Stock market today: Indian stock markets commenced trading with a downward trend on Wednesday as geopolitical tensions between Israel and Iran extended into the sixth day, with concerns regarding potential US involvement heightening investor anxiety.
The Nifty 50 began at 24,797.15, dipping by 65.05 points or 0.26%, while the BSE Sensex dropped 269 points to open at 81,313.9, reflecting a decline of 0.33%.
Geopolitical strains intensified when US President Donald Trump demanded an “unconditional surrender” from the Iranian government, a demand that Iran has dismissed. Israel, reportedly achieving several of its military goals rapidly, is believed to have air superiority over Iran.
Nonetheless, Iran’s missile capabilities still present a significant threat, and the conflict is increasingly viewed as a test of resilience. Even with the loss of important military and nuclear figures, Iran’s nuclear sites remain mostly untouched, and the nation is anticipated to continue its resistance.
Sagar Doshi of Nuvama Professional Clients Group recommends three stocks – Kaynes Technology, Mahanagar Gas, Hero MotoCorp. Here’s what he says about the overall market.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 has again entered a consolidation zone after defending to break below its support of 24,650 in Friday’s trading session. Index view continues to show signs of remaining within this range of 24,650 – 25,050. Unless a closing on either side of this range is not confirmed – Nifty 50 can remain rangebound post which a 500 pt directional trade opens up in the direction on breakout.
Bank Nifty
Bank Nifty as well inched towards the higher end of its developed range between 55,400 – 56,200. This is in sync with Nifty as the index managed to hold its neck above the support of 55,400-55,500 in last week’s closing. Breakout on either side is likely to push for a 1000 pt move.
Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi
On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks – Kaynes Technology, Mahanagar Gas, and Hero MotoCorp shares.
Kaynes Technology India Ltd (BUY): LCP: ₹5,644; SL: ₹5,360; TGT: ₹6,100
Kaynes Technology share price is showing early signs of reversal from its 200 DMA support after a recent 20% correction witnessed in last one month. This support is also insync with a 50% retracement seen between rally of February lows to highs of May 2025. Charts suggest a 10-15% rally unfolding in short term.
Mahanagar Gas Ltd (BUY): LCP: ₹1,433.50; SL: ₹1,390; TGT: ₹1,520
Seven month high closing has been witnessed on charts of Mahanagar Gas share price along with a breakout above its 200DMA. This is marking an end to a 6 month sideways trend observed on the stock for a quick breather rally northwards suggesting 6-8% higher targets.
Hero MotoCorp Ltd (BUY): LCP: ₹4,371.00; SL: ₹4,150; TGT: ₹4,800
Having run up nearly 30% from its recent low in March – Hero MotoCorp share price is now on verge of breaking out from an inverse head and shoulder pattern formation for fresh upside retesting its December 2024 highs. A bullish flag breakout is about to commence for targets aimed 10% higher from CMP.
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.
