Stock Picks: Sagar Doshi suggests Jindal Steel, Ajanta Pharma, Godrej Agrovet shares to buy today
The Nifty 50 increased by 0.28% to reach 24,890.4 points, while the BSE Sensex rose by 0.32% to hit 81,594.52 as of 9:15 IST.
At the same time, investors are likely to tread carefully in anticipation of the Federal Reserve's policy announcement later today, as well as due to worries regarding a possible India-U.S. trade agreement.
On the technical front, Sagar Doshi of Nuvama believes Nifty 50 is yet not out of the woods and currently stands at the retest of head and shoulder breakdown. Doshi recommends three stocks to buy today. Here's what he say about the overall market.
Nifty 50 recovered all of its previous day's losses as the initial pattern target of bearish head and shoulder breakdown was seen completing at 24,600. A short covering move was seen ahead of monthly expiry due tomorrow. Nifty 50 is yet not out of the woods and currently stands at the retest of head and shoulder breakdown. Only a close above 25,010 negates any potential down move while another 400 pt downside can commence if Nifty 50 closes below 24,600. Hence, for the balance of this week, we are estimating for a rangebound trade between 24,600 – 25,010.
Bank Nifty has been nearing its 5 month rising trendline support at 55,800 odd as the index continues to outperform Nifty 50 since the start of this calendar year. On hourly charts as well, the index gave a break below its rising channel in the start of this week but pulled back in reinstating its underlying strong amongst insides. Trend on Bank Nifty remains positive for a move towards 56,800 / 57,100 unless a close below support of 55,800 is not confirmed on daily charts.
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Jindal Steel & Power Ltd, Ajanta Pharma Ltd, and Godrej Agrovet Ltd.
Countering the broader market trend, stock was up over 4% in last week's trading as it broke out from its 1 year trendline. Currently the price is retesting its 1 year trendline breakout for an up move towards previous all time highs.
Stock has broken out from a 10 month falling trendline on daily charts along with this it indicates a breakout from a 6 month consolidation / base formation on weekly charts for atleast a 8-10% upside from CMP. Adding to this, stock has also given a crossover above its 200 DMA in mid-June and has been holding above the same which is a positive sign.
Breaking out from its 1 year consolidation, stock has also given a bullish cup and handle pattern breakout on daily and weekly charts. A retest of the breakout has also played out at the start of this week as broader marked cooled off. Stock is now open to hit at least 10% as its initial target on the upside.
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Adani Group stocks trade weak; Adani Green, Power, Enterprises down upto 3%
Adani Group stocks in focus: Shares of Adani Group companies were under pressure, falling by up to 3 per cent on the BSE in Thursday's intra-day trade due to overall weakness in the equity market. Indian equity indices were trading lower on Thursday after US President Donald Trump imposed an additional 25 per cent tariff on Indian exports to the US, citing New Delhi's continued purchases of Russian crude oil. Adani Green Energy, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Power, ACC and Adani Energy Solutions were down in the range of 1 per cent to 3 per cent on the BSE in intra-day trade. By comparison, the BSE Sensex was down 0.61 per cent at 80,050 at 11:10 AM. CATCH STOCK MARKET LIVE UPDATES TODAY In the past one month, these stocks have underperformed the market by falling between 6 per cent and 12 per cent, as against 4 per cent decline in the benchmark index. Among the individual stocks, Adani Enterprises has slipped 2.6 per cent to ₹2,240.20 in intra-day trade today. The stock price of Adani Group flagship company is quoting at its lowest level since May 9, 2025. In the past month, the stock has corrected 12 per cent. For April to June 2025 quarter (Q1FY26), Adani Enterprises reported a 50 per cent year-on-year (Y-o-Y) decline in its consolidated profit after tax at ₹734 crore, against ₹1,458 crore in Q1FY25. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) down 12 per cent Y-o-Y to ₹3,786 crore. Total income decreased 14 per cent Y-o-Y at ₹22,437 crore. However, the company's Ebitda from incubating businesses has increased by 5 per cent to ₹2,800 crore on Y-o-Y basis and contributes 74 per cent to Q1FY26 results. Adani Enterprises said the company shall witness operationalization of the large infra assets during this fiscal year reflecting its project execution capabilities, which should result in Ebitda unlock and long-term value creation. This performance has been led by the company's Airports business, which delivered an exceptional 61 per cent Y-o-Y growth in Ebitda. Meanwhile, global economic growth is expected to moderate from 3.3 per cent in 2024 to 2.8 per cent in 2025, before recovering to 3 per cent in 2026. The combined effects of new trade restrictions, their spillover through global trade linkages, and rising uncertainty may dampen business sentiment and pace of economic recovery. Financial market volatility has raised concerns about extreme vulnerabilities, particularly in countries grappling with persistent inflation and signs of economic slowdown, Adani Enterprises said in its FY25 annual report. Meanwhile, shares of Adani Energy Solutions were down 2 per cent to ₹778.25 on the BSE in intra-day trade. In the past two trading days, the stock declined 3 per cent as Abu Dhabi-based Envestcom Holding RSC Ltd offloaded 22 million shares of Adani Energy Solutions on Wednesday, via open market, according to bulk deal data from the exchanges. While 11 million shares were sold on the NSE, the remaining 10.98 million shares were offloaded on the BSE at an average price of ₹790 per share, data shows. The names of buyers are not ascertained immediately. As of June 2025, Envestcom held 32.18 million shares or 2.68 per cent stake in Adani Energy Solutions, the shareholding pattern data shows. Meanwhile, shares of Adani Power has moved higher by 2 per cent to Rs 565.80 from its intra-day low after the company said it will set up a 2,400 MW ultra-supercritical power plant at Village Pirpainti in Bhagalpur district of Bihar at an investment of up to $3 billion and supply the entire net capacity of 2,274 MW to Bihar Utilities. Adani Power said the company has received a Letter of Intent (LoI) from Bihar State Power Generation Company (BSPGCL) to supply 2,274 MW power to North Bihar Power Distribution Company (NBPDCL) and South Bihar Power Distribution Company (SBPDCL) from a 2,400 MW thermal power project to be developed at Pirpainti in Bhagalpur District of Bihar.
