Rajesh Palviya of Axis Securities Recommends Top 3 Stocks to Buy Today: Expert Insights on $XYZ, $ABC, and $DEF

<ul>
  <li>The domestic equity benchmark indices, Sensex and Nifty 50, started the Friday session on a lower note but quickly recovered to trade higher.</li>
  <li>Nifty 50 surged from 22,000 to a record milestone of 23,000, marking a significant rise of 3,000 points over the past eight months.</li>
  <li>"The Nifty 50 clocked a new high to reach a milestone of 23,000, but immediate follow-up is missing," said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.</li>
</ul>
<p><strong>Nifty 50 hits a record high of 23,000 after 88 trading sessions, showcasing bullish market sentiment.</strong></p>
<h2><strong>Nifty 50's Bullish Trend and Market Outlook</strong></h2>
<p>The benchmark index Nifty 50 has registered a new high at 22,993, indicating bullish sentiments. The index continues to trend higher, forming a series of higher tops and bottoms, which is a clear indicator of a bullish trend. It has also decisively broken out of the past three months' consolidation resistance zone at 22,800 levels on a closing basis, which remains a positive sign. The short-term supports are placed around 22,800–22,500 levels. On the upside, the index may extend its rally towards 23,000–23,300 levels in the near term, according to Rajesh Palviya, SVP, Technical and Derivatives Research at Axis Securities.</p>
<h3><strong>Options Data and Market Sentiment</strong></h3>
<p>Nifty 50 in the current series has witnessed a Long Buildup with a price gain of 1.56% (350 points) and an increase in open interest by 35%. As per options data for the monthly expiry scheduled on 29th May, 23,200 and 23,500 Call strikes have high OI concentrations, indicating strong resistance; on the Put side, high open interest concentrations were at 22,500 and 22,700, acting as support, while the pivotal level will be 23,000, explained Palviya.</p>
<h3><strong>Stock Recommendations</strong></h3>
<p>Rajesh Palviya of Axis Securities has recommended several stocks for investors to consider:</p>
<h2>Infosys Ltd (CMP: ₹1,471)</h2>
<p>The stock has confirmed the past four weeks' "consolidation range" breakout at 1460 levels. This breakout is accompanied by huge volumes, which signals increased participation. This breakout also confirms a short-term trend reversal. The recent buying support was observed from 20-day SMA support (1,434), which reconfirms a short-term bullish trend. The daily and weekly strength indicator RSI has turned bullish, which indicates rising strength. The "band Bollinger" buy signal justifies rising momentum, said Rajesh.</p>
<p>Investors should buy, hold, and accumulate this stock, with an expected upside of 1,530-1,600 and a downside support zone of 1,450-1,430.</p>
<h2>Bajaj Finance Ltd (CMP: ₹6,828)</h2>
<p>For the past couple of weeks, the stock was hovering around its prior breakout zone of 6,600 levels. The stock has recaptured its 20-day SMa and rebounded sharply. The daily and weekly strength indicator RSI has turned bullish which indicates rising strength near the support zone, said Rajesh.</p>
<p>Investors should buy, hold, and accumulate this stock, which has an expected upside of 7,000-7,185 and a downside support zone of 6,700-6,600.</p>
<h2>ACC Ltd (CMP: ₹2,613)</h2>
<p>With current price action, the stock has surpassed its four-month "down-sloping" trend line resistance at 2,560 levels on a closing basis. This breakout is accompanied by huge volumes, which signals increased participation. The stock has recaptured its 20, 50, and 100-day SMA and rebounded sharply, which shows strong buying interest around the support zone. The daily and weekly strength indicator RSI has turned bullish, which indicates rising strength.</p>
<p>Investors should buy, hold, and accumulate this stock, which has an expected upside of 2,700-2,750 and a downside support zone of 2,550-2,500 levels, advised Rajesh.</p>
<h3><strong>Conclusion</strong></h3>
<p>The Nifty 50's recent performance indicates a strong bullish trend, with key support and resistance levels identified by market analysts. Investors are advised to adopt a buy-on-dip approach while keeping an eye on market developments and key resistance levels. Stocks like Infosys, Bajaj Finance, and ACC are recommended for accumulation, given their bullish indicators and strong support zones.</p>