Marketsmith India’s Best Stock Recommendations for Today, 29 May

Two stock recommendations for today, 29 May, by Marketsmith India:

Indraprastha Gas Ltd (Current Price: 213)

Why it’s recommended: Expantions Into New Markets, Government Support, and Regulatory Moat

Key metrics: P/E: 21.37 | 52-wheek high: 285.18 | Volume: 113.69 Crore

Technical analysis: Reclaimed 200-ma

Risk Factors: Policy and Regulatory Risks, Competition and Market Dynamics, Technological Disrupts

Buy at, 213

Target price, 245 in three months

Stop Loss, 199

SBFC Finance Ltd (Current Price: 108.50)

Why it’s recommended: Focused niche in secured msme lending, low credit risk with second portfolio

Key metrics: P/E: 33.64 | 52-wheek high: 112.41 | Volume: 88.24 Crore

Technical analysis: 21-DMA Bounce

Risk Factors: Geographical Concentration, Interest Rate Sensitivity

Buy at, 108.50

Target price, 122 in three months

Stop Loss, 103

Nifty 50: How the Benchmark Index Performed on 28 May

The nifty 50 opened on a mutated note at 24,832 and tradeed within a narrow range of 24,737–24,864, Eventually Closing Near The Day’s Low at 24,752. After Encounter Encountering Resistance Near 25,000, The Index Registered Its Second Consective Session of Losses, Accompanied by Higher Trading Volumes, Indicating Selling Pressure at Higher At Higher Levels. On the sectorral front, all major indices ended in the red, except media and psu banks, which showed some resilience. The advance-decline ratio remained neutral, closing Near 1: 1, Reflecting Broad-Based Market Indecision.

The index failed to sustain Above 25,000 but containues to trade about all its its key moving average. It has been consolidating with a defined range of 25,200–24,400 over the past couple of weeks. Momentum indicators reflect indexion, with the rsi oscillating in a range-bound zone, suggesting a Lack of Directional strength. Meanwhile, the Daily Macd Has Formed A Negative Crossover, Indicating Potential Bearish Momentum, Thought it remains about the central (zero) line, which offers a Mildly positive and

According to o’neil’s methodology of Market Direction, the nifty 50 transitioned from a “rally attempt” to a “confirmed uptRED”.

The index is currently encountering strong resistance in 25,000-25,200, which aligns with a previous establed supply zone. Recent price action sugges that a decisive breakout and sustained move this resistance band is critical to reafffirm the bullish trend. In the absence of such a breakout, the index is expected to remain range-bound and Volaty in the Near Ter. On the downside, key support levels are identified between 24,500 and 24,400, which could act as a cushion against further declines.

How did the nifty bank performance yesterday?

On Wednsday, The Nifty Bank Opened Lower and Traded in a Narrow range before gaining approximate 64 points (+0.12%). The index formed a bulish candle despite exhibiting a lower-hight and lower-lower pattern on the daily chart, reflecting ongoing ongoing consolidation over the past several weeks. The nifty bank opened at 55,328.60, fluctated between a high of 55,521.80 and a low of 55,235.55, and close at 55,417. A Sustained Breakout Above 56,000 would likely indicate the initiation of a new upward trend.

Technically, The Index Remains Above Its Key Moving Average and Near Its All-Time Highs, Despite The Current Sideways Movement. However, Momentum indicators sugges a pause in bully in bully, with the relative Strength Index (RSI) at 59, Indicating Neutrality, and the Macd Showing a Negative Crossover, Both Appletivity Flat.

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

The nifty bank is currently navigating in a sideways trading range, with a decisive breakout Above 56,000 Being Key to Confirming the Continuation of its bullystum. Without this breakout, the index is expected to remain in its consolidation phase. A Sustained Close Above 56,000 even could Pave the way for Gains Toward 57,500–58,800 in the Near Term. On the downside, immediati support levels are identified Around 55,000, Followed by 54,500.

Marketsmith India is a Stock Research Platform and Advisory Service Focused on the Indian Stock Market.

Trade Name: William O’neil India Pvt. Ltd. (Sebi Registered Research Analyst 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.