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

Stock market today: The Indian stock market commenced on an ambiguous note on Thursday, with the Sensex increasing by 70.75 points to begin at 74,100.51, while the Nifty 50 dipped by 2.00 points, reaching 22,468.50. Market sentiment was mixed as investors responded to both global and domestic economic signals.

On the domestic side, Indian inflation decreased due to a drop in food prices, and the Index of Industrial Production (IIP) exceeded expectations. As the day moves forward, investors are keenly observing global events and domestic economic metrics to assess market trends.

Asian shares generally declined on Thursday despite a recovery on Wall Street driven by a positive update on US consumer prices. US futures decreased, and oil prices remained relatively stable.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that typically, such macroeconomic data would have positively influenced the stock market, where valuations are reasonable and even appealing in some areas.

However, the current global environment is quite adverse due to the intensifying trade conflict initiated by Trump. Trump's imposition of a 25% tariff on steel imports into the US has been met with swift countermeasures from the EU, which has placed tariffs on $28 billion worth of US imports, while Canada has enacted tariffs affecting $20 billion in US exports. China is expected to take similar actions. This international context will limit any potential rally in the Indian market, prompting investors to concentrate on themes related to domestic consumption.

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

Nifty 50

After witnessing a reasonable recovery from the intraday lows in the last couple of sessions, Nifty 50 continued with consolidation movement so far today and is trading on a slightly positive note. The near-term uptrend remains intact and a sustainable move above 22,600-22,700 levels could open sharp upside ahead. Immediate support is at 22,300.

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

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy this week - Bharat Dynamics Ltd, and Mangalore Refinery and Petrochemicals Ltd (MRPL).

1. Buy Bharat Dynamics at ₹1,131, Target at ₹1,220, Stoploss at ₹1,085, Timeframe 1 week.

2. Buy MRPL at ₹116.50, Target at ₹124, Stoploss at ₹111.50, Timeframe 1 week.

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.