Shares to buy or sell: Ruchit Jain of Motilal Oswal recommends ABB India, Astral stock to buy today - 11 March

Stock market today: The key domestic indices, Nifty 50 and Sensex, witnessed a decline on Wednesday following a rebound in the previous day, as ongoing tensions in the Middle East left investors uncertain about their impact on inflation and economic growth, with oil prices fluctuating.

As of 10:40 IST, the Nifty 50 dropped by 0.7% to 24,087, while the BSE Sensex decreased by 0.8% to 77,556.77. Initially, the indexes showed little movement in early trading.

Market analysts indicated that global factors, particularly changes in crude oil prices and events in the Middle East, are shaping investor sentiment. The United States and Israel carried out what some are calling the most intense airstrikes on Iran during the conflict, even as US President Donald Trump mentioned on Monday that he believes the situation could be "resolved soon."

In the meantime, oil prices experienced a brief decline following a report from the Wall Street Journal that the International Energy Agency has suggested a record release of oil reserves to stabilize crude prices, providing some relief to battered global stock markets.

This decline allowed the Nifty 50 and the Sensex to recover on Tuesday after experiencing their largest drop in a month during Monday's trading, finishing close to one-year lows.

Since the beginning of the Iran war, both benchmarks have seen a loss of approximately 5%.

Market Review and Outlook - Ruchit Jain, Head - Equity Technical Research, Wealth Management, Motilal Oswal Financial Services

Our markets have witnessed a pullback move in last couple of trading sessions mainly because of the cool-off in the crude oil prices from the highs. The Brent Oil declined from the high of 120 to around 86, leading to a relief rally in the markets. The India VIX has also declined from the high of 24 to below 19. However, the index has not yet negated the lower top lower bottom structure and hence, one should look this upmove as a pullback move rather than a trend reversal for now.

For the near term pullback to continue, Nifty 50 has to hold above 24,200 zones for a bounce towards 24,444 then 24,600 levels while support is placed around 24,000 and then at 23,800. Traders are advised to be stock specific and look for selective buying the stock which are showing selective strength.

Shares to buy or sell today - Ruchit Jain

On shares to buy or sell on Wednesday, Ruchit Jain recommends ABB India Ltd, and Astral Ltd.

Buy ABB India CMP at ₹6,260; SL at ₹6,030; Tgt at ₹6,730

The stock has recently witnessed an upmove supported by good volumes. In the recent market’s corrective phase, the stock has shown a relative outperformance and has form a support at its 20 DEMA level. The stock has now given a breakout above the previous swing high which is a signs if the continuation of the uptrend. Hence, short term traders can buy ABB around ₹6,260 for potential near term target around ₹6,730. The stoploss on long positions should be placed below ₹6,030.

Buy Astral CMP at ₹1,700; SL at ₹1,625; Tgt at ₹1,840

The stock had recently given a breakout from a consolidation phase in mid-Feb. Post the breakout, the previous resistance is now acting as a support and the stock is continuing its higher top higher bottom structure. The RSI oscillator on the weekly and monthly charts are hinting at a positive momentum and hence, we expect the stock to rally higher in the near term. Positional traders can look to but the stock around ₹1,700 for potential target of ₹1,840. The stoploss on long positions should be placed below ₹1,625.

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