Nifty eyes fresh record high; BPCL, Power Grid among top stocks to buy

Stocks to buy: Ajit Mishra of Religare Broking recommends buying BCPL, Grasim Industries, and Power Grid; also suggests Nifty trading strategy

Market View

Markets edged higher on Wednesday, gaining nearly half a percent amid upbeat global cues. Investor sentiment remained supported by expectations of a potential US Federal Reserve rate cut and encouraging updates on possible trade deals. After a positive start, the Nifty50 gradually moved higher throughout the session and closed at 26,053.90. Sectorally, all major indices, barring auto, ended in the green, with energy, metal, and FMCG leading the gains. The broader markets also moved in tandem, with the midcap and smallcap indices advancing between 0.49 per cent and 0.71 per cent.

 

Participants will first react to the US Fed’s policy outcome in early trade on Thursday, after which focus will shift back to corporate earnings. With rotational buying seen across sectors, we expect the prevailing uptrend to continue, with the Nifty eyeing a fresh record high. Immediate support is placed at 25,800. While improving market breadth adds to the positive undertone, we continue to advise a selective approach, favoring fundamentally strong companies.

 

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Top Stocks to Buy Today - Recommendations by Ajit Mishra, Religare Broking

Bharat Petroleum Corporation Limited | LTP: ₹ 348.10 | Recommendation: Buy | Target: ₹ 367 | Stop-loss: ₹ 337

 

BPCL is exhibiting renewed strength, aligning with the broader positive momentum across oil marketing companies. The stock has bounced back from its rising trendline support after a brief corrective phase, reaffirming the continuation of its prevailing uptrend. Technically, it is on the verge of breaking out from a cup and handle pattern — a well-known bullish continuation formation. Additionally, BPCL has reclaimed its key moving averages, all of which remain positively aligned, underscoring a strong bullish setup. Supported by improving volume activity and favorable sector sentiment, traders may consider initiating long positions near the suggested levels for potential upside. 

 

Grasim Industries Limited | LTP: ₹ 2,958.7 | Recommendation: Buy | Target: ₹ 3,190 | Stop-loss: ₹2,830 

 

The cement sector is witnessing a mixed trend, while Grasim stands out as one of the top performers. The stock has resumed its upward trajectory after successfully forming a base near the neckline of its earlier consolidation breakout zone. This rebound from a crucial support area highlights renewed buying interest and strength in the trend structure. The breakout is well-supported by improving momentum and volume activity, indicating sustained participation from institutional investors. Given the technical setup, traders may consider accumulating the stock as per the mentioned levels.

 

Power Grid Corporation of India Limited | LTP: ₹ 295.35 | Recommendation: Buy | Target: ₹ 316 | Stop-loss: ₹ 284

 

Powergrid is displaying a constructive technical setup, with the price successfully crossing above a key resistance zone after recovering from a recent dip. The stock continues to find strong support from its moving averages ribbon, highlighting sustained strength across short- to medium-term time frames. The consistent rise in volumes and ability to hold above crucial support levels indicate healthy participation and buying interest. This resilience suggests that the ongoing consolidation could serve as a base for the next leg of the uptrend. Traders may consider gradual accumulation as per the level for the next leg of up move. 

(Disclaimer: Ajit Mishra is senior vice president of research at Religare Broking. Views expressed are his own.)