Stock Picks: Sagar Doshi suggests Coromandel, Cummins India, BHEL shares to buy today
The Nifty 50 gained 0.42%, reaching 25,150.35 points, while the Sensex increased by 0.48% to 82,448.8 as of 9:15 IST.
Domestically, both indexes approached their nine-month intraday peaks on Tuesday but faced profit-taking when news of an initial ceasefire breach emerged.
Nevertheless, both Iran and Israel indicated that their air conflict has ceased, at least temporarily, after US President Donald Trump publicly reprimanded them for violating the ceasefire he had declared.
In the volatile market, Sagar Doshi of Nuvama Professional Clients Group recommends three stocks - Coromandel International Ltd, Cummins India Ltd, and Bharat Heavy Electricals Ltd (BHEL). Here's what he says about the overall market.
Nifty 50 ended marginally higher even after a ceasefire news between Iran and Israel as the index saw profit taking in its ongoing monthly expiry week after hitting a fresh 8 month high. Support of 24,800 remained unscathed in volatility of past 2 days. Targets for 500 pt upside have opened up on Nifty 50 as it has reclaimed its resistance of 25,050 last week. Both blends of crude have also been trading over 10% lower from the start of this week allowing further positive rub off effect on Indian markets.
Bank Nifty as we'll mirrored its move on Nifty 50 as both indices gave a break on the upside after an inside bar formation earlier this week. A 1000+ points in likely to play out as Bank Nifty closed above the 56,200 resistance on daily and weekly charts on Friday. Support of 55,400 remained unscathed in yesterday's volatility allowing further room for the index to hit all-time highs.
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Coromandel International Ltd, Cummins India Ltd, and Bharat Heavy Electricals Ltd (BHEL).
Coromandel International share price has counter gained over 27% YTD versus a dull market and has yet again given a bullish pole and flag pattern breakout. This breakout also confirms an end to the ongoing 4-week corrective consolidation we saw on charts for targets of new all-time highs on the stock.
Cummins India share price has given a breakout from its 1 year corrective trendline. Multiple retests on this breakout now confirm the strength of the same support by a 200 DMA dynamic support indicating the trend to shift upwards. Targets are likely to be 10-12% higher from CMP.
BHEL share price has been experiencing strong momentum from the start of this quarter, an inverse head and shoulder formation is seen on weekly charts which is set for a breakout on the bullish side allow prices to gain further from here on as well.
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.
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