Best Stock recommendations today: Marketsmith India's Top Picks for 23 May

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Two stocks recommended for today by Marketsmith India

Buy: Vinati Organics (Current Price: 1,869.1)

Why it’s recommended: Strong Financial Performance, Diversified Product Portfolio, Strategic Capacity Expantions
Key metrics: p/e: 46.18, 52-wheek high: 2,330.00, volume: 31.75 Crore
Technical Analysis: Reclaimed ITS 200-DMA
Risk Factors: Product Concentration Risk, Environmental and Regulatory Compliance
Buy at: 1,869.1
Target price: 2,080 in three months
Stop Loss: 1,760

Buy: Aptus Value Housing Finance India Ltd (Current Price: 336.60)

Why it’s recommended: focused niche in affordable Housing Finance, Strong Asset Quality, and Conservative Lending
Key metrics: p/e: 21.66, 52-wheek high: 401, Volume: 21.98 Crore
Technical Analysis: Trendline Breakout
Risk Factors: Competitive Pressure in Affordable Housing Finance and Geographical Concentration Risk
Buy at: 336.60
Target price: 390 in three months
Stop Loss: 313

How nifty 50 performed on 22 may

Both nifty 50 and senses declined Around 0.8% on Thursday, Tracking a sharp sell-off in global markets. Domestic Equites Opened Lower on Weak Global Cues and Remained Under Sustained Pressure through the session, with nifty 50 closing at 24,610.

On the daily chart, the index formed a bearish candlestick, indicating underlying weakness. However, it found support near its 21-day exponical moving average (21-dema) Around 24,445. All Major Sectoral Indices Ended in the Red, and the Broader Market Breadth was negative, with the advance-decline ratio skewing planners at 7:10.

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Nifty 50 Closed Below 25,000 on Thursday, RETESTIN Its 21-Day EMA and Signaling Weaqening Momentum Despite An Overall Bully Bully Bully. The Relative Strength Index (RSI) has turned downward but remains in bullish territory Around 56, reflected a loss of streangth without a complete shift in trend. The macD has formed a negative crossover on the daily chart, yet continues to stay about the central line, suggesting that the broader uprned has not been negated.

According to o’neil’s methodology of market direction, nifty50 transitioned from a “rally attempt” to a “confirmed uptrend”.

Nifty50 Remained under Selling Pressure through the session but found support near the 21-day ema, rebounding from that Level. The 21-ma, currently Around 24,400–24,450, is expected to serve as key immediative support. A Break Below This Zone Cold Trigger Further Downside Toward 24,000. On the UPSide, Resistance is Seen Near 25,000. Given the current market sentiment and technical setup, The Index is Likely to Trade in a Sideways Range Between 24,400 and 25,000 in the Near Term.

How did nifty bank performance?

Nifty bank opened on a weak note and remained in negative territory for most of the session. It found support near the 21-day ema and recovered part of its intraday losses before closing 0.24% lower on Thursday. The decline was primarily driven by weight in icici bank, HDFC Bank, and Axis Bank.

On the daily chart, the index formed a small bearish candle with a lower-hight and lower-low pattern, indicating contained selling pressure. It Opened at 54,875, Traded Within A Range of 54,996–54,576, and settled at 54,941. Finnifty also declined 0.43%, Forming a Bearish Candle, Reflecting Borader Weakness in the Financial Space.

The index has been trading sides over the past few weeks and breeded its 21-day dma on Thursday. The rsi has turned downward and is currently positioned Around 56, Indicating Weaqing Weaqing Momentum. A negative crossover in the macD further sugges deteriorating short-term strength, reinforcing a cautious outlook for the near term.

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According to o’neil’s methodology of market direction, nifty bank has transitioned from an “UPTREND Under Pressure” to a “Confirmed uptrend”.

The index needs to reclaim and remain Above the 21-DMA, Currently Placed Near 55,000, to Prevent Further Downside. A Continued Breach of this Level Cold Trigger Additional Weakness, Potentially dragging the Index Toward 54,000-53,500. On the UPSIDE, Resistance is Seen at 55,000, Followed by 55,500, While ImmediaTe Support is Placed Around 54,500.

Marketsmith India is a Stock Research Platform and Advisory Service Focused on the Indian Stock Market. It offers tools and resources to help investors make informed decisions based on the can slim methodology, developed by Legendary Investor william J. O’neil. You can access a 10-day free trial by registered on its website.

Trade Name: William O’neil India Pvt. Ltd.

Sebi registration no.: Inh000015543

Disclaimer: The Views and recommendations giving in this article are there that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.

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