4 stocks to buy or sell today, September 8 according to Rajesh Palviya's stock recommendations

  • Sept. 8, 2022, 1:24 p.m.

In the absence of momentum on either side, the Indian stock market continued to trade range-bound for a third straight session on Wednesday. The NSE Nifty went off 31 points and closed at 17,624 levels, whereas the BSE Sensex corrected 168 points to reach the 59,028 mark. Bank Nifty finished 210 points lower at 39,455.Rajesh Palviya, VP-Technical and Derivative Research at Axis Securities, believes that 'buy on dips' is the ideal strategy for the current market as the overall trend on Dalal Street is still positive. On stocks to buy or sell today, the Axis Securities expert recommended four shares — Sobha, Mahindra & Mahindra Financial Services, Balrampur Chini and Dixon Technologies.

On the Nifty technical outlook, Rajesh Palviya of Axis Securities said, "On the daily chart, the index has formed a small bearish candle with either side shadows representing volatility movement throughout the session. The index is moving in a higher top and higher bottom formation on the daily chart, indicating an up trend. The chart pattern suggests that if the Nifty crosses and sustains above the 17700 level, it will witness buying, which would lead the index towards the 17800–17900 levels. However, if the index breaks below the 17600 level, it would witness selling, which would take the index towards 17500-17400. "

He said that Nifty is trading above its 20, 50, 100, and 200-day SMAs, which indicates positive bias in the short term. NIFTY continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.

"The daily strength indicator RSI is moving downwards and is quoted below its reference line, indicating negative bias," Palviya said.

On the Nifty Bank technical outlook, the Axis Securities expert said, "On the daily chart, the index has formed a bearish candle with either side long shadows, indicating extreme volatility at higher levels. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a short-term up trend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 39800 level, it would witness buying, which would lead the index towards the 40200–40500 levels. However, if the index breaks below the 39600 level, it would witness selling, which would take the index towards 39400-39200. "

Rajesh Palviya went on to add that Bank Nifty is trading above 20, 50, 100, and 200-day SMAs, indicating positive bias in the short to medium term. BANK Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy.

"The daily strength indicator RSI continues to remain flat and is below its reference line, indicating the absence of momentum on either side," he said.

Buy or sell stock for today.

Rajesh Palviya of Axis Securities listed out four stocks to buy today that are as follows:

A powerful India has decoupled from its emerging peers.

1] Sobha: Buy at 726 with a target of 750 and a stop loss of 715.

2] Mahindra & Mahindra Financial Services: Buy at 222 with a target of 235 and a stop loss of 216.

3] Balrampur Chini: Buy at 376 with a target of 395 and a stop loss of 366.

4] Dixon Technologies: Buy at 4372 with a target of 4470 and a stop loss of 4325. 

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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