Stock market recommendations: In accordance to Bajaj Broking Analysis, ONGC and Crompton Greaves Client Electricals are the highest inventory picks for as we speak. Right here’s its view on Nifty, Financial institution Nifty and the highest inventory picks for February 21, 2025:
Index View: NIFTY
The Index has been consolidating with excessive volatility over the previous 4 periods, buying and selling in a broad vary of 22,700-23,050, forming a base after the current sharp decline. On Thursday, the index fashioned a small bull candle, highlighting inventory-particular actions amid consolidation.
Wanting forward, we anticipate the index to proceed constructing this base. Throughout this section, dips towards the 22,800–22,700 vary must be thought of shopping for alternatives. A breakout above 23,050 would open the door for additional upside, probably reaching the 20-day EMA, at present round 23,250. Nonetheless, volatility is predicted to stay excessive due to ongoing issues over US tariff-associated points. A breakdown under the 22,700-assist degree may set off additional declines towards 22,500-22,400.
In the course of the present week, the market breadth indicator exhibits excessive pessimism, with the share of stocks above the 50 SMA and 200 SMA throughout the Nifty 500 Universe coming into a bearish excessive zone with readings of 07 & 13 respectively. Traditionally, such readings have marked a shift in downward momentum, typically main to a sturdy backside within the weeks that observe. In consequence, buyers ought to concentrate on accumulating high quality stocks on dips, supported by robust earnings.
Moreover, silver linings within the present corrective section embrace a cooling of the US Greenback index, which is on the verge of breaking down under 106.5, and a possible easing of geopolitical tensions, each of which may present stability and assist a pullback rally within the coming weeks.
NIFTY BANK
Over the previous month, Financial institution Nifty has outperformed Nifty, consolidating inside a variety. Final week, the index fashioned a base across the assist zone of 48,500–48,300, which aligns with the bullish hole from January 28, 2025, and the 80% retracement of the current uptrend (47,844–50,641).
We anticipate the index to proceed consolidating over the following few weeks inside a broad vary of 50,600–48,000. The final six weeks of base formation close to the decrease band of a two-yr rising channel counsel the index is probably going to resolve greater. We anticipate Financial institution Nifty to transfer towards 51,600, the 61.8% retracement of the earlier decline (53,888–47,844), with 48,000 offering rapid assist. Volatility stays elevated due to ongoing US tariff-associated issues.
Stock Recommendations:
ONGC
Buy within the vary of Rs 237-242
The inventory is witnessing shopping for demand after forming base on the key assist space of 225-235 thus gives contemporary entry alternative with a positive danger-reward arrange. The key assist of 225-235 is the confluence of the 100 weeks EMA and the earlier a number of lows of CY24.
Among the many oscillators, the each day RSI has not too long ago generated a buy sign thus validates optimistic bias. We anticipate the inventory to head greater in the direction of 473 within the coming weeks being 61.8% retracement of earlier main decline (526-410).
Crompton Greaves Client Electricals
Buy within the vary of Rs 330-337
The inventory after current sharp decline is witnessing shopping for demand from the assist space of 320-330 being the confluence of earlier breakout space of Could 2024 and falling trendline assist becoming a member of lows of August & November 2024.
The inventory on Thursday session has generated a breakout above final three periods vary signaling resumption of up transfer. We anticipate the inventory to head greater in the direction of 365 ranges within the coming weeks being the confluence of earlier swing excessive and 50 days EMA.
Disclaimer: The opinions, analyses and recommendations expressed herein are these of brokerage and don’t replicate the views of The Times of India. At all times seek the advice of with a professional funding advisor or monetary planner earlier than making any funding selections.
Source link
#Top #stocks #buy #as we speak #Stock #recommendations #February #Times #India
