Stocks to buy or sell: Sagar Doshi of Nuvama recommends PNB, APL Apollo, Tata Elxsi today – 04 December 2024 | Stock Market News

Stock Market today: The domestic benchmark indices, Sensex and Nifty 50, opened slightly higher on Wednesday following a three-day winning streak. Traders are anticipating gradual market movements ahead of the domestic central bank’s interest rate decision later this week.

Sensex climbed 190.47 points to 81,036.22 in early trade; Nifty 50 was up 48.1 points to 24,505.25.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, has pointed out that the market signals are somewhat perplexing at the moment. Despite a notable slowdown in economic growth, the market appears to be maintaining resilience in the face of significant foreign institutional investor (FII) selling. Additionally, there are potential challenges stemming from the upcoming Trump presidency. Valuations seem high, with the Nifty currently trading at about 20 times the estimated earnings for FY26. This situation presents a complex landscape for investors to navigate.

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

Nifty 50 has been absorbed all of the negative newsflow flashed over the weekend along with the GDP numbers. Taking a 500 pt breather after a 1,000 pt rally from November lows the index is ready with an inverted head and shoulder pattern breakout. Targets for which are now visible for 24,900 odd on the upside. We continue with our previous week’s view that the index is poised for 24,550 / 24,900 on the upside given the continued bullish structure on daily charts.

Bank Nifty

Bank Nifty has closed at a 2-month high and has given a close above its 52,600-resistance zone which was allowing repeated supply for the past 8 weeks of trade. The consolidation between 51,800 – 52,600 has now ended and any dip from CMP is likely to get bought into for an upside target of 53,250 / 53,900 for the coming week. Charts also suggest that the index is open for reclaiming of fresh all-time highs as well in the coming weeks unfolding a fresh short covering move on the index. Ratio charts suggest that Bank Nifty’s outperformance can resume against the Nifty 50 for the rest of December series.

Stocks To Buy or Sell on Wednesday – Sagar Doshi

On stocks to buy or Sell on Wednesday, Sagar Doshi of Nuvama recommended three stocks – Punjab National Bank (PNB), APL Apollo Tubes, and Tata Elxsi.

Punjab National Bank (PNB) (BUY) LCP : ₹107.8; Stop Loss : ₹102; Target Price : ₹124

Stock has formed a double bottom formation and recently gave a confirmatory move above swing high. The PSU bank sector has been showing strength and holding key moving averages. A quick 7-8% move can unfold when one stock starts trading above 109-110 levels.

APL Apollo Tubes (BUY) LCP : ₹1,555; Stop Loss : ₹1,490; Target Price : ₹1,740

The stock has closed at one month high and formed a strong bullish candle. The November month saw the highest volume in the recent past which shows strong signs of accumulation. A move above 1,600-1,610 can lead to range breakout marking the end of consolidation and starting a new leg of upmove.

Tata Elxsi (BUY) LCP : ₹7,090; Stop Loss : ₹6,750; Target Price : ₹7,850

A strong reversal candle supported by huge volumes has been made near the strong support zone. Such a combination provides very favourable risk to reward in short to medium term. Stock has corrected 35% in the last 4 months and such candle suggests reversal play in coming days.

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.