Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Markets / Stock Markets/  Top Stock Recommendations: Sagar Doshi of Nuvama suggests ITC, TCS, and M&M Financial Services today
BackBack

Top Stock Recommendations: Sagar Doshi of Nuvama suggests ITC, TCS, and M&M Financial Services today

Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - ITC Ltd, Tata Consultancy Services Ltd (TCS), and Mahindra & Mahindra Financial Services Ltd.

Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - ITC Ltd, Tata Consultancy Services Ltd (TCS), and Mahindra & Mahindra Financial Services Ltd.Premium
Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - ITC Ltd, Tata Consultancy Services Ltd (TCS), and Mahindra & Mahindra Financial Services Ltd.

Stock Market News: Domestic equity benchmark indices, the Sensex and Nifty 50, began Wednesday's session in negative territory, signalling a cautious start to the stock market on Wednesday. Investor caution in the face of persistent uncertainty meant that the muted global handover signalled another dull day for Indian markets.

The Nifty began the day 68.95 points lower at 22,233.55, while the Sensex opened 192.45 points lower at 73,319.40.

The market is now under pressure because of the uncertainty surrounding the election's result, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. This has been the subject of much discussion in the media, which has heightened market uncertainty. 

There will be continued high volatility, as seen by the India VIX's 72% spike from the lows in April. Despite the uncertainty, the base case scenario is the return of the NDA to power. High quality largecaps, which are now weak owing to significant selling by FIIs, will lead the market's swift recovery, believes Vijayakumar.

Also Read: Sensex Today Live Updates : Sensex down 400pts, Nifty at 22,190; O&G, PSB gain, Bank, FS, IT, Auto, Pharma decline

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

Nifty 50 has dropped over 550 points in the past three trading days as India VIX has risen to fresh 52-week highs. The swift rise of India VIX from its 52-week low merely eight days ago to now at the 17+ mark denotes that the market is pricing in fear of uncertainty in the upcoming general election outcome. Nifty 50 range of 22,550 – 22,800 has broken on the downside, with 22,400 now likely to act as a fresh supply zone for a downside target of 22,150/22,030, said Sagar Doshi.

Bank Nifty Outlook

Bank Nifty has been underperforming Nifty 50 for the past five trading sessions following its price action seen in last Tuesday’s session. The index has dropped nearly 1,700 points in the past week from its all-time highs. Bank Nifty has further opened to the downside at 47,800, while the supply zone can now be seen around 48,600. Any 200-300 point rise is likely to be met with selling pressure after a trend day visible in today’s session. The erosion of futures premium in the first week of the May derivative series also suggests further cooling off of long positions for the index, added Sagar.

Also Read: Stock market today: 5 reasons why stock market is falling ahead of Lok Sabha election outcome

Top Stock Recommendations by Sagar Doshi

On top stock recommendations for Wednesday, Sagar Doshi has recommended three stocks:

ITC Ltd (BUY) : LCP: 441.15 ; Stop Loss: 425; Target Price: 455

According to Sagar, the stock is giving a breakout from a Cup and Handle formation on the daily charts. Volumes recorded are also above average indicating a strong participation. With FMCG Sector showing first signs of outperformance, this breakout could reinforce the bullish momentum in the stock.

Tata Consultancy Services Ltd (TCS) (BUY) : LCP: 3,978; Stop Loss: 3,835; Target Price: 4,250

According to Doshi, the price have broken their fortnightly range on the upside. With a strong base formation at 3800, selling pressure in the stock seems to be over. Prices have also breached the trendline which has been active since the recent ATH.   

Mahindra & Mahindra Financial Services Ltd (SELL) : LCP: 256.50; Stop Loss: 266.00; Target Price: 239.00

Doshi stated that a breakdown from the recent swing lows has triggered a fresh round of bearish swing. A strong bearish OI buildup also reinforces the bearish momentum.

Also Read: Stock market today: Trade setup for Nifty 50 to India VIX, four stocks to buy or sell on Wednesday — May 8

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 decisions.

 

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 May 2024, 10:33 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started