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

The Nifty began the time 68.95 points little astatine 22,233.55, portion the Sensex opened 192.45 points little astatine 73,319.40.

The marketplace is present nether unit due to the fact that of the uncertainty surrounding the election's result, according to Dr. V K Vijayakumar, Chief Investment Strategist astatine Geojit Financial Services. This has been the taxable of overmuch treatment successful the media, which has heightened marketplace uncertainty. 

There volition beryllium continued precocious volatility, arsenic seen by the India VIX's 72% spike from the lows successful April. Despite the uncertainty, the basal lawsuit script is the instrumentality of the NDA to power. High prime largecaps, which are present anemic owing to important selling by FIIs, volition pb the market's swift recovery, believes Vijayakumar.

Also Read: Sensex Today Live Updates : Sensex down 400pts, Nifty astatine 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 implicit 550 points successful the past 3 trading days arsenic India VIX has risen to caller 52-week highs. The swift emergence of India VIX from its 52-week debased simply 8 days agone to present astatine the 17+ people denotes that the marketplace is pricing successful fearfulness of uncertainty successful the upcoming wide predetermination outcome. Nifty 50 scope of 22,550 – 22,800 has breached connected the downside, with 22,400 present apt to enactment arsenic a caller proviso portion for a downside people of 22,150/22,030, said Sagar Doshi.

Bank Nifty Outlook

Bank Nifty has been underperforming Nifty 50 for the past 5 trading sessions pursuing its terms enactment seen successful past Tuesday’s session. The scale has dropped astir 1,700 points successful the past week from its all-time highs. Bank Nifty has further opened to the downside astatine 47,800, portion the proviso portion tin present beryllium seen astir 48,600. Any 200-300 constituent emergence is apt to beryllium met with selling unit aft a inclination time disposable successful today’s session. The erosion of futures premium successful the archetypal week of the May derivative bid besides suggests further cooling disconnected of agelong positions for the index, added Sagar.

Also Read: Stock marketplace today: 5 reasons wherefore banal marketplace is falling up of Lok Sabha predetermination outcome

Top Stock Recommendations by Sagar Doshi

On apical banal recommendations for Wednesday, Sagar Doshi has recommended 3 stocks:

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

According to Sagar, the banal is giving a breakout from a Cup and Handle enactment connected the regular charts. Volumes recorded are besides supra mean indicating a beardown participation. With FMCG Sector showing archetypal signs of outperformance, this breakout could reenforce the bullish momentum successful the stock.

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

According to Doshi, the terms person breached their fortnightly scope connected the upside. With a beardown basal enactment astatine 3800, selling unit successful the banal seems to beryllium over. Prices person besides breached the trendline which has been progressive since the caller 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 caller plaything lows has triggered a caller circular of bearish swing. A beardown bearish OI buildup besides reinforces the bearish momentum.

Also Read: Stock marketplace today: Trade setup for Nifty 50 to India VIX, 4 stocks to bargain oregon merchantability connected Wednesday — May 8

Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 08 May 2024, 10:33 AM IST