Stock in focus: Rajesh Palviya of Axis Securities recommends Manappuram Finance, Century Plyboards, and RIL today
Stock Market News: The key domestic equity indices, the Sensex and the Nifty 50, opened Friday's trading at new all-time highs. Reliance Industries, the oil-to-telecom behemoth that has led this week's advances, was once again in the spotlight following the announcement of tariff hikes by its telecom subsidiary Jio.In the initial trading, the Nifty 50 started up 41.40 points, or 0.17%, at 24,085.90, while the Sensex rose 214.40 points, or 0.27%, to 79,457.58.Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that the Sensex might reach 80,000 due to market momentum.
The latest rally's positive tendency is that it is being driven by largecaps with solid fundamentals, such as RIl, Bharti, and the top private sector banks. But since the market is in an overbought area and DIIs are booking gains, corrections might occur at any time. It's important to notice that during the previous three years, the DIIs have consistently prevailed over the FIIs in this tug-of-war.The benchmark index has registered an all-time high at 24,087 representing bullish sentiments.
The index is in a strong uptrend forming a series of higher tops and bottoms formation. The index is well placed above its 20, 50, and 100-day SMA and these averages are inching up along with the price rise which confirms the bullish trend. We expect this momentum to extend towards 24,300-24,500 levels in upcoming weeks.
The short-term support zone is placed around 23,800-23,500 levels, said Rajesh Palviya, SVP, Technical and Derivatives Research, Axis Securities.With a strong close of 210 levels, the stock has registered a 7% up move. This buying momentum was accompanied by huge volumes indicating increased participation. The positive
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