Stock Picks: Religare Broking Strategist Offers Buy and Sell Recommendations for Three Companies

Market Review

Domestic Market Suffers Massive Losses

The domestic market experienced significant losses on Thursday, with the Nifty 50 declining to 23,002 due to a sharp increase in crude oil prices, escalating Middle East tensions, a hawkish tone from the U.S. Federal Reserve, and aggressive foreign capital outflow. Foreign institutional investors (FIIs) sold off Indian equities worth ₹7,558 crore in the cash segment on Thursday.

Market Technicals

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According to Ajit Mishra, SVP of Research at Religare Broking, the corrective trend remains intact, with immediate support placed in the 22,500–22,800 zone. On the upside, any rebound towards the 23,400–23,600 range may face strong resistance. Mishra advises participants to align their positions with the prevailing trend and prefer option strategies over naked positions in the benchmark.

Stock Recommendations

Power Grid Corporation of India

• Previous Close: ₹296.70
• Recommendation: Buy
• Target Price: ₹323
• Stop Loss: ₹284 Mishra highlights that power-related stocks have exhibited notable resilience during the broader market correction, maintaining stability while consolidating above key support levels.

Tata Power Company

• Previous Close: ₹398.50
• Recommendation: Buy
• Target Price: ₹430
• Stop Loss: ₹383 Mishra points out that Tata Power has shown notable strength after breaking out of its corrective phase and reclaiming key long-term averages, signaling a meaningful recovery from an extended consolidation period.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

PG Electroplast

• Previous Close: ₹511
• Recommendation: Sell Futures
• Target Price: ₹480
• Stop Loss: ₹526 Mishra notes that PG Electroplast stock has broken down below its established range, forming a bearish continuation pattern, indicating potential for further downside.