Stocks to buy and sell: From Vedanta to Tata Consumer— Ajit Mishra of Religare Broking picks 3 shares
With the Nifty 50 declining for five straight sessions, Ajit Mishra from Religare Broking identifies key stocks to buy and sell, including Vedanta and Tata Consumer Products, while advising caution for traders in the current market landscape.
The Indian stock market benchmark Nifty 50 ended lower for the fifth consecutive session on September 25, amid persisting concerns over Trump's tariffs and other protectionist measures. The absence of fresh positive triggers, persistent underperformance of key sectors, and continued FII outflows are weighing on market sentiment.
The Nifty 50 fell below its crucial short-term support, the 20 DEMA around 25,040, and eventually closed with a loss of 0.66 per cent at 24,890.85.
"In the absence of fresh triggers, persistent underperformance in key sectors, coupled with continued FII outflows, is weighing on overall sentiment," Ajit Mishra, SVP of research at Religare Broking.
Mishra underscored that the Nifty’s breakdown below the 20 DEMA shifts the immediate support to 24,750, which coincides with the 100 DEMA.
However, Mishra believes oversold conditions in select heavyweights may trigger a rebound, though the upside is likely to remain capped at 25,050–25,150.
"We advise traders to keep a check on positions and await greater clarity before taking aggressive bets," said Mishra.
Stocks to buy and sell for the short term
Vedanta | Last traded price (LTP): ₹461.65 | Buy | Target price: ₹498 | Stop loss: ₹444
Metal counters are showing strength despite the broader market correction, and Vedanta is moving in tandem.
The stock has consistently found support at lower levels after brief bouts of profit-taking.
Recently, it broke out of a declining channel and is now holding firmly above the key moving average ribbon.
A new buying pivot has emerged above the support of its consolidation breakout, coinciding with the 20 EMA.
"The uptick in both price and volume, even amid market pressure, highlights its potential for further upside. While an intermediate hurdle exists near ₹475, repeated tests of this level suggest a likely breakout. Considering these factors, fresh long positions may be initiated as per the mentioned level," said Mishra.
Tata Consumer Products | LTP: ₹1,134.20 | Buy | Target price: ₹1,220 | Stop loss: ₹1,100
The stock has staged a breakout from its five-month-long descending channel, supported by higher volumes.
Following a brief pause, Tata Consumer Products has formed a new buying pivot above the confluence of its moving average ribbon, which is now fanning out in a positive alignment.
"The rising volumes accompanying the breakout confirm fresh accumulation and renewed buying interest. This technical setup suggests continuation of the upward bias, with the stock potentially heading towards record highs," said Mishra.
"Upside potential remains intact towards ₹1,220, while ₹1,100 serves as a strong support zone, offering an attractive risk–reward profile for investors," said Mishra.
Bandhan Bank | LTP: ₹158.75 | Sell October Futures | Target price: ₹152 | Stop loss: ₹162
Bandhan Bank continues to exhibit a steady downtrend, marked by a consistent lower–top, lower–bottom formation.
On every recovery attempt, the stock faces resistance at the 100 WEMA, failing to sustain and resuming its decline. A similar pattern has unfolded recently, where a pullback towards the 100 WEMA was rejected, leading to renewed weakness.
After a brief consolidation, the stock has resumed its downtrend, this time accompanied by rising volumes—indicating that bears are regaining control.
"Given this technical structure, the bias remains negative, and the downtrend is likely to extend in the coming sessions. Traders may look for short opportunities in Bandhan Bank futures at defined levels, while keeping a disciplined stop-loss in place to manage risk effectively," said Mishra.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.