Stocks to buy: Sagar Doshi suggests Bikaji Foods, Voltas, Torrent Power shares to buy

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, opened slightly higher on Wednesday, following gains in Asian markets amid increasing expectations for a US Federal Reserve interest rate cut later this month.

The Nifty 50 increased by 0.14% to reach 25,181.95, while the BSE Sensex climbed 0.2% to hit 82,197.25 as of 9:15 IST. On Tuesday, Fed Chair Jerome Powell mentioned that the US labor market continued to show weakness, although the economy seemed to be on a stronger path, and he indicated that the inflation outlook had not changed since September, when the central bank reduced rates by 25 basis points.

Reduced interest rates in the US make emerging markets such as India more appealing to foreign investors, as yields on dollars and Treasury securities are generally lower, according to experts.

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

Nifty 50

Nifty 50 has been sliding quarter percent each for the past two trading days. after recovering nearly 700 points from its recent swing low. View for consolidation between 25,250 - 24,750 remains stagnant while short term support for now is seen at 25k mark while this can be trailed higher post today’s closing above 25,250.

Bank Nifty

Bank Nifty has completed its target of 56,650 we had been highlighting all through last week as the index gained momentum on Friday post its inside bar formation in the previous session. Bank Nifty continues to be seen as a buy on dip candidate for short term target of 57,250 odd.

Stocks To Buy on Wednesday

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks -Bikaji Foods International Ltd, Voltas Ltd, and Torrent Power Ltd.

Bikaji Foods International (BUY): LCP: ₹752.65; SL: ₹720; TGT: ₹802

Bikaji Foods share price has been rejecting to slide below its 200 DMA for the past couple of trading days giving signs of presence of buyers below the same. Volume spurt in the last 30 mins of trade yesterday indicating early signs of reversal on the same given the trendline breakout it has seen last month acting as a tailwind for the same. Target open to cross 800 mark soon.

Voltas (BUY): LCP: ₹1,391; SL: ₹1,365; TGT: ₹1,500

Voltas share price has been forming an inverted head and shoulder pattern on weekly charts from February 2025. While on hourly and daily charts the stock has just broken out from a bullish flag formation citing early signs of interlocking breakout, potential crossing higher than the IH&S neckline. Adding to this, sustaining above its 200DMA is also allowing short covering to be developed on the counter.

Torrent Power (BUY): LCP: ₹1,294; SL: ₹1,261; TGT: ₹1,385

A 6 month sloping trendline breakout is seen as a follow up move after the original corrective trendline was taken out last month which was holding its place since October 2024. Reversal from its previous support of March 2025 lows and this double trendline breakout confirms that the forward short term trend has now shifted on the upside to retest its 200 DMA near the 1,380 / 1,390 mark.

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.