Stock Picks: Sagar Doshi of Nuvama suggests buying IRCTC, Jubilant FoodWorks, Shree Cement today - 16 April 2025

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, were stable on Wednesday, maintaining their recent gains as strong local fundamentals and limited exposure to US trade allowed them to perform better than regional competitors.

As of 11:27 IST, the Nifty 50 and Sensex was flat to reach 23,330.85 and 76,714.48, respectively, after experiencing a rally of about 4% over the last two sessions.

Since April 2, when US President Donald Trump announced reciprocal tariffs, Indian benchmarks have outperformed their regional counterparts. Although the indexes remain flat compared to their levels on April 2, the MSCI’s Asia ex-Japan index has decreased by roughly 5% and was down more than 1% on Wednesday.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that the market outlook seems optimistic now that the Nifty has recovered all the losses from the reciprocal tariffs implemented on April 2nd. The market is signaling a period of tranquility following recent turbulence.

However, investors should avoid prematurely concluding that stability has returned and that the market is set for further gains. With the US-China trade conflict escalating due to China’s recent moves to suspend rare earth exports and Boeing orders, it is likely that more fluctuations and reactions will occur. The market suggests that domestic consumption themes will prove to be more secure compared to sectors tied to external factors in this unpredictable global landscape.

Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group

Nifty 50

Nifty 50 has covered over 1,600 points from its opening low printed on last Monday, in a matter of 5 sessions. The index is now on the verge of turning positive again for the month as it is still few points in the red on an MTD basis. This double bottom bounce back has been stronger than its last month’s recovery from sub 22,000 levels as the market digests a rut cut by the RBI along with easing trade war tensions by US with other countries of the world.

With reclamation of 22,800-22,900 zone on a closing basis the index has turned back to a buy on dip for the medium term and eyeing to scale back above 24,000. There is a gap between 23,200 – 22,900 on daily charts which can be used as the range to buy on dip for the forthcoming leg upside.

Bank Nifty

Bank Nifty has been the star outperformer in this ongoing correction while the index has broadly held on to its wide range from the start of this calendar year. With tariff fears creating a strong set back on global markets, its impact on Indian indices also pulled leading indices back to its March 2025 lows. However, Bank Nifty stood out strong reversing after a 61.8% retracement.

We had highlighted a buy on dip level between 49,900 and 50,400 for targets of 52,500 on the upside. This has been complete as of today while the outperformance on Bank Nifty v/s Nifty 50 looks overbought in the short term. With the index now at 4 month high, a consolidation here between 51,800 – 52,800 looks possible with Nifty 50 now taking charge for upside.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Indian Railway Catering and Tourism Corporation Ltd (IRCTC), Jubilant FoodWorks Ltd, and Shree Cement Ltd.

IRCTC (BUY): LCP: ₹754.50; SL: ₹734; TGT: ₹825

IRCTC share price has given a breakout from a falling trendline which has been in place for the past 10 months now. Adding to this, stock has also closed at a 2 month high on daily charts confirming the end of this 10 month long correction seen on the scrip. Though this breakout allows a based formation and higher targets for the medium term on this monopoly scrip, for now we are looking at a quick 10% upside.

Jubilant FoodWorks (BUY): LCP: ₹701; SL: ₹673; TGT: ₹755

QSR stocks had been sliding since the start of this calendar year. Marking an end to the slide, Jubilant FoodWorks share price has given a breakout of a 3 month long correction while making a higher bottom formation all through past 4 weeks. A quick 6-8% upside follows through this breakout on the stock.

Shree Cement (BUY): LCP: ₹31,125; SL: 30,100; TGT: ₹33,770

Stocks making highs in a market crash, are generally the ones witnessing significant flows and lesser outflows in comparison to the widely traded names. Current strength seen on this name is likely to extend for another 8-10% given the market reversal being formed on charts. A support seen at yesterday’s low is an ideal risk reward to be played for the upside. Stock is likely to breakout to new all time highs.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.