Rajesh Palviya The stock market has seen a decline again today. The Sensex broke over 400 points and the Nifty also fell around 145 points. Selling of foreign investors and weak trends in Asian markets have also affected the sentiments of domestic investors. Although the purchase of domestic investors is still going on, there is an atmosphere of fear and uncertainty in the market.
Rajesh Palwia’s opinion and Nifty’s attitude
Rajesh Palviya, technical expert of Axis Securities, believes that there is a need to be vigilant in the market at the moment. He said that the level of 25,300 to 25,500 for the Nifty 50 is a supply area from where a decline can be seen.
At the same time, 25,000 and 24,900 levels are considered important support at the bottom. If these levels break, the Nifty can also go up to 24,500. Indicators like technical charts and RSI are also pointing to weakness.
Jindal Steel Purchasing with Strong Technical Breakout
Rajesh Palviya has first advised to buy Jindal Steel and Power. The stock, running around ₹ 1,005, had a level of ₹ 990 several times, which has now been crossed with heavy volume. This indicates that it may lead to further faster. Trading all the necessary moving averages, this stock can now go from ₹ 1,085 to ₹ 1,200. For this, the level of ₹ 980-₹ 960 remains strong support.
Strong returns of shares in the world of Ipka Labs drugs
IPCA Laboratories have recently broken 6-7 months of hard resistance and now the bulls are shown. This stock is trading at ₹ 1,552 and is above all the necessary moving averages. If you hold it or are thinking of buying, you can get a rally from ₹ 1,650 to ₹ 1,760. There is a strong support of ₹ 1,500- ₹ 1,440 at the bottom.
Rain industries golden opportunity for small investors
Rain Industries is trading at ₹ 161 and after a five -month consolidation it has a big breakout. This stock is now showing a target ranging from ₹ 170 to ₹ 185 and its RSI is also positive in all timeframes. It can become a great option for investors who are looking for low -priced strong shares.
Disclaimer: This article has been written only for the purpose of information. Do not consider any stock or investment advice given in it as a suggestion to purchase. Be sure to consult your financial advisor before investment. Investment in the stock market is subject to risks.
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