Motilal Oswal Analyst Ruchit Jain Suggests Buying Tata Power and ABB Stocks

Indian Stock Markets Show Resilience Despite Global Tensions

Market Performance

The domestic stock markets in India began the day on a positive note, with the Nifty 50 starting at 23,632.90 and increasing by 51.75 points or 0.22%. The BSE Sensex commenced at 76,367.55, climbing 296.71 points or 0.39%.

Market Analysis

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Market analysts have noted that Indian markets have displayed robustness in recent trading days, despite notable Foreign Portfolio Investor (FPI) sell-offs. Foreign Institutional Investors (FIIs) sold equities valued at ₹4,741.22 crore on Tuesday, while Domestic Institutional Investors (DIIs) purchased stocks worth ₹5,225.32 crore.

Market Outlook

According to Ruchit Jain, Head - Equity Technical Research, Wealth Management, Motilal Oswal Financial Services, the markets have witnessed a pullback move in the last couple of trading sessions, with the Nifty 50 taking support around the psychological level of 23,000. However, the overall data has not indicated any encouraging signs yet, with the Brent Crude continuing to trade above $100 and the geopolitical situation remaining uncertain.

Recommendations

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Ruchit Jain recommends buying the following stocks:

• Tata Power Company Ltd (CMP: ₹400.85): With a stoploss at ₹382 and a target at ₹434, this stock has shown a relative strength in the last one month's market correction and is forming a 'Higher Top Higher Bottom' structure.
• ABB India Ltd (CMP: ₹6,310.50): With a stoploss at ₹6,070 and a target at ₹6,730, this stock has recently witnessed a price upmove supported by good volumes and has given a breakout above its previous swing high resistance.