Stocks to buy or sell: Osho Krishan of Angel One suggests buying BDL, DMart shares today

Mint

3 days ago

Stock market today: India's stock market indices showed little movement on Thursday as investors remained cautious ahead of discussions between Russia and the U.S. regarding the Ukraine conflict, which might impact trade negotiations between the U.S. and India.
Building on its gains from the prior day, the 30-share BSE Sensex rose by 154.07 points, reaching 80,693.98 in early trading. The 50-share NSE Nifty increased by 45 points to hit 24,664.35.
U.S. President Donald Trump and Russian President Vladimir Putin are set to discuss a potential agreement to resolve the war in Ukraine during their meeting on Friday in Alaska.
Market participants in India are closely monitoring these discussions after the U.S. imposed an additional 25% tariff on Indian exports in response to New Delhi's imports of Russian oil. According to several analysts, positive developments from U.S.-Russia talks could alleviate trade tensions between the U.S. and India.
The favourable global cues and easing in inflation data paved the way for a strong opening of Indian indices, setting a positive tone. The benchmark index exhibited significant resilience, maintaining a buoyant position, and ultimately concluded the day with a gain of approximately 0.55 percent, closing above the 24,600 zone. The broader participation in the market, coupled with a focus on advancements, has led to an improvement in market sentiment.
Technically, the Nifty 50 index has regained its position above the 100-DEMA; however, the sustainability of this recovery within the critical resistance zone remains uncertain. On the technical front, the zone at 24,700-24,750 serves as a formidable barrier, and a decisive movement beyond this threshold could potentially initiate new long positions in the market. On the lower end, 24,500 is likely to cushion any blip on the weekly expiry, while the sacrosanct support lies around 24,400-24,350 from a positional viewpoint.
Considering the upcoming weekly settlement associated with the truncated trading week, it is anticipated that market volatility will increase. Consequently, it is imperative to exercise caution and refrain from engaging in aggressive positions on either side. As long as the trend remains ambiguous, it is advisable to concentrate efforts on stock-specific opportunities.
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Bharat Dynamics Ltd (BDL), and Avenue Supermarts Ltd (DMart).
BDL has demonstrated a notable correction of nearly 20 percent in the past couple of trading months and has plunged towards its 200 DEMA with extreme oversold parameters. Though in the last trading session the counter has gained buying traction on the back of robust volumes, indicating an early sign of reversal. Additionally, the 14-day RSI has showcased a positive crossover from the oversold terrain, adding a bullish quotient in the counter. This development contributes a bullish perspective, coupled with a favorable risk-reward ratio.
Hence, we recommend to BUY BDL around ₹ 1,570-1,560, keeping a stop loss at ₹ 1,455 for a potential Target of ₹ 1,750.
DMart has demonstrated a breakout from a consolidation pattern and is currently positioned above all significant EMAs on the daily time frame chart. Recent price movements indicate the initial emergence of momentum following an extended period of inactivity. Additionally, the 14-day RSI and MACD have exhibited a positive crossover, signaling the potential for sustained momentum. This suggests the likelihood of further upward movement in the near term.
Hence, we recommend to BUY DMart around ₹ 4,300, keeping a stop loss at ₹ 4,120 for a potential Target of ₹ 4,560-4,620.
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.