Stocks to buy or sell: Sagar Doshi of Nuvama recommends REC, Can Fin Homes, Aurobindo Pharma October Futures today

  • Stocks to buy or sell: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - REC Ltd, Can Fin Homes Ltd, and Aurobindo Pharma October Futures.

Dhanya Nagasundaram
Published16 Oct 2024, 10:00 AM IST
Stocks to buy or sell: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - REC Ltd, Can Fin Homes Ltd, and Aurobindo Pharma October Futures.
Stocks to buy or sell: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - REC Ltd, Can Fin Homes Ltd, and Aurobindo Pharma October Futures.

Stock Market News: At the start of trading on Wednesday, both the Sensex and Nifty 50, the domestic benchmark indices, experienced selling pressure, opening with a slight decline.

The Nifty 50 index began at 25,008.55 points, showing a decrease of 48.80 points or 0.19% while the Sensex opened at 81,646 points, down by 173 points or 0.21%.

According to analysts, the ongoing selling by foreign institutional investors is being countered by purchases from domestic investors, potentially leading to the Nifty 50 stabilising around the 25,000 mark.

Also Read | Stock market today: 5 stocks to buy on Wednesday — October 16

Chief Investment Strategist, Dr. V K Vijayakumar from Geojit Financial Services pointed out that the ongoing bull run in India has largely been driven by consistent domestic investments, which have offset the selling pressure from foreign institutional investors.

The market will continue to receive support from domestic investments, but the high valuations will limit the potential for further gains. It is expected that the Nifty will hover around the 25000 mark during consolidation. The upcoming Q2 earnings are anticipated to be lackluster, except for the IT, banking, and certain segments of the automotive industry, explained Vijayakumar.

Also Read | Stock market today: Sensex, Nifty 50 back in the red; Reliance top drag

Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group

Nifty 50 is facing resistance at its previous week’s high however charts are making higher high pattern on hourly timeframe indicating that there is buying on dips. Overall the patterns are open for a short covering move towards 25,300-25,400 odd on the upside with 24,900 odd acting as active demand zone on the index.

Bank Nifty

Bank Nifty as well is showing strength for a potential upside as this index has held its closing at a 2 week high. For 2 consecutive days Bank Nifty spot has closed above the resistance of 51800 and this allows further upside towards 52,350 / 52,550 on charts. On lower timeframe – hourly charts, Bank Nifty is moving higher in an upward channel wherein support is seen emerging at 51,600 odd.

Also Read | Indian stock market: 7 key things that changed for market overnight

Stocks To Buy or Sell on Wednesday - Sagar Doshi

On stocks to buy or Sell on Wednesday, Sagar Doshi of Nuvama recommended three stocks - REC Ltd, Can Fin Homes Ltd, and Aurobindo Pharma October Futures.

REC Ltd (BUY) : LCP : 547.85; Stop Loss : 525; Target Price : 590

For the first time in past 2 years REC had closed below its 200 DMA last week only to gain back in following days. A strong negation of the break of 200 DMA was seen in last week’s price action on REC. With REC now closing at a 2 weeks high patterns on daily charts suggest that this buying is likely to continue with momentum to trigger short covering for targets 8% to 10% higher from CMP.

Can Fin Homes Ltd (BUY) : LCP : 888.45; Stop Loss : 850; Target Price : 980

A retest of its previous breakout was observed on charts of CANFINHOME in last week’s trading session. Stock is forming a cup and handle pattern on daily charts after reversing its stance just before hitting the 200 DMA support. Upside momentum is likely to pick up above 900 as the stock further breaks out of a sloping trendline resistance for a 10-12% rally from CMP into new all-time highs.

Also Read | OPEC trims 2024 global oil demand growth for third straight month; Brent at $77

Aurobindo Pharma October Futures (SELL) : LCP : 1,485; Stop Loss : 1,525; Target Price : 1,382

After a double top rejection in September 2024 stock has been making lower highs on charts for the past 4 weeks now. A fresh bearish flag pattern formation is visible on charts with momentum likely to escalate below 1,470 odd for a quick 6-8% sell off. Near to 1,380 odd zone a fresh support emerges which can act as a potential target for the ongoing bearish pattern on this stock.

Also Read | Stocks to Watch: Cochin Shipyard, HDFC Life, PVR Inox, HDFC Life, KEI, and more

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.

 

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First Published:16 Oct 2024, 10:00 AM IST
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