Stocks to buy today: Ashok Leyland among Religare Broking's top three picks

Ajit Mishra of Religare Broking recommends Ashok Leyland, CG Power, and Nalco as top stock picks, noting that short-term momentum has strengthened.

Disclaimer: This article is written by Ajit Mishra, senior technical research analyst at Religare Broking. Views expressed are his own. Readers' discretion is advised.

 

Markets traded volatile on Wednesday and ended on a flat note amid mixed cues. After a steady start, the Nifty remained under corrective pressure for most of the session. However, a recovery in the final hour helped trim the losses, with the index eventually settling around the 24,624 mark.

 

Sectoral participation remained mixed, with metals, auto, and realty emerging as the top gainers, while FMCG and banking traded on a subdued note. Broader markets continued to outperform the benchmark, with the smallcap index gaining over half a percent, reflecting sustained participation and healthy market breadth.

 

 

Investor sentiment remained largely positive after the RBI unanimously kept the repo rate unchanged at 5.25 per cent while retaining its neutral policy stance. The central bank also revised its FY27 growth outlook higher, signaling confidence in the domestic economy despite concerns over elevated crude oil prices and global uncertainties. Continued strength in the rupee, resilient domestic liquidity, and optimism surrounding the ongoing earnings season further supported market sentiment. 

 

However, participants remained watchful of geopolitical developments and movements in crude oil prices for fresh directional cues.

 

Technically, the Nifty continued to consolidate above the crucial support zone of 24,350–24,400, indicating that the broader bullish structure remains intact. Although the RBI policy outcome failed to trigger a decisive breakout, the underlying trend continues to remain positive. 

 

A sustained move above the 24,800 mark could accelerate the next leg of the rally towards the 25,000–25,200 zone. On the downside, the 24,350–24,400 region is expected to provide a cushion against any near-term profit-taking. We continue to advocate a "buy-on-dips" strategy, with a preference for relatively stronger

sectors while maintaining disciplined risk management.

 

Stocks To Buy: Recommendations by Ajit Mishra, Religare Broking

Ashok Leyland | LTP: ₹177 | Recommendation: Buy | Target: ₹190 | Stop-loss: ₹170 

 

Ashok Leyland is displaying a decisive technical recovery, with momentum turning bullish after a prolonged consolidation. The recent breakout above the declining trendline, accompanied by a notable volume surge, confirms renewed buying interest and improving market participation. Short-term momentum has strengthened, while the formation of higher highs and higher lows reinforces the positive price structure. Investors may consider accumulating the stock within the recommended buying range.

 

CG Power and Industrial Solutions | LTP: ₹889 | Recommendation: Buy | Target: ₹955 | Stop-loss: ₹855 

 

CG Power is displaying a constructive bullish setup following a recovery from its recent corrective phase, supported by improving volumes. The stock remains firmly positioned above its medium- and long-term moving averages, confirming a sustained positive trend structure. A higher-low formation further strengthens the technical outlook, while increasing participation indicates renewed buying interest. Investors may consider accumulating the stock within the recommended buying range.

 

National Aluminium Company Limited | LTP: ₹381 | Recommendation: Buy | Target: ₹410 | Stop-loss: ₹368 

 

National Aluminium Company is exhibiting a constructive technical reversal after establishing a durable base, confirming a potential double-bottom formation. The stock has reclaimed its short-to-medium-term moving averages and surpassed the previous swing high, strengthening the trend structure. A higher-low formation followed by a decisive bullish breakout signals renewed buying interest and improving momentum. Investors may consider accumulating the stock within the recommended buying range.