Stocks to buy: Rajesh Palviya of Axis Securities recommends BPCL, Oberoi Realty and IndiGo today
Also Read: Stock market today: Trade set up for Nifty 50 to Sensex, 6 stocks to buy or sell on Friday — May 3 On an intra-week basis the benchmark index has registered an all-time high at 22,783 levels, indicating bullish sentiments. On the daily and weekly time frame, the index continues to scale with higher tops and bottoms formation, indicating a sustained uptrend. The index is well placed above its 20, 50, 100 and 200-day SMA which reconfirms a bullish trend.
The short-term support is placed around 22,450 - 22,300 levels. On the upside, the index is expected to extend an up-move towards 23,000 - 23,300 levels in upcoming weeks. Short-term traders and investors are advised to adopt a buy-on-dips strategy, said Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities.
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 3 Nifty in the current series has witnessed a short covering with a marginal price gain of 0.56% (125 points) and a decrease in open interest by 4%, hinting that market participants are staying on the sidelines and cautious as Nifty is trading near an all-time high. As per options data of the weekly expiry scheduled on 09th May 23,000 and 23,200 Call strikes have high OI concentration, indicating a strong resistance. On the put side, a high open interest concentration was at 22,500, and 22,700, acting as support, Palviya added.
Among stocks to buy today, Palviya recommends Bharat Petroleum Corporation Ltd (BPCL), Oberoi Realty and InterGlobe Aviation (IndiGo). Here are the details: BPCL shares price has surpassed its ‘multiple resistance’ zone at ₹626 levels on a closing basis, indicating a positive bias. This breakout is accompanied by huge volumes
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