Analyst suggests Nifty strategy; bets on BSE, Delhivery, Glenmark Pharma

Ajit Mishra of Religare Broking recommends buying the shares of BSE, Delhivery, and Glenmark Pharmaceuticals today; check all the key details here

Stock Market View

Markets extended their recovery for the second consecutive session on Wednesday, supported by easing geopolitical tensions and a decline in crude oil prices. The Nifty opened on a firm note following positive global cues and witnessed steady buying for most of the session. However, marginal profit booking in the final hours trimmed the gains, and the Nifty 50 Index eventually settled at 23,306.45, up by 1.72 per cent. 

Sectoral participation remained broadly positive, indicating a strong rebound across the board. Realty, metal and financials led the gains, while auto and pharma also contributed to the up move. The broader markets outperformed the benchmarks, with midcap and smallcap indices rising sharply by around 2.5 per cent each, reflecting improved risk appetite and broader participation. 

 

Investor sentiment improved significantly amid reports that discussions between the US and Iran could begin for negotiations, which helped cool crude oil prices below the $100 mark. However, despite the rebound, the volatility index, India VIX, remained elevated, indicating continued caution amid persistent FII outflows and weakness in the rupee. 

On the index front, the rebound is gradually gaining traction and is likely to extend towards the 23,600–23,800 zone, while the 22,600–23,000 band is expected to act as an immediate support area on any dip. Amid the current environment, participants are advised to avoid aggressive positioning and remain selective, with a preference for stocks that are consistently outperforming within their respective sectors.

Top Stocks Recommendations

BSE  | LTP: ₹ 2,890.20| Recommendation: Buy | Target: ₹ 3,070| Stop-loss: ₹2,800

BSE stock is currently witnessing a phase of consolidation after its recent up move, with prices hovering around its key moving average cluster. The ongoing price action indicates a time-wise correction rather than a sharp decline, reflecting a healthy pause within the broader uptrend. The formation of a base in the form of a triangle pattern suggests potential accumulation at current levels. Overall, the stock is exhibiting a constructive setup on the charts, and a decisive breakout could lead to a resumption of the uptrend.

Delhivery | LTP: ₹ 430.35| Recommendation: Buy | Target: ₹ 458| Stop-loss: ₹ 414

Delhivery share has rebounded after retesting its previous swing low i.e. 390 level and reclaimed the key moving averages also. The chart pattern combined with the uptick in volumes indicates sustained recovery. Additionally, a positive RSI reading indicates renewed buying interest and strengthening momentum. Overall, the price action reflects improving bullish undertone and one can consider going long within the mentioned range.

Glenmark Pharmaceuticals| LTP: ₹ 2,168.50| Recommendation: Buy | Target: ₹ 2,330| Stop-loss: ₹ 2,080

Glenmark Pharma stock has successfully retested the neckline of its triangle breakout and rebounded from that level, indicating underlying strength in its price structure. Despite the broader market undergoing a corrective phase, it continues to hold at higher levels without any meaningful deterioration in trend. Technically, the stock is forming a constructive setup, establishing a potential buying pivot while sustaining above its key moving averages. Coupled with ongoing strength in the pharma sector, this reinforces the positive outlook. Traders may consider accumulating the stock within the specified range.

 

(Disclaimer: This article is by Ajit Mishra, SVP – research, Religare Broking Ltd. Views expressed are his own.)