Stocks to buy or sell: Sagar Doshi of Nuvama suggests Mphasis, NBCC, Bharti Airtel today – February 12

Stock Market today: The wave of selling persisted in the Indian stock markets on Wednesday as both indices started with losses.

The Nifty 50 index experienced a drop of 21 points, opening at 23,050, while the Sensex fell over 114 points to begin at 76,179 points. Analysts pointed out that the markets are facing pressure from tariffs imposed by Trump and ongoing selling by foreign institutional investors.

The upcoming meeting between PM Modi and Trump will be closely monitored for any developments regarding enhanced cooperation on defense, energy, the China 1 strategy, and a potential resolution for tariffs between the two nations.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that Trump’s tariff discussions have been affecting the markets for several days. His shift from targeting specific nations like Mexico, Canada, and to a lesser extent China, to imposing import tariffs on steel and aluminum across all countries has heightened concerns. It is crucial to recognize that President Trump, despite his influence, cannot alter the principles of economics.

As higher tariffs drive up inflation in the US, a hawkish response from the Fed could lead to a downturn in the US stock market. This situation will act as a limitation on Trump’s actions. However, this will take some time to unfold. In the meantime, expect ongoing market fluctuations and drama.

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

Nifty 50

Selling pressure has once again mounted on leading indices despite market digesting a fresh RBI rate cut along with tax sops in the union budget earlier this month. A retest of the recent low near 22,800 is likely to be scaled down on charts wherein it meets the old 5 year trendline on weekly/monthly charts. Any rise towards 23,200 is likely to get sold into while resistance is likely to get played out at 23,570.

Bank Nifty

Bank Nifty has been facing profit taking after completing its initial target of 50,500 earlier this month. Last 3 consecutive closing in red on the index has allowed the fresh breakout from a 4 weeks congestion zone to stand negated for now on the index. A range of 48,800 – 49,800 now stands developed on the index for this week. While any breakout and closing on either side of this range can allow a further 1000 pt move in similar direction.

Stocks To Buy or Sell on Wednesday- Sagar Doshi

On stocks to buy or Sell on Wednesday, Sagar Doshi of Nuvama recommended three stocks – Mphasis Ltd, NBCC (India) Ltd, and Bharti Airtel Ltd.

Mphasis Ltd (SELL):

LCP: ₹2,713.60

Mphasis has broken below its 200 DMA support after a gap of over 7 months. Signs of a short term distribution are seen on the scrip while the sector as a whole remains in pressure. Next visible support seen is of 200 week moving average below which the stock has not sustained in the past 5 years of trade. Given the momentum, sectoral structure a follow up move towards support of ₹2,510 – 2,530 is likely to unfold on this name.

NBCC (India) Ltd (SELL):

LCP: ₹85.36

Repeated rejections are seen above the 100 mark on NBCC, a fresh head and shoulder formation is being built on daily weekly charts of the stock. Neckline for the same stands at sub 80 readings on chart. Even if the pattern breakdown does not play out, a test of this neckline below 80 is likely to be tested before a further breakdown or reversal from the range. Lower high formation on charts are also keeping bulls in check for this scrip.

Bharti Airtel Ltd (BUY):

LCP: ₹1,696.75

Stock has closed at a 3-month high showing initial signs of ending its sideways consolidation northwards. A follow up move higher can be seen as the stock has been making higher low formation repeatedly, fresh short covering to commence on sustaining above ₹1,688.

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.