Vedanta, NMDC & Biocon: What Rajesh Palviya of Axis Securities says on these 3 stocks

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday said 'buy on dip' is the clear strategy at this moment as very strong bull run is going on in market. Support for the Nifty index could be seen at 20,900, he told Busines Today TV. On the stock-specific front, the market expert selected NMDC Ltd as one his top picks for the day. The stock is looking clearly bullish. One can buy NMDC shares for target prices of Rs 198-204, keeping stop loss placed at Rs 186, Palviya said. The stock was last seen trading 0.23 per cent higher at Rs 192.15.

The next counter which the market expert selected was Vedanta Ltd. "The stock is looking promising and it is on averge of giving a breakout. Vedanta shares may move towards the Rs 265-270 zone in the near term. Keep stop loss at Rs 247," Palviya stated. Vedanta shares rose 0.19 per cent today to trade at Rs 192.

Palviya also liked Biocon Ltd. "The stock can scale up to targets of Rs 268-275. One can buy Biocon shares with a stop loss of Rs 240," the expert stated. The stock was down 0.60 per cent at Rs 247.75.

Meanwhile, Indian equity benchmarks rose sharply to hit their fresh all-time high levels today amid strong global cues. The 30-share BSE Sensex pack surged 955 points to hit a lifetime high of 70,540 while the broader NSE Nifty index moved 263 points up to touch a record high of 21,189.55. Broader market (small- and mid-cap shares) were also positive.

Asian markets were mostly up today. Overnight, Wall Street equities settled with decent gains. The rise came after the US Federal Reserve acknowledged it is making "real progress" in easing inflation, while maintaining a rate pause.

Fed chair Jerome Powell said the central bank is aware of the risks of keeping rates higher for too long and lowering them too late, bolstering expectations of a rate cut in early 2024.

Back home, foreign portfolio investors (FPIs) bought Indian shares worth Rs 4,710.86 crore on a net basis during the previous session while domestic institutional investors (DIIs) sold shares worth Rs 958.49 crore.

12 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Bank and Nifty Financial Services were outperforming the NSE platform by rising as much as 3.01 per cent, 1.21 per cent and 1.26 per cent, respectively. However, Nifty Pharma, Nifty Healthcare and Nifty Media slipped.

Domestic IT stocks zoomed today as they earn a significant share of their revenue from the US.

On the stock-specific front, Tech Mahindra was the top gainer in the Nifty pack as the stock jumped 3.73 per cent to trade at Rs 1,261.5. HCL Tech, LTIMindtree, Wipro and Bajaj Finance gained up to 3.19 per cent.

In contrast, PowerGrid, BPCL, Cipla, Nestle India and Sun Pharma were among the top laggards.

The overall market breadth was positive as 2,199 shares were advancing while 765 were declining on BSE.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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