Buy or sell: Osho Krishan of Angel One recommends buying KEI Industries and Havells India stock today

Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, ended Wednesday's session flat. All sectors finished in green except for IT. The PSU Bank and Realty sectors both witnessed buying. The real estate sector was booming due to the robust Q3 results from real estate firms, while IT experienced considerable profit booking following a recent upswing.

Ahead of today's Reserve Bank of India (RBI) policy meeting result, the market as a whole stayed in the sidelines. Investors would still look to the earnings season for cues and keep an eye out for economic statistics on China's CPI and the US Retail Sales. Today, the insurance giant LIC is anticipated to release its results, with growth in new business premiums predicted to be robust.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

On Wednesday, the 30-share BSE Sensex ended lower by 34.09 points or 0.05% at 72,152.00 level while the Nifty 50 closed at 21,930.50 level, up 1.10 points or 0.01%. On the broader market front, both the Nifty Small Cap 100 and the Nifty Midcap 100 indexes recorded historic highs of 16,653 points and 49,359 points, respectively. The midcap index rose about 7% this year, while the small cap index surged by almost 10%.

Also Read: Stock market today: Sensex, Nifty 50 end flat; mid, small cap indices outperform

Nifty 50 Outlook

From a technical standpoint, the time-wise correction remains static, with no clarity in the trend and the Nifty 50 being confined to a slender range. Reiterating to our commentary, 22,000–22,100 remains a daunting task for the bulls, and this needs to be conquered decisively to trigger the next round of rallies in the index. Meanwhile, on the lower front, a dip below 21,800–21,750 could further aggravate the room of profit booking towards the 20 DEMA, placed near the 21,670 subzone, on an immediate basis. Till then, a range-bound move could be anticipated with buying traction around the support areas while cooling off near the mentioned resistance zone, said Osho Krishan, Sr. Analyst – Technical & Derivatives, Angel One Ltd.

Also Read: Oil trades higher for third straight day on large US fuel stock draws; Brent at $79/bbl

The upcoming Reserve Bank of India (RBI) monetary policy needs to be watched closely, as any surprise might catalyse trend formation. In the meantime, one must stay vigilant with global developments and remain fussy with stock selection for having an outperformance in the market, explained Krishan.

Stock Recommendations For Today by Osho Krishan

KEI Industries Ltd

According to Osho, KEI Industries Ltd has been in a stellar bull run, positioned well above all its major EMAs on the daily time frame. Also, from a technical point of view, the counter hovers in a ‘Symmetrical Triangle’ pattern on the daily chart and is likely to witness a breakout in the comparable period. On the oscillator front, the MACD has seen a positive crossover, adding a bullish undertone to the counter. And with all the setup, the stock looks poised to reclaim its highs and enter uncharted territory.

"Hence, we recommend to BUY KEI Industries around ₹3,260-3,250, Keeping a stop loss of ₹3,130 for a positional target of ₹3,420-3,460," said Krishan.

Also Read: World markets today: US stocks gain on strong earnings, S&P 500 hits fresh record high

Havells India Ltd

Osho believes that Havells India Ltd has seen a steep correction from the 1,470-odd zone to the 1,280-odd zone, after which it has started gaining traction on the long side. In the last two trading weeks, the counter has recouped from lows and managed to hover above all its EMAs on the daily time frame. Technically, the support of the 200 SMA is likely to favor the odds in the comparable period. Also, the technical parameters have turned bullish with a positive crossover on the 14-period RSI, which could be seen as a substantial development in the counter.

"Hence, we recommend to BUY Havells India around ₹1350-1340, Keeping a stop loss of ₹1,300 for a positional target of ₹1,420-1,440," said Osho.

Also Read: Nifty Microcap 250 up nearly 10% in January, outperforms all major indices in last 1 year; check details

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.