Religare recommends 3 stocks to buy today; suggests Nifty trading strategy

Ajit Mishra of Religare Broking has recommended buying Axis Bank, HCL Tech, and Tata Steel shares today

Market View

Markets traded volatile on Wednesday and ended marginally lower amid mixed cues. After a flat start, the Nifty oscillated within a narrow range throughout the session and eventually settled at 25,665.60, down by 0.26 per cent. Sectoral trends remained mixed, with metals and energy showing relative resilience, while realty and IT stocks lagged, reflecting cautious sectoral rotation. Interestingly, the broader indices displayed some strength, indicating a rebound from oversold levels and selective stock-specific buying. 

Market sentiment continued to be influenced by persistent foreign institutional selling and heightened geopolitical and trade-related uncertainties, which kept overall risk appetite subdued. Although there was some early optimism around key support levels and progress in trade discussions, the absence of sustained follow-through and broader macro uncertainty led to a cautious, stock-specific trading environment. 

 

Technically, bulls are making an effort to defend the medium-term support of the 100-day EMA around the 25,600 level on the Nifty. While the index remains range-bound, there are selective buying opportunities emerging across sectors. Participants are advised to align positions accordingly, while keeping position sizes in check given the prevailing mixed global cues and elevated geopolitical risks.

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

Axis Bank Limited | LTP: ₹ 1298.80| Recommendation: Buy | Target: ₹ 1385| Stop-loss: ₹ 1250

AXISBANK has been gradually inching higher, emerging as one of the steadier performers within the private banking space. The stock recently broke out of a declining trendline, signalling the end of its corrective phase, marked by a head-and-shoulders pattern breakout during the decline. Since then, it has held firm above the neckline, forming a higher base. The stock has now established a fresh buying pivot, backed by strong price–volume action and a decisive move above the resistance zone. We expect AXISBANK to move higher from current levels, offering a buying opportunity for investors who may have missed earlier entries. 

HCL Technologies Limited | LTP: ₹ 1668.50| Recommendation: Buy | Target: ₹ 1,795| Stop-loss: ₹ 1,600

HCLTECH continues to exhibit a constructive bullish structure, characterised by constant pattern of higher highs and higher lows, signaling trend continuation. The stock has shown a strong rebound from its medium-term moving average, with improving volumes validating demand at lower levels. Overall, the technical configuration remains supportive of further upside, as corrective declines are likely to attract fresh buying interest. Current levels offer a favorable setup for initiating long positions.  

Tata Steel Limited | LTP: ₹ 189.25| Recommendation: Buy | Target: ₹ 203| Stop-loss: ₹182

Metal counters have been one-sided outperformers and continue to sustain their upward momentum. In line with the broader trend, TATASTEEL has witnessed a fresh breakout, marking a new all-time high. The stock has broken out of a trend-continuation pattern formed during its one-and-a-half-year corrective-to-recovery phase. Within the broader uptrend, this breakout signals the start of a new leg higher, offering potential upside. A supportive sectoral backdrop and a constructive chart structure provide traders with a renewed buying opportunity.

 

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