Stock Picks: Sagar Doshi suggests Tata Motors, LTIMindtree, ZEEL shares to buy today - 4 June

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a slight increase at the start of trading on Wednesday, following the trend set by their Asian counterparts, despite the imposition of higher US tariffs on steel and aluminum, while investors are anticipating a potential conversation between the leaders of the US and China later this week.

The Nifty 50 climbed 0.15% to reach 24,588.65, while the Sensex grew by 0.21% to 80,905.67 as of 9:15 IST.

Market analysts suggest that the sturdy foundational factors supporting the market include India's strong and progressive economic indicators and the consistent influx of capital into mutual funds, especially the steady and increasing SIP investments. This indicates that the Indian retail investor is maturing.

One significant observation from the Q4 results is that midcap stocks have outperformed both largecap and smallcap stocks.

Sagar Doshi of Nuvama Professional Clients Group recommends three stocks - Tata Motors Ltd, LTIMindtree Ltd, and Zee Entertainment Enterprises Ltd (ZEEL). Here's what he says about the overall market.

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

Nifty 50

For the past 13 trading days, Nifty 50 has been static within a 2% band, however the highs of 25,000 has been constantly providing supply non index longs. With the index now closing at a 3 week low, it continues to approach its downside target of 24,300 / 24,100 unless a closing above 25,050 is not confirmed.

On daily charts, the index has also formed a bearish head and shoulder pattern pointing out to similar targets wherein no support before it hits its 200 DMA can be seen. Nifty 50 has had a nearly 15% run up in the past 6 weeks without a 2% correction. With the price action seen from the start of this week, it is fair for the index to retest 200 DMA support on downside which currently reads below 24,100.

Bank Nifty

Bank Nifty has faced rejection from its previous all-time highs above 56k mark in Tuesday’s trading session. Any trade below 55,400 is likely to allow further skidding on the index for lower levels seen near 54,700 / 54,500 as the supply pressure is likely to mount post rejection seen yesterday.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Tata Motors Ltd, LTIMindtree Ltd, and Zee Entertainment Enterprises Ltd (ZEEL).

Tata Motors (BUY): LCP: ₹703.85; SL: ₹685; TGT: ₹770

Tata Motors share price has seen a 5-7% corrective consolidation in the past 2 weeks of trade which was an after effect of sharp 40% rally before that. With supportive news flow for domestic players in the new EV policy acting as tailwind, passenger vehicle stocks are likely to see further momentum. Tata Motors is a cleaner set up amongst the peer on charts for another 10% rally from CMP.

LTIMindtree (BUY): LCP: ₹5,061; SL: ₹4,900; TGT: ₹5,525

After trading at a 3 year low in April, LTIMindtree share price has been rising within a channel and has gained 25% since its April lows. A typical higher high – higher low formation underlines the bullish set up and inflows on the counter. The stock has widely outperformed its benchmark Nifty IT index on a YTD basis which is down over 13% while LTIMindtree is down 8% in the same period of 2025. A move towards higher range of the bullish channel is likely to unfold for target of 5525.

Zee Entertainment Enterprises (BUY): LCP: ₹130.59; SL: ₹125; TGT: ₹143

Having run up nearly 50% from its recent low in March – Zee Entertainment Enterprises share price is now breaking out from a short-term consolidation for fresh upside retesting its December 2024 highs. A bullish flag breakout is about to commence for targets aimed 10% higher from CMP.

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.