Best Nifty 50 Stocks: Up Vote For SBI, HCLTech and Wipro Share Prices

Summary:
• The best Nifty 50 stocks aren't easy to pick, as Indian stocks have rallied this year. However, SBI, HCLTech and Wipro have been outstanding.

The Nifty 50 Index has had an impressive run this year, with its year-to-date returns at 12.6. The index was on an ascending trajectory between January and September, but has been on a decline since late September as investors take profit. However, amid all this, State Bank of India (SBI), HCL Technologies and Wipro share prices are looking up.

State Bank of India (SBI)

SBI share price has gained 33 percent year-to-date and is up by 4.2 percent in the last month. The bank has hadmixed fortunes in as far as quarterly earnings are concerned, beating the first quarter Earnings Per Share (EPS) forecast by 47.5 percent and missing the June quarter EPS forecast by 0.2 percent. However, it beat revenue targets on each occasion, providing traction for a strong upside.

SBI has been involved in the rigours of the sale of private lender, Yes Bank, whose acquisition has faced headwinds from the Reserve Bank of India. SBI (NSE: SBIN) owns approximately 24 percent of Yes Bank, valued at $2 billion, and the sale could provide a new revenue stream for the state lender. Meanwhile, SBI will announce its third quarter earnings on November 8, and that is likely to inject fresh impetus into its stock market performance.

SBI share price prediction

Pivot: The stock pivots at 852.30. Action above this mark will favour the buyers, while a move below it will favour the sellers to be in control.

Resistance: The first resistance will likely be at 860.10.

Second Resistance: A stronger upward momentum could break the first resistance and potentially test the nexrt barrier at 866.40.

First support: Initial support is likely to come at 846.75. The upside narrative will be invalid below that level.

Second support: The second support will likely be at 840.45.

HCL Technologies (HCLTech)

HCLTech share price is up by 26 percent year-to-date as of this writing. In addition, it has gained 3 percent in the last month, outperforming the Nifty IT Index, which has lost by a similar margin. The IT software company ‘s stock currently trades above the 20,50, 100 and 200 Exponential Moving Average (EMA) levels, which signals a likely continuation of the upside.

HCL Technologies (NSE: HCLTech) has been expanding its investments in AI and Generative AI, and recently announced that it has partnered with Singapore Government to set up an AI/Cloud native lab in the country by 2025. The company currently has four similar labs in India, Germany, the United States, and the United Kingdom, providing AI-centric platforms for enterprises.

HCLTech share price prediction

Pivot: HCLTech share price pivots at 1,836.35. The buyers will be in control above that level, while a break below it will favour the downside.

First Resistance: R1 is likely to come at 1,845.45.

Second Resistance: A stronger upward momentum could break above R1, and potentially test the second resistance at 1,854.10.

First Support: Below 1,836.35, initial support could come at 1,829.05. A break below this level will invalidate the upside narrative.

Second Support: A stronger downward momentum could test the second support at 1,821.80

Wipro

Wipro share price has registered 19.2 percent in year-to-date gains, and is up by 4.8 percent in the last month, signifying strong upside. The stock owes its propulsion to the AI boom and its multinational presence, especially in the United States. Wipro (NSE: WIPRO) has an Alpha rating of 16.61 percent as of this writing, underlining how it has outperformed its peers in the industry.

The company announced a 1:1 bonus share issuance in mid-October, and that has built strong investor sentiment around the stock. At Rs 563.90, Wipro share price currently trades well above the Volume Weighted Moving Average (VWMA) of 546.54 on the daily chart, which favours a continuation of the upside.

Wipro share price prediction

Pivot: The stock will likely pivot at 561.30. Action above this level will favour the buyers. Conversely, the sellers will be in control below this level.

First Resistance: The first resistance is likely to be at 566.30. However, a stronger momentum could break above that mark.

Second Resistance: The second resistance is likely to be at 569.85

First Support: The first support will likely come at 557.20. A break below this level will invalidate the upside narrative.

Second support: A break below the first support could see the price test 552.95.