Stocks to purchase or sell: Today, Sagar Doshi of Nuvama Professional Clients Group suggests the following three stocks: Coromandel International Ltd., Ambuja Cements Ltd., and InterGlobe Aviation Ltd. (IndiGo).
Today's stock market: Gains in the information technology sector helped the domestic benchmark indices, the Nifty 50 and Sensex, open higher on Wednesday. In anticipation of information on interest rates later in the day, investors are closely monitoring the US Federal Reserve.The Nifty 50 was up 92.8 points to 23,050.05 in early trading, while the Sensex was up 355.87 points to 76,257.28.
After a robust overnight performance in Wall Street stocks, technology firms have propelled gains in other Asian markets. This increase coincides with a decline in worries about a possible low-cost Chinese AI rival. Market players are eager to learn the Fed's stance on future rate movements, especially in light of President Donald Trump's recent calls for rate cuts, even if it is generally expected to retain its current benchmark policy rate.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit banking Services, the market recovery that was seen yesterday might continue because to the tenacity of reasonably valued banking companies. He did, however, warn that a big rally is unlikely because increased levels of selling by Foreign Institutional Investors (FIIs) are anticipated.
Right now, the market is looking for encouraging signs from the next budget. Furthermore, as no policy changes are anticipated from this meeting, the market is not expected to be greatly impacted by the Federal Reserve's decision today.
Sagar Doshi, Senior Vice President-Research at Nuvama Professional Clients Group, provides an outlook for the Nifty 50.
The Nifty 50
Since the beginning of this month, the Nifty 50 has been battling selling pressure, and the index has dropped around 1,500 points from its peak at the beginning of January 2025. after the bearish cup and handle breakdown that was observed at the beginning of last week. On the downside, the Nifty 50 has held steady at 22,800 and 22,650, with 22,800 having been touched once. On the higher side, until there is a closing above 23,000, short covering is unlikely to start. Since the index level at 22,650 or thereabouts aligns with a 5-year upward sloping trendline, the 22,650–22,800 range may be considered a follow-up goal.
The Bank Nifty
Due to the central bank's macroeconomic actions aimed at bringing liquidity into the system, Bank Nifty has been attracting buyers' attention after reaching its bearish flag breakdown targets on hourly charts with a new swing low. Since the beginning of this week, the index has outperformed the Nifty 50, and it is anticipated to continue doing so for the remainder of the week. By the end of extended trading this week, the index is probably going to continue to rise towards 50,500+ as it outperforms the current short covering on the Bank Nifty. 48,450 is probably going to provide as support for this index's anticipated upward advance.
Wednesday Stocks to Purchase or Sell: Sagar Doshi
Sagar Doshi of Nuvama gave three stock recommendations for Wednesday's buys and sells: Coromandel International Ltd., Ambuja Cements Ltd., and InterGlobe Aviation Ltd. (IndiGo).
LCP: ₹4,282.50 for InterGlobe Aviation Ltd. (IndiGo) (BUY)
SL: 4,140
TGT: 4,550
On daily charts, there is a higher low formation and greater price action with the goal of recovering above the 200 DMA. An active momentum is probably going to function as a tailwind for the stock after this is crossed at ₹4,340.
LCP: ₹543.15 for Ambuja Cements Ltd (BUY)
SL: 526
TGT: 570
Early last week, daily charts showed a bullish flag breakout; a bullish bar formation has since been formed after a retest of the same breakout trendline. On Ambuja Cements, a follow-up move towards the north is probably in the works.
LCP: ₹1,713.45 for Coromandel International Ltd (SELL)
SL: 1,765
TGT: 1,610
A bearish collapse that was observed early last week has put pressure on Coromandel charts. The daily charts have already reached their first goal of ₹1,715; however, a closing below that level has now created a window for a follow-on aim of ₹1,610.
Due to the central bank's macroeconomic actions aimed at bringing liquidity into the system, Bank Nifty has been attracting buyers' attention after reaching its bearish flag breakdown targets on hourly charts with a new swing low. Since the beginning of this week, the index has outperformed the Nifty 50, and it is anticipated to continue doing so for the remainder of the week. By the end of extended trading this week, the index is probably going to continue to rise towards 50,500+ as it outperforms the current short covering on the Bank Nifty. 48,450 is probably going to provide as support for this index's anticipated upward advance.
Wednesday Stocks to Purchase or Sell: Sagar Doshi
Sagar Doshi of Nuvama gave three stock recommendations for Wednesday's buys and sells: Coromandel International Ltd., Ambuja Cements Ltd., and InterGlobe Aviation Ltd. (IndiGo).
LCP: ₹4,282.50 for InterGlobe Aviation Ltd. (IndiGo) (BUY)
SL: 4,140
TGT: 4,550
On daily charts, there is a higher low formation and greater price action with the goal of recovering above the 200 DMA. An active momentum is probably going to function as a tailwind for the stock after this is crossed at ₹4,340.
LCP: ₹543.15 for Ambuja Cements Ltd (BUY)
SL: 526
TGT: 570
Early last week, daily charts showed a bullish flag breakout; a bullish bar formation has since been formed after a retest of the same breakout trendline. On Ambuja Cements, a follow-up move towards the north is probably in the works.
LCP: ₹1,713.45 for Coromandel International Ltd (SELL)
SL: 1,765
TGT: 1,610
A bearish collapse that was observed early last week has put pressure on Coromandel charts. The daily charts have already reached their first goal of ₹1,715; however, a closing below that level has now created a window for a follow-on aim of ₹1,610.
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