The Indian stock market kicked off on a positive note, with both the Nifty 50 and BSE Sensex showing early gains. This optimistic sentiment, partly fueled by anticipation of a potential US-India trade agreement, has experts like Rajesh Palviya, SVP - Technical and Derivatives Research at Axis Securities, recommending a 'buy on corrections' strategy. For investors looking to capitalize on the current market momentum, understanding expert insights can be a valuable guide to navigating opportunities.
According to Palviya, the Nifty 50 index is currently exhibiting a strong uptrend, consistently forming higher tops and bottoms. Its position above key moving averages (20, 50, 100, and 200-day SMAs) further solidifies this positive bias. He anticipates this momentum could extend towards the 26,300-26,500 levels, suggesting that any short-term dips towards the 25,800-25,700 range should be viewed as strategic buying opportunities. The Relative Strength Index (RSI) across daily and weekly timeframes also indicates sustained strength, reinforcing the bullish outlook for the broader market.
Building on this positive market sentiment, Axis Securities has highlighted three specific stocks with promising technical indicators. **Shipping Corporation of India Ltd (CMP: ₹248)** is eyed for an upside of ₹285-305, having broken past key resistance levels with significant volumes. **Bharat Forge Ltd (CMP: ₹1,296)** has confirmed a bullish trend reversal with an inverse Head and Shoulder pattern breakout, targeting ₹1370-1400. Lastly, **Laurus Labs Ltd (CMP: ₹942)** is poised for a potential breakout at ₹944, showing strong uptrend across all timeframes with an expected upside of ₹1,050-1,100. Each recommendation is backed by strong volume participation, bullish Bollinger band signals, and favorable RSI, indicating robust buying interest. Remember, while expert opinions offer valuable guidance, it's always prudent to consult with your Fabits financial advisor before making any investment decisions to ensure they align with your personal financial goals and risk appetite.
