Stocks to buy or sell: Sagar Doshi of Nuvama suggests ONGC, Maruti Suzuki, Bajaj Finance today - 15 January

Stock Market today: The domestic benchmark indices, Nifty 50 and Sensex, maintained their upward trend on Wednesday, with both indices starting with slight increases.

The Nifty 50 index climbed by 74.40 points, equivalent to 0.32%, beginning at 23,250.45 points, whereas the Sensex index commenced at 76,900.14 points, rising by 400.51 points or 0.52%. Analysts remarked that foreign investors are likely to continue their selling, and any clarity on the situation will likely emerge only after the inauguration of Trump on January 20.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that with just five days remaining until Trump's inauguration as President of the United States, we will soon gain insight into Trump's actions and how they might affect the markets. It seems that for the time being, both the dollar and US bond yields have reached their peak.

Reports suggest that Trump will start with modest tariff increases that could exert pressure on major exporters to the US while still allowing for negotiation opportunities. If this scenario unfolds, any further increases in dollar value and US bond yields may be curtailed. Until then, foreign institutional investors' selling will persist, hindering any potential market rally.

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

Nifty 50

Nifty 50 attempted to recover from the selling pressure it had been witnessing over the past couple of trading sessions, ending its losing streak. A minor expansion in futures premium has also been observed, indicating signs of short covering in index futures. With the 23,300 downside target now achieved on Nifty 50, the selling pressure is likely to ease. An inside bar formation has been observed on the daily charts, making Tuesday's high and low levels crucial. As long as 23,000 holds on the downside, this short covering could lift Nifty 50 towards 23,600.

Bank Nifty

Bank Nifty showed significant relative outperformance against Nifty on Tuesday after completing its initial downside target of 48,000 earlier this week. The index closed above its previous day's high without breaching the previous day's low, which indicates strong price action on the daily chart. Similar to Nifty, Bank Nifty futures have also seen an expansion in premium, suggesting a reduction in short positions. The ongoing price action, forming a bullish twin-bar pattern, points to a potential continuation of Tuesday's upward move toward the 49,400 - 49,700 zone.

Stocks To Buy or Sell on Wednesday- Sagar Doshi

On stocks to buy or Sell on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Oil and Natural Gas Corporation Ltd (ONGC), Maruti Suzuki India Ltd, and Bajaj Finance Ltd.

ONGC

LCP : ₹260.60

S/L : ₹254

Tgt : ₹280

Shares of ONGC have seen reduced selling pressure since the past 2 weeks now after a massive 30% correction seen in Q4 or CY2024. Negation of bearish cup and handle formation have created a shirt covering set up on the stock, while a 50% retracement of its 30% correction seems to be a realistic target on the same. Momentum is likely to continue till 280/290 on the scrip in the short term.

Maruti Suzuki

LCP : ₹11,745

S/L : ₹11,400

Tgt : ₹12,600

Stock has been finding strong buyers from the start of this new calendar year having returned nearly 10% so far in the past 2 weeks against a 2-3% slide on the index in the same period. A bullish flag breakout has formed on hourly charts of Maruti Suzuki while the ongoing rally can continue for another 7-9% given the strong set up and outperformance seen on auto names.

Bajaj Finance

LCP : 7342.10

S/L : 7134

Tgt : 7860

A higher high and higher low formation is seen on charts on Bajaj Finance along with a large cap outperformance against the Nifty and Bank Nifty from the start of CY2025. The ongoing chart structure denotes that a fresh swing to a fresh 4 month high is likely to be on cards. Momentum is shifted on the long side for select lending names. Another 6-8% upside remains eminent to be unfolded given the stock chart set up.

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.