Top stock market recommendations: According to Aakash K Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, Axis Bank, Bajaj Finance and JSW Steel are the top buy calls for today. Here’s his view on Nifty, Bank Nifty and the top stock picks for February 20, 2025.
Index View: Nifty
Nifty made a fresh 8 month low in opening trade for this week but managed to recover as its 5 year trendline support continues to reel in range of 22650 – 22800. The index ended its 8 day losing streak at the start of this week. This was Nifty’s 6th attempt in a span of 3 weeks wherein it has traded between this support band and attempted to reverse. Bands mentioned above continue to hold on for this week session as well, fresh breakdown of cup and handle pattern on sustaining below 22780 while short covering could pick up only above 23150.
Bank Nifty
Bank Nifty is forming a piercing pattern on weekly charts wherein the weekly candle broke below its previous week’s low but reversed to pierce higher within its previous candle’s body signally a strong rejection to trade lower. Bank Nifty as well continues to trade largely in the band of 48800-49800 for the past 7 sessions. Sustained trade on either side is likely to allow for a fresh 1000 pt move.
AXIS BANK (BUY):
LCP: 1011.35
SL: 977
TGT: 1061
After forming a bullish engulfing weekly candle at the start of the month, AXIS BANK is maintaining its strength. This pattern has emerged near a breakout support, reinforcing the bullish outlook. The stock has retraced around 50% of its two-year uptrend and appears poised to resume its upward trajectory.
BAJAJ FINANCE (BUY):
LCP: 8439.45
SL: 8180
TGT: 9030
BAJAJ FINANCE has successfully broken out of and retested a key ascending triangle pattern that has been forming since 2022. The retest has held, and the breakout is gaining momentum, positioning the stock for a potential move higher. This strength could drive the stock up by 6-8%, opening the door for new highs.
JSW STEEL (BUY):
LCP: 977.35
SL: 954
TGT: 1032
JSW STEEL is regaining strength after retracing 61.8% of its prior up-move from the 52-week low to high. A strong bullish divergence on the daily chart reinforces confidence, while the stock’s decisive move above its 200-day moving average (placed approximately 4% away from current prices) further supports the optimistic outlook.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
