Stocks to buy: Rajesh Palviya of Axis Sec suggests Swiggy, Wipro, Bharti Airtel shares today - 20 June

Stock market today: India's stock indices opened slightly higher on Friday, driven by financial sector gains after the central bank relaxed project financing regulations, though rising tensions between Israel and Iran limited further increases.

As of 9:23 IST, the Nifty 50 had increased by 0.17% to reach 24,836.15, while the BSE Sensex climbed by 0.22% to 81,540.81. Global market sentiment remained weak following reports of Israeli strikes on Iranian nuclear facilities, which led to retaliatory missile and drone attacks by Iran.

The White House announced that President Donald Trump would make a decision within two weeks regarding US military support for Israel.

Rajesh Palviya of Axis Securities recommends Swiggy Ltd, Wipro Ltd, and Bharti Airtel Ltd. Here's what Palviya says about the overall market.

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

Nifty 50

In the previous session, Nifty 50 closed at 24,793, experiencing a modest dip of 19 points. The daily chart painted a picture of uncertainty, showing a Doji candlestick that signifies a standoff among market participants, where bullish and bearish forces struggle for dominance.

Accompanying this was a small negative candle, adorned with subtle upper and lower shadows, further hinting at a period of turbulent, sideways movement. After a sequence of climbing peaks in recent weeks, Nifty 50 now appears to have formed a new lower peak at 24,982, signaling a potential weakening as it transitions from higher highs to lower highs. Presently, Nifty 50 is hovering near an immediate support level of 24,700.

Should it slip below this crucial support, it could tumble toward the next support level at 24,500-24,400 in the near term. Conversely, if it manages to break through and hold above the resistance level of 25,000, it could ignite a wave of renewed buying enthusiasm, breathing fresh life into the market atmosphere.

Swiggy Ltd Cmp: ₹373

On the daily and weekly charts, Swiggy share price has experienced a trend reversal, forming a series of higher tops and bottom formations. The stock is well placed above its 20, 50 and 100-day SMAs, which reconfirms a bullish trend. The past couple of months' rising volumes signify increased participation. The daily and weekly strength indicator RSI indicates rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹405-435, and its downside support zone is the ₹360-345 levels.

Wipro Ltd Cmp: ₹265

On the daily and weekly charts, the stock has experienced a trend reversal, forming a series of higher tops and bottom formations. The 20 and 50-day SMA positive crossover signifies bullish sentiments and a positive trend. The past couple of weeks have seen rising volumes indicating increased participation. The daily and weekly strength indicator RSI indicates rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹276-290, and its downside support zone is the ₹257-255 levels.

Bharti Airtel Ltd Cmp: ₹1,875

Bharti Airtel share price is in a strong uptrend across all time frames; however, for the past couple of months, the stock has been consolidating within 1900-1800 levels, representing sideways movement. And hence any either side breakout may indicate further direction. As the stock is well placed above its 20, 50, 100 and 200-day SMAs and these averages are also inching up along with prices, which signals a higher probability for a range upward breakout. The daily, weekly and monthly strength indicator RSI indicates rising strength.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is 1,950-2,000, and its downside support zone is the 1,840-1,800 levels.

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