" buy signal suggests increased momentum.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 200-218 and its downside support zone is the 173-165 levels.

Hero MotoCorp Ltd Cmp: ₹3,962

On the weekly chart, the stock has decisively surpassed its seven-month "down-sloping trendline" at 3,750 levels on a closing basis. This confirms the short-term trend reversal. The daily "band Bollinger" buy signal suggests increased momentum. The daily and weekly strength indicator RSI is in favourable territory, indicating rising strength. The stock is sustaining above its 20-by-50 and 100-day SMA, which reconfirms the bullish trend.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 4,250-4,400 , and its downside support zone is the 3,830-3,750 levels.

Triveni Engineering & Industries Ltd Cmp: ₹436

On the daily chart, the stock has confirmed a "rounding bottom" formation breakout at 420 levels on a closing basis, indicating positive bias. Huge volume spurt signifies increased participation at the breakout zone. The daily "band Bollinger" buy signal suggests increased momentum. The stock is well positioned above its 20, 50,100 and 200-day SMAs, which reconfirms bullish sentiment. The daily, weekly, and monthly strength indicator RSI is in favourable territory, indicating rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹485-513, and its downside support zone is the ₹413-400 levels.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.