Rajesh Palviya of Axis Securities picks India Glycols, IOC, and Vinati Organics as top stocks.

Experience the Latest Stock Market News: The domestic benchmark indices, Sensex and Nifty 50, showed a slight increase on Friday, despite some weakness in heavyweight financials. Investors capitalized on the recent downturn following losses in the previous sessions.

At 9:41 IST, the Sensex rose by 0.4% to 80,358.63, while the Nifty 50 saw a 0.47% increase, reaching 24,522.3.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted that the resilience of the Indian bull market is truly exceptional. Despite concerns about a correction in the US stock market, upcoming budget announcements, and the upcoming elections, the market remained unfazed. The recent Q2 GDP figures exceeded expectations by 2.8%, further fueling hopes for a soft landing in the US economy.

Insights from Rajesh Palviya on Share Market Tips and Nifty 50 Outlook:

According to Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities, the benchmark index has experienced profit booking from its recent highs, indicating a potential short-term trend reversal. While the key resistance lies around 24,600 levels, a sustained breakout could drive momentum towards 24,800-25,000 levels. On the downside, the support zone at 24,200-24,150 is critical, with a breach likely leading to profit booking down to 24,000-23,700 levels.

Stock Picks by Rajesh Palviya for Today:

India Glycols Ltd (CMP: ₹1,176)

India Glycols Ltd is on a strong uptrend across all time frames, with indicators pointing towards continued bullish momentum. The stock recently broke out from a “rounding bottom” pattern at 1,070 levels, accompanied by strong volumes. With positive RSI readings on daily, weekly, and monthly charts, the stock is poised for further upside potential to 1,260-1,385 levels.

Indian Oil Corporation Ltd (IOC) (CMP: ₹177)

Indian Oil Corporation saw a significant breakout from a six-month “Descending Triangle” pattern at 174 levels with increased volumes, signaling enhanced market participation. With strong support at key SMAs and positive band signals on daily and weekly charts, the stock is likely to target 190-200 levels, while maintaining a support zone at 167-162 levels.

Vinati Organics Ltd (CMP: ₹2,065)

Vinati Organics recently confirmed a “Flag” continuation pattern breakout at 2,000 levels, surpassing a crucial resistance zone with high volumes. With bullish indicators across various time frames, the stock is expected to move towards 2,200-2,350 levels, with strong support at 2,000-1,950 levels.