Opening Bell: Osho Krishan of Angel One recommends Gujarat Gas, PNB stock to buy today

Stock market today: The key domestic indices, Nifty 50 and Sensex, opened lower on Thursday, impacted by declines in information technology stocks following Wipro's announcement of a revenue drop for the April-to-June quarter amidst global tariff challenges.

In early trading, the Sensex decreased by 362 points to reach 76,682.29, while the Nifty 50 fell by 129.75 points to 23,307.45. Wipro's shares dropped by 5.1%, pushing the IT index down by 1.4% after the software firm fell short of fourth-quarter revenue expectations and cautioned that its revenue might decrease by 1.5% to 3.5% in the upcoming quarter.

Shares of its larger competitor Infosys also slid by 1.1%. Infosys is set to release its earnings after the Indian market closes on Thursday. At the open, eight out of the thirteen major sectors experienced declines. The broader, more domestically focused smallcap and midcap indices each fell by approximately 0.2%.

As per the reports, market analysts noted that investor confidence continues to be strained due to persistent worries