Technical Picks: Nagaraj Shetti of HDFC Securities suggests these 2 stocks to buy in the near-term

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a decline on Thursday, influenced by losses in major players like HDFC Bank and Maruti Suzuki India. Additionally, ongoing uncertainty regarding US tariffs dampened overall risk sentiment.

At 13:23 IST, the Nifty 50 was down 0.21% at 22,884.10 points, while the Sensex fell by 0.34% to 75,676.72.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized that discussions surrounding tariffs from the Trump administration continue to exert pressure on the markets. He noted that Trump’s announcement of a potential 25% tariff on automobiles, semiconductors, and pharmaceuticals could significantly affect Indian pharmaceutical stocks, given that many of India’s leading pharma companies are major exporters to the US.

If these tariffs are implemented as suggested in early April, it could lead to shortages and increased prices in the US as well. However, Dr. Vijayakumar speculated that Trump might be leveraging this situation for negotiation purposes, aiming to secure concessions before finalizing any tariffs. The unfolding of this situation remains to be seen.

Globally, as risk sentiment was impacted by worries about a realignment of US geopolitical goals, stocks slumped throughout Asia. Gold reached a new high.

Analysts say that US President Donald Trump is putting more pressure on Ukraine to make a peace agreement with Russia, which has European allies worried that he would reverse years of backing for the country in Eastern Europe. Experts also discussed a possible 25% lumber levy, which increased ambiguity surrounding his tariff proposals.

Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

Nifty 50 continued to show consolidation movement so far today and is currently trading lower by 51 points. The overall trend remains choppy with slight positive bias. As long as the lower supports of 22,800-22,700 holds in the next 1-2 sessions, there is a possibility of an upside bounce towards 23,100-23,200 levels in the short term.

Technical Picks: Stocks to buy or sell in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy this week – Castrol India Ltd, and Cummins India Ltd.

1. Buy Castrol India at ₹212.50, Target at ₹223, Stoploss at ₹205, Timeframe 1 week.

2. Buy Cummins India at ₹2,767, Target at ₹2,915, Stoploss at ₹2,680, Timeframe 1 week.

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.