Buy or Sell? Nuvama’s Sagar Doshi Picks REC, Samvardhana Motherson, and Ipca Lab Today

Stocks to Buy or Sell: Recommendations from Sagar Doshi of Nuvama

Stock Market Update: On Wednesday, the Indian stock market opened higher, with the Sensex and Nifty 50 gaining ground. This boost was fueled by positive assembly election results for the ruling party, increasing investor confidence.

The Nifty 50 index opened at 25,065.80 points, up by 52.65 points or 0.21%. Meanwhile, the Sensex started at 81,954.58 points, gaining 319.77 points or 0.39%.

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Market experts are keeping a close watch on the Reserve Bank of India’s (RBI) monetary policy announcement expected later today, although most investors don’t anticipate any changes in interest rates.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the BJP’s win in Haryana has lifted market morale. He added that if the Monetary Policy Committee (MPC) shifts its stance from accommodative to neutral and maintains a dovish tone, it could further boost market sentiment. However, he believes a rate cut is unlikely due to ongoing food inflation concerns.

Nifty 50 Outlook by Sagar Doshi

Sagar Doshi, Senior Vice President of Research at Nuvama, analyzed the Nifty 50, mentioning an “inside bar” formation on the daily charts. The index traded within the range of the previous day, making Tuesday’s high and low important for future trends. A new support level has formed at 24,750, with a possible bounce towards 25,300 to 25,350.

Bank Nifty Update

The Bank Nifty index also showed an inside day formation after a significant drop of 4,000 points over the last six trading sessions. The current bounce is expected to be temporary, with a key resistance level at 51,800. A closing above this level would be needed to strengthen the buy outlook, while a support level around 50,450 could guide short-term movements.

Stocks to Buy Today

Sagar Doshi has recommended three stocks to buy today:

1. REC Ltd (BUY)
   • Last Closing Price (LCP): ₹524
   • Stop Loss: ₹498
   • Target Price: ₹590
   • REC had dropped below its 200-day moving average (DMA) for the first time in two years but rebounded the following day. The recent price action suggests momentum may build if the stock surpasses ₹533.
2. Samvardhana Motherson International Ltd (BUY)
   • LCP: ₹203.81
   • Stop Loss: ₹195
   • Target Price: ₹225
   • A strong buying candle has formed at a key trendline support after a three-month sideways trend, indicating a potential breakout into new highs.
3. Ipca Laboratories Ltd (BUY)
   • LCP: ₹1,537
   • Stop Loss: ₹1,465
   • Target Price: ₹1,750
   • The stock has reached all-time highs recently and completed a consolidation period, suggesting it may rise further by 12-15%.

These recommendations come as part of a broader analysis of the market’s current trends and investor sentiment.