Top Stock Recommendations: Sagar Doshi of Nuvama suggests IEX, CCL Products, and Balrampur Chini Mills today

Jun 12, 2024
top-stock-recommendations:-sagar-doshi-of-nuvama-suggests-iex,-ccl-products,-and-balrampur-chini-mills-today

3 min read 12 Jun 2024, 10:01 AM IST Trade Now

Dhanya Nagasundaram

Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today – Indian Energy Exchange Ltd, CCL Products (India) Ltd, and Balrampur Chini Mills Ltd today.

Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today - Indian Energy Exchange Ltd, CCL Products (India) Ltd, and Balrampur Chini Mills Ltd today. Premium
Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends these three stocks today – Indian Energy Exchange Ltd, CCL Products (India) Ltd, and Balrampur Chini Mills Ltd today.

Stock Market News: The domestic benchmark indices, the Sensex and the Nifty 50, started Wednesday’s session in the green, buoyed by information technology (IT) shares ahead of inflation data and the Federal Reserve’s policy announcement. While the US Fed is largely anticipated to keep interest rates unchanged, the focus is on whether officials may adjust their predictions for rate reduction this year.

In early trade, the Sensex surged 252.62 points to 76,709.21, while the Nifty 50 gained 82.25 points to 23,347.10.

According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the 32% drop in India VIX over the previous 5 days shows that the market’s days of heightened volatility are passed and it has entered a consolidation period. The attention will now shift to fundamentals and news flows. The path of the global stock market will be influenced by tonight’s US inflation data and the Fed’s policy announcement.

Also Read: Stock market today: Nifty 50, Sensex end flat; midcaps, smallcaps continue their outperformance

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

Nifty 50 has recovered its election result day losses and is consolidating above the result day’s high. On hourly charts, Nifty 50 is trying to form a cup and handle pattern on which dips towards 23,000 and is likely to get bought into for an upside target of 23,500 / 23,800. India VIX has also dropped over 50% from its last week’s high, suggesting that uncertainty and fear are reducing in the current state of market. Support right now is being seen at 22,770 odd while dips near 23,000 are likely to act as buying zone.

Bank Nifty Outlook

Bank Nifty is facing supply zone after reclaiming the psychological 50k mark, for now an immediate support is seen sub 49,450 mark with a 1% tradable stop loss for the index to reverse back above 50,500 / 51,000. Private banks are seen consolidating with a positive bias for the past 2 trading days, a retest of 49,450 mark is likely to ignite fresh buyers on the index.

Also Read: Sensex Today | Share Market Live Updates: Sensex up 350 pts, Nifty above 23,350 as IT pack gains; Reliance Power up 7%

Top Stock Recommendations by Sagar Doshi

On top stock recommendations for Wednesday, Sagar Doshi has recommended three stocks:

Indian Energy Exchange Ltd (IEX) (Buy): LCP: 168.9; Stop Loss: 162; Target Price: 190

According to Sagar, the stock is in verge of giving 6 months consolidation break out . The stock has formed higher high pattern and recent outperformance suggest it may cross 190 mark soon . The stock was consolidating near 21 dma on Long term charts which was good accumulation zone for long term.

Moving averages alignment and oscillator placement is favouring momentum.

Also Read: Dividend stocks: Tata Chemicals shares to trade ex-dividend on June 12

CCL Products (India) Ltd (Buy): LCP: 603.4; Stop Loss: 580; Target Price: 660

Doshi stated that the stock has reversed from 21 DMA on Monthly chart which acted as strong demand zone for long term. Short term chart showing inverse head and shoulder pattern breakout suggesting bottom is in place . Falling trendline breakout suggests breakout from corrective phase and stock likely to move higher.

Balrampur Chini Mills Ltd (Buy): LCP: 404; Stop Loss: 387; Target Price: 443

According to Sagar, the stock has formed Higher bottom formation on daily charts . stock has history to correct 40% and 6-8 months of consolidation phase in bull market which is in line with current scenario . The stock was underperforming market since last one and half year but recent reversal pattern suggests fresh move likely to starts.

Also Read: Oil at 1-week high as OPEC maintains 2024 demand forecast ahead of US Fed policy; Brent over $82/bbl

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.

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Published: 12 Jun 2024, 10:01 AM IST

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