Stocks to buy or sell: Osho Krishan of Angel One suggests buying Concor, REC today - 20 March

Stock Market today: The domestic benchmark indices, Nifty 50 and Sensex, began the day on a positive note on Thursday, driven by the performance of information technology stocks after the US Federal Reserve upheld its rate-cut outlook for the remainder of the year despite existing tariff concerns.

In early trading, the Sensex increased by 478.13 points to reach 75,927.18, while the Nifty 50 gained 149.1 points, climbing to 23,056.70.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that the Federal Reserve's decision to keep interest rates steady and its forecast of lower growth at 1.7% along with higher inflation at 2.8% for 2025 are in line with expectations. More importantly, the Fed chair's remark that policy can adjust in either direction based on the changing situation is noteworthy.

The outlook is quite unpredictable, largely due to Trump's tariff-related antics. In the Indian market, two notable trends are emerging. Firstly, themes centered around domestic consumption are gaining traction. Secondly, sectors that have been undervalued, such as defense and shipping, are also attracting interest. Overall, the market is expected to remain in a cautious wait-and-see mode until April 2nd, when reciprocal tariffs will be announced.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

Nifty 50 displayed impressive performance by achieving three consecutive sessions of gains, successfully reclaiming the level of 22,900. However, traders have shown a sense of caution in light of the upcoming crucial FOMC meeting, resulting in the formation of a small-bodied bullish candle on the daily chart. After breaking through the resistance level of 20 DEMA in the previous trading session, Nifty 50 is now steadily approaching the important milestone marked by 50 DEMA. This significant moving average, combined with the descending trend-line resistance, has previously posed a formidable obstacle during February’s market rebound, creating a sense of anticipation for what lies ahead.

The confluence zone near 23,000, which coincides with the weekly expiry and the developments following the FOMC meeting, will be crucial. A decisive move beyond this level could lead to an extension towards 23,200 and possibly further to the 100 DEMA at 23,400 in the near term. On the downside, if a negative outcome results in a price dip, the 22,750–22,700 zone is expected to present a strong buying opportunity.

While the key indices have been trading within a defined range, the Nifty 50 Midcap Select Index has made an encouraging confirmation of an inverse Head and Shoulders breakout, as noted in our previous outlook. The midcap index experienced a notable increase of nearly 2%, and we believe this positive momentum will continue. We encourage traders to adopt an optimistic approach toward the midcap sector, as there appears to be strong potential for further growth.

Stocks To Buy on Thursday - Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Container Corporation of India Ltd (Concor), and REC Ltd.

Concor

Concor share price has been navigating a phase of consolidation over the past few trading weeks, characterized by limited price movement as the market seeks balance. Recently, however, the stock has shown a notable increase in buying activity, signaling a potential shift in sentiment. The counter has surged above the 21 DEMA after a long haul supported by the 14-day RSI signal, demonstrating an encouraging pattern of forming higher highs and higher lows. This positive divergence suggests increasing strength in the buying pressure, further solidifying a bullish outlook in the near term.

Hence, we recommend to BUY Concor around ₹680-670 keeping a stop loss of ₹625 for a potential Target of ₹750-760.

REC

REC share price has recently transitioned out of a consolidation phase. This shift is highlighted by its rise above the 21 and 50 DEM) after a long period, signaling a departure from a period of low volatility. Moreover, the stock has witnessed an Inverted Head & Shoulder pattern breakout, construing a bullish outlook in the coming period. Given these factors, the stock is anticipated to continue its upward trajectory in the upcoming weeks.

Hence, we recommend to BUY REC around ₹425-420 keeping a stop loss of ₹399 for a potential Target of ₹460-470.

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.