Stocks to buy: Nagaraj Shetti recommends MRPL, Gujarat Pipavav Port shares to buy

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced slight declines on Thursday after the Federal Reserve reduced interest rates as anticipated but expressed uncertainty regarding any further cuts in 2025. Meanwhile, investors were on the lookout for updates from the trade negotiations between the U.S. and China.

As of 12:21 IST, the Nifty 50 dropped 0.56% to 25,911 . 55, while the BSE Sensex decreased by 0.57% to 84,533.45. Both benchmarks had risen approximately 0.5% on Wednesday, ending just under 1% from their all-time highs reached in September 2024.

The Fed cut interest rates by 25 basis points, but Chair Jerome Powell indicated that this might be the final cut for the year due to the absence of formal data amidst the current federal government shutdown.

Market analysts noted that although the opening was cautious, the Nifty 50 might reach a fresh all-time high in the coming weeks, thereby concluding 13 months of declining returns. The optimism in the market is strengthened by the conviction that earnings have bottomed out and that sectors such as financial services, energy, manufacturing, and automotive will lead the next phase of growth.

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

Nifty 50

Nifty 50 was not able to surpass the crucial overhead resistance at 26,100 levels and slipped into weakness so far today. The overall near-term trend remains positive. Nifty 50 is currently placed in a broader high low range of around 26,100-25,800 levels and is expected to find support around lower range.

The underlying trend of Nifty 50 remains positive. Present weakness could be a buy on dips opportunity for the next few sessions. Immediate supports to be watched around 25,800-25,750 levels.

Technical Picks: Stocks to buy in the short-term

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - Mangalore Refinery and Petrochemicals Ltd (MRPL), and Gujarat Pipavav Port Ltd.

Buy Mangalore Refinery and Petrochemicals at Rs167.25, Target at ₹177, Stoploss 162, Timeframe 1 week

After showing a larger consolidation movement in the last few weeks, the stock price has witnessed a sharp breakout of the hurdle recently. Volume has expanded during breakout in the stock price and RSI shows positive indication.

Buy Gujarat Pipavav Port at ₹169.65, Target at ₹180, Stoploss at ₹163, Timeframe 1 week.

The range bound action of the last 5-6 weeks has broken out sharply on the upside this week, which is indicating a significant change in trend. We also observe breakout of symmetrical triangle pattern at the lows which confirms a formation of important bottom reversal pattern for the stock price. Volume and RSI patterns shows positive outlook.

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.