Stocks to buy or sell: Sagar Doshi of Nuvama suggests Axis Bank, Bajaj Finance, JSW Steel today - 19 February
- Stocks to buy or sell: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today- Axis Bank, Bajaj Finance, and JSW Steel.
Stock Market today: The major domestic indices, Nifty 50 and Sensex, began the day lower on Wednesday, with weakness in the pharma and auto sectors driving broad market declines following US President Donald Trump's threats regarding tariffs.
The Sensex fell by 386.01 points to 75,581.38 in early trading, while the Nifty 50 dropped 130.45 points to 22,814.85.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that even though large-cap valuations have become reasonable and are particularly appealing in sectors like financials, the market remains weak. In light of the new highs achieved by the S&P 500 and Nasdaq, India's underperformance is notably pronounced.
Foreign Institutional Investors (FIIs) are expected to begin buying when the dollar weakens and US bond yields decrease, although this may take some time. A significant underlying factor that could encourage FIIs to become buyers is the expectation of earnings recovery in India, which is anticipated around early FY 2026.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 made a fresh 8 month low in opening trade for this week but managed to recover as its 5 year trendline support continues to reel in range of 22,650 – 22,800. The index has ended its 8 day losing streak at the start of this week. This was Nifty 50’s 5th attempt in a span of 3 weeks wherein it has traded between this support band and attempted to reverse. Bands mentioned above continue to hold on for this week session as well, fresh breakdown of cup and handle pattern on sustaining below 22,780 while short covering could pick up only above 23,150.
Bank Nifty
Bank Nifty is forming a piercing pattern on weekly charts wherein the weekly candle broke below its previous weeks low but reversed to pierce higher within its previous candle’s body signally a strong rejection to trade lower. Bank Nifty as well continues to trade largely in the band of 48,800-49,800 for the past 6 sessions. Sustained trade on either side is likely to allow for a fresh 1,000 pt move.
Stocks To Buy on Wednesday- Sagar Doshi
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Axis Bank, Bajaj Finance, and JSW Steel.
Axis Bank (BUY): LCP: ₹994.15; SL: ₹970; TGT: ₹1,055
After forming a bullish engulfing weekly candle at the start of the month, Axis Bank is maintaining its strength. This pattern has emerged near a breakout support, reinforcing the bullish outlook. The stock has retraced around 50% of its two-year uptrend and appears poised to resume its upward trajectory.
Bajaj Finance Ltd (BUY): LCP: ₹8,465.9; SL: ₹8,180; TGT: ₹9,030
Bajaj Finance has successfully broken out of and retested a key ascending triangle pattern that has been forming since 2022. The retest has held, and the breakout is gaining momentum, positioning the stock for a potential move higher. This strength could drive the stock up by 6-8%, opening the door for new highs.
JSW Steel Ltd (BUY): LCP: ₹978.8; SL: ₹954; TGT: ₹1,032
JSW Steel is regaining strength after retracing 61.8% of its prior up-move from the 52-week low to high. A strong bullish divergence on the daily chart reinforces confidence, while the stock’s decisive move above its 200-day moving average (placed approximately 4% away from current prices) further supports the optimistic outlook.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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