Stocks to buy: Nagaraj Shetti recommends Coal India, National Aluminium Company shares to buy

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced an uptick during morning trading on Thursday, buoyed by a resurgence in Reliance and a global stock market rally, which improved risk appetite slightly after the conflict in the Middle East had pulled shares down earlier in the week. As of 11:44 IST, the Nifty 50 climbed 0.45% to 24,591.85, while the BSE Sensex increased by 0.45% to 79,469.17.

Both indices had seen a decline of about 4% over the preceding three sessions. Fourteen out of the 16 major sectors recorded gains, with the broader, more domestically focused small-cap and mid-cap stocks rising by approximately 1% each.

Reliance Industries, a major player in the index, increased by 3% following a decline of approximately 4.5% over the previous three days. Market analysts noted that, while there was a positive beginning, the general sentiment still leans towards caution due to worldwide uncertainties and rising geopolitical tensions.

Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

Nifty 50 seems to have shifted into a relief rally on Thursday after a violent decline in the last few sessions. Nifty 50 held above the crucial support of around 24,300 levels (previous swing lows and the opening upside gap area of 12th May 2025). However, the rising geo-political tension and rising International crude prices could dampen the sentiments of Indian markets.

The underlying trend of Nifty 50 remains weak, but a sustainable move above the immediate resistance of 24,600 could confirm bottom reversal in the market and that could probably open more upside in the short term. If Nifty 50 not able to sustain the bounce, then one may expect it to come down to retest 24,300-24,200 levels in the near term.

Technical Picks: Stocks to buy in the short-term

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - Coal India Ltd, and National Aluminium Company Ltd.

Buy Coal India at ₹451.80, Target at ₹475, Stoploss of ₹435, Timeframe 1 week

The stock price has witnessed a sharp breakout in the last few sessions amidst weak broader markets. Bullish chart pattern like higher tops and bottoms is intact on the daily chart. Volume rose during upside breakout in the stock price and daily RSI shows positive indication.

Buy National Aluminium Company at ₹396.95, Target at ₹420, Stoploss of ₹383, Timeframe 1 week

The last one month’s downward correction in this metal stock seems to have reversed up sharply in the last few sessions. We observe sharp breakout and faster upside retracement as per weekly timeframe chart. The bullish volume and RSI pattern signals more upside for the stock price ahead.

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 decision.