Technical Picks: Nagaraj Shetti of HDFC Securities suggests these 2 stocks to buy in the near-term

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced losses for the seventh consecutive session on Thursday, driven by growing worries about the United States introducing new tariffs and the likelihood of fewer interest rate cuts in the largest global economy.

The Nifty 50 declined by 0.06% to 23,031.40, while the Sensex closed down 0.04% at 76,138.97. Over these seven sessions, the indexes have decreased by approximately 3%, due to concerns about slowing economic growth, ongoing foreign selling, and US trade policy.

Vinod Nair, the Head of Research at Geojit Financial Services, mentioned that even though there was an initial sense of optimism in the market due to declining domestic inflation figures, the upward trend lost traction in light of uncertain global indicators and disappointing corporate earnings.

Additionally, a rally in Chinese technology stocks, driven by increased interest in artificial intelligence, shifted Foreign Institutional Investors (FIIs) towards seeking more appealing returns. Market participants are now carefully observing the results of the discussions between Trump and Modi for any potential trade and tariff concessions that could lead to a rebound rally.

Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

After showing fine upside recovery from the lows and also forming a Doji type candlestick pattern on Wednesday, Nifty 50 witnessed upside bounces so far today and is currently trading higher by 125 points. The overall chart pattern indicates a formation of short-term bottom reversal at 22,800 levels. A sustainable move above the hurdle at 23,200 levels could extend upside towards 23,400-23,500 levels in the short term. Immediate support is at 22,950 levels.

Technical Picks: Stocks to buy or sell in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy this week - Gujarat Mineral Development Corporation Ltd (GMDC Ltd), and IRB Infrastructure Developers Ltd.

1. Buy Gujarat Mineral Development Corporation Ltd (GMDC Ltd) at ₹285.50; Target at ₹302; Stoploss at ₹276; Timeframe 1 week.

2. Buy IRB Infrastructure Developers Ltd at ₹50.55; Target at ₹53.50; Stoploss at 48.50; Timeframe 1 week.

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.