Stocks to buy or sell: Ajit Mishra of Religare Broking suggests strategies for 3 shares
As the Indian stock market faces fluctuations due to global cues and geopolitical tensions, Ajit Mishra from Religare Broking outlines strategies for navigating these turbulent waters. Discover which stocks to watch, key resistance levels, and the importance of a cautious approach.
Stocks to buy or sell: The Indian stock market saw high volatility on Thursday, April 2, amid weak global cues and a sharp rise in crude oil prices, amid persisting uncertainty over the reopening of the Strait of Hormuz.
The Nifty 50 dropped to an intraday low of 22,182.55 during the session but rebounded sharply in the fag end of trade. Finally, the index closed 34 points, or 0.15%, higher at 22,713.10.
The rupee's strong gain seems to have supported market sentiment. The domestic currency closed with a solid gain of 171 paise, or 1.80%, at 93.10 per dollar, according to Bloomberg data.
"The initial sell-off was triggered by renewed geopolitical concerns following statements from the US President. Weakness across Asian and European markets further weighed on domestic equities. However, a recovery in the rupee against the US dollar, oversold market conditions, and some short covering ahead of the long weekend supported the rebound," Ajit Mishra, SVP of Research at Religare Broking, noted.
Mishra highlighted that the Nifty continues to exhibit high volatility with sharp intraday swings, indicating indecisiveness at current levels.
He expects the prevailing volatility to persist in the near term.
"Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle around 23,500, while support is seen at 22,300–22,000 levels. Traders should remain cautious and adopt a hedged approach until clearer signs of stability emerge," said Mishra.
Stocks to buy or sell
BSE Limited | Last traded price (LTP): ₹2,851.40 | Buy | Target price: ₹3,080 | Stop loss: ₹2,730
Mishra pointed out that BSE shares are exhibiting a constructive bullish structure, with price action consolidating above an upward-sloping long-term moving average, indicating underlying strength.
The stock is currently hovering near the upper band of its consolidation zone, forming a sequence of higher lows and showing consistent demand near support levels.
"Volume dynamics remain stable, with intermittent spikes during advances, reinforcing the bullish sentiment," said Mishra.
Jindal Steel | LTP: ₹1,137.90 | Buy | Target price: ₹1,240 | Stop loss: ₹1,080
Metal stocks are witnessing renewed buying interest following a phase of consolidation near recent highs.
Mishra underscored that Jindal Steel shares, after correcting from their record peak, have successfully retested the neckline of their cup-and-handle breakout zone.
The stock has rebounded strongly, forming a favourable buying pivot, which suggests a continuation of the prevailing uptrend.
Asian Paints | LTP: ₹2,180.10 | Sell Futures | Target price: ₹2,060 | Stop loss: ₹2,250
Mishra highlighted that the paint pack has underperformed for the past several years, and Asian Paints has traded largely in tandem with the trend.
The stock continues to face sustained selling pressure, with the declining 20-day EMA acting as a strong resistance.
A breakdown below its key support zone further reinforces the prevailing bearish trend, indicating the potential for additional downside.
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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.
About the Author
Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade. <br><br> He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters. <br><br> His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies. <br><br> With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments. <br><br> He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape. <br><br> Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies. <br><br> Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.
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