3 top stock picks from Rajesh Palviya for next week

economictimes.indiatimes.com:

«On the higher side, 23,750 is the key area. Until and unless Nifty not crosses those level, there would not be any confidence on any kind of minor pullback. So, 23,750 needs to cross on a weekly closing basis, then only we may see some again interest on the buying side,» says Rajesh Palviya, Axis Securities.

Now, what do we make of this? We have not got any support at 23,500.
Rajesh Palviya: So, this is the third time where we are slipped below to 200-day moving average in the last two months. So, that clearly shows that confidence is very low in market and FII supply pressure is very high at this juncture. So, these kind of supply pressure keeps on continuing in this market. We will not be able to sustain above 200-day moving average. This is the fifth consecutive day where we are trading below to 200-day moving average for both the indices, Nifty as well as for the Bank Nifty. And Bank Nifty has shown a very deeper cut like 4.5% during this week. So, the kind of supply pressure in the banking and financial is clearly showing that still market is not trying to find any kind of bottom at this juncture. We are almost trading near to crucial support area of 23,300, which is the previous swing low, and if we look at the entire rally after the general election in June 2024, we are now almost there at that level only.

So, rally started from 23,300 and we have moved to 26,000. Now, again, we are back to the same level. If it breaks below 23,300, that would be very negative for the market at this juncture and then maybe