Stocks to buy or sell: Osho Krishan of Angel One suggests buying Coforge, Glenmark Pharma shares today - 27 November

Stock market today: The primary domestic stock market indices, Nifty 50, reached an all-time high after a 14-month period on Thursday, fueled by optimism regarding a recovery in earnings, reduced valuations, and a robust economy bolstered by stable fiscal and monetary policies.

The Nifty 50 increased by as much as 0.32% to a peak of 26,289.80 at the start, surpassing its earlier high of 26,277.35 set in September 2024. The Sensex also rose by 0.35%, hovering just below previous record levels.

According to experts, India's corporate earnings have shown their strongest resurgence in over a year, with analysts becoming more positive about profit growth, anticipating a wider rebound in consumption driven by low inflation, recent tax reductions, and decreasing borrowing costs.

The Nifty 50 has now aligned with most other significant global stock indices that have surged to all-time highs.

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

Despite Gift Nifty indicating a positive start, the benchmark index opened below the previous session’s low. However, buying emerged right from the opening tick, forming an ‘Open Low’ setup, and as the session progressed, prices continued to climb steadily. Nifty 50 eventually ended with strong gains of 1.24%, closing tad above the 26,200 mark.

With this move, Nifty 50 not only reversed the previous three sessions of decline but also engulfed the entire corrective phase, marking the highest close of the year and beginning the December series on a strong footing. The all-time high now sits within striking distance and appears more like a near-term formality. The index has bounced precisely from the 20DEMA, forming a higher bottom, a development that reinforces bullish momentum.

Given the broad-based strength and strong price structure, markets seem to have entered the next leg of the bull run. Traders are advised to maintain a buy-on-dips approach and avoid contra short trades. In this context, 26,100–26,000 remains the immediate support zone, while a stronger base has now shifted toward 25,850, aligning with the 20DEMA and last week’s matching lows. On the upside, the all-time high around 26,300 appears imminent, while a reciprocal retracement projection places 26,500 as the next potential upside target.

The standout action, however, was in the Midcap segment. The Nifty Midcap Select Index has resumed its uptrend from the breakout zone and continues to display strong relative strength. With the formation suggesting continuation, traders should keep midcap names on the radar, as this basket is likely to remain the key driver of outperformance in the near term.

Stocks To Buy on Thursday- Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks -Coforge Ltd, and Glenmark Pharmaceuticals Ltd.

Coforge Ltd

Coforge share price has exhibited a consistent uptrend, trading above all significant EMAs and the 200-day SMA, which reflects its inherent strength. Recent price movements indicate that the stock is emerging from its consolidation phase and is likely to advance toward its 52-week highs. Furthermore, the technical indicators are decisively aligned with a bullish price structure, contributing to the overall positive outlook. From a risk-reward perspective, the stock is currently positioned favorably for potential investors.

Hence, we recommend a BUY in Coforge share price around ₹1,850-1,840 with a Stop Loss of ₹1,740 and a Target of ₹1,980-2,000.

Glenmark Pharmaceuticals Ltd

Glenmark Pharma share price has experienced a notable decline from its recent high of 2151 subzones and is currently exhibiting signs of stability at a lower level, in alignment with the cluster of EMAs on the daily chart. The stock has displayed a positive divergence on the 14-day RSI, accompanied by a consolidation breakout, suggesting an initial indication of a counter-trend. Furthermore, a positive crossover between the MACD and its signal line has been observed, reinforcing a bullish outlook. From a risk-reward perspective, the current position of the stock appears favourable, indicating the potential for an upward trend in the near term.

Hence, we recommend a BUY in Glenmark Pharma share price around ₹1,900 with a Stop Loss of ₹1,820 and a Target of ₹2,010-2,020.

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.