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Datamatics Global spikes 7% on posting healthy Q1 results; PAT up 16%
Datamatics Global Services shares spiked 6.6 per cent on Thursday, August 7, 2025, and logged an all-time high at ₹1,119.95 per share on BSE. The buying on the counter came a day after the company posted Q1 results, after market hours on Tuesday. At 11:08 AM, Datamatics Global Services share price was up 3.63 per cent at ₹1,088 per share. In comparison, the BSE Sensex was 0.66 per cent lower at 80,013.25. Datamatics Global Services Q1 results In Q1, Datamatics Global Services' consolidated net profit came in at ₹50.4 crore, up 15.8 per cent year-on-year (Y-o-Y), as compared to a net loss of ₹43.5 crore a year ago. The revenue from operations stood at ₹467.6 crore, as compared to ₹394 crore, up 18.7 per cent. The company's Earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at ₹75.9 crore, as compared to ₹51.4 crore, up 47.7 per cent Y-o-Y. Ebitda margin stood at 16.2 per cent, as against 13 per cent. "Despite a subdued discretionary spending environment, we maintained a healthy margin, supported by ongoing cost optimisation initiatives. We remain focused on sustaining this momentum through the rest of FY26," said Rahul Kanodia, vice chairman and CEO, Datamatics. He added: As we look ahead, I am truly excited about the future. We stand at the forefront of a new technological revolution, and Datamatics is strongly positioned to seize the opportunities it brings. A heartfelt thank you to our customers, employees, and investors for being an integral part of this journey. Track Stock Market LIVE Updates About Datamatics Global Services Datamatics is a digital technologies, operations, and experiences company that provides intelligent solutions for data-driven businesses to increase productivity and enhance the customer experience. With a complete digital approach, Datamatics portfolio spans across Digital Technology Solutions, Business Process Management and Engineering Services powered by Artificial Intelligence. It has established products in Robotic Process Automation, Intelligent Document Processing, Business Intelligence and Automated Fare Collection. Datamatics does business with global customers across Banking, Financial Services, Insurance, Healthcare, Manufacturing, International Organizations, and Media & Publishing. The Company has presence across 4 continents with major delivery centers in the USA, India, and Philippines. Lumina Datamatics, is a key player in the Publishing and eCommerce BPM space, has delivery centers in the USA and India.
Business Standard
21 minutes ago
- Business Standard
Nifty below 24,450; metal shares lose sheen
The key equity benchmarks traded with modest cuts in the morning trade. The Nifty traded below the 24,450 mark. Metal shares extended losses for the second consecutive trading session. At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 339.86 points or 0.42% to 80,204.13. The Nifty 50 index declined 137.90 points or 0.56% to 24,436.30. In the broader market, the S&P BSE Mid-Cap index fell 0.45% and the S&P BSE Small-Cap index shed 0.46%. The market breadth was weak. On the BSE, 1,346 shares rose and 2,031 shares fell. A total of 134 shares were unchanged. Earnings Today: Kalyan Jewellers India (down 1.01%), Life Insurance Corporation of India (down 0.78%), Biocon (down 0.04%), Apollo Tyres (down 0.85%), Bajaj Electricals (down 1.84%), Biocon (down 0.17%), Birlasoft (down 0.73%), Century Plyboards (India) (up 2.37%), Crompton Greaves Consumer Electricals (up 0.77%), Cummins India (down 0.28%), Data Patterns (India) (down 0.22%), DCX Systems (up 1.33%), Edelweiss Financial Services (down 1.23%), Emcure Pharmaceuticals (up 0.23%), General Insurance Corporation of India (down 0.46%), GMM Pfaudler (down 1.19%), Godrej Consumer Products (down 0.48%), Greenlam Industries (down 0.58%), Gujarat State Fertilisers & Chemicals (down 2.43%) will announce their quarterly earnings later today. Buzzing Index: The Nifty Metal index shed 0.87% to 9,218. The index dropped 1.26% in two consecutive trading sessions. Jindal Stainless (down 3.56%), Adani Enterprises (down 1.71%), Steel Authority of India (down 1.52%), Vedanta (down 1.37%), NMDC (down 1.24%), APL Apollo Tubes (down 1.22%), Hindustan Copper (down 1.16%), Welspun Corp (down 1.04%), Tata Steel (down 1%), and Lloyds Metals & Energy (down 0.95%) declined. On the other hand, Jindal Steel & Power (up 0.49%) edged up. Stocks in Spotlight: IRCON International declined 2.79% after the companys consolidated net profit dropped 26.75% to Rs 164.10 crore in Q1 FY26, compared to Rs 224.03 crore in Q1 FY25. Revenue from operations declined 21.89% to Rs 1,786.28 crore during the quarter, compared to Rs 2,287.13 crore in the same quarter last year. VIP Industries rose 0.48%. The firm reported a consolidated net loss of Rs 13.10 crore in Q1 FY26 compared with a net profit of Rs 4.04 crore in Q1 FY25. Revenue from operations declined 12.12% year on year (YoY) to Rs 561.43 crore in the quarter ended 30 June 2025.
