Stocks to buy or sell: Frontline indices, the Sensex and the Nifty 50, extended losses for the fourth consecutive session on Thursday, on the weekly expiry day, amid concerns over lingering geopolitical uncertainties and elevated crude oil prices.
Technically, the Nifty continues to face a hurdle on rebound, indicating weakening near-term structure.
According to Ajit Mishra, SVP of Research at Religare Broking, the 23,800 zone remains an important near-term support, and a decisive break below this level could reopen the downside towards the 23,700–23,600 zone.
On the upside, the 24,000–24,150 region is likely to act as the resistance zone, said Mishra.
“Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach with a strong focus on risk management,” said Mishra.
Stock recommendations
LIC Housing Finance | LTP: ₹554 | Buy | Target price: ₹593 | Stop loss: ₹535
According to Mishra, shares have witnessed a strong recovery from its support zone around ₹480 levels and reclaimed its key moving averages.
The recovery has been supported by strong volumes, with the stock inching towards the upper band of a broader triangular formation.
The stock is now on the verge of a breakout above the upper trend line, which would mark the end of the corrective phase and signal further acceleration in the recent up move.
“The positive price and volume action, along with the reclaiming of key averages and improving momentum indicators, suggest strong upside potential. Investors may consider accumulating the stock within the mentioned range,” said Mishra.
PB Fintech |LTP: ₹1,870 | Buy | Target price: ₹2,030 | Stop loss: ₹1,790
Mishra underscored that shares exhibit a robust bullish structure, supported by a decisive recovery from its support zone, coinciding with the 200WEMA.
The stock has broken out of a triangular pattern, indicating continuation of the prevailing uptrend.
It has also reclaimed and sustained above key moving averages, confirming improving trend strength and renewed buying interest.
“The recent upside breakout, accompanied by higher trading volumes, further validates the strengthening momentum and indicates healthy accumulation. Investors may consider accumulating the stock within the recommended buying range,” said Mishra.
Voltas | LTP: ₹1,175.20 | Sell Futures | Target price: ₹1,105 | Stop loss: ₹1,210
Mishra pointed out that after a prolonged multi-month consolidation, stock has broken out of its established range on the downside and slipped below its long-term weekly moving average, i.e. 200WEMA.
It is now trading below all its key weekly and daily moving averages, indicating sustained weakness in the price structure.
“The fresh breakdown from the consolidation base suggests a failure to reverse the prevailing trend, increasing the likelihood of further downside. Traders can look for shorting opportunities through futures,” said Mishra.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.