2 top stock recommendations from Rajesh Bhosale

The Indian equity markets experienced a volatile start with indices oscillating sharply in the first three hours of trading. Markets opened on a decent note but soon slipped below the 23,000 mark before recovering to trade just above 23,100.Rajesh Bhosale, from Angel One, shared his perspective on the movement: “So, key indices are trading flat but having said that, we have seen choppy moves today on both sides. If we see somewhere around 23,000, there is some cool down in the selloff. So, 23,000 seems to be the immediate support followed by 22,700. On the high side the sentiments remain weak, so 23,300-23,400 would be the immediate resistance. So, 23,000 and 23,300 seems to be the immediate range. One should focus on stock specific opportunities where the stocks are in a deep oversold zone and are hovering around its long-term supports.”

Bhosale highlighted stock-specific opportunities amid the market swings. “So, as I highlighted, we are focusing on counters that are placed around its long-term supports and indicators showing oversold zone. So HDFC Bank is the one which we are liking. It is now placed around its weekly 89 EMA and the indicators are deep in oversold zone. Today, we are seeing strength around the strong support. So HDFC Bank we are expecting strong bounce, so with a stop loss of around 814 we can buy for the targets of around 860. One more counter that we are liking is Hindalco. In the current fall Hindalco has been trading in a range. On Friday, there was a selloff but it continued to hold on to its support. Today, we are seeing strong traction. So, with a stop loss of around 900 Hindalco can be bought. We expect a move towards the levels of around 1040 in the near term.”

Analysts advise investors to monitor key support and resistance levels while capitalizing on stocks showing strong technical signals. With markets trading in a choppy range, stock-specific strategies are emerging as a safer play than broad market bets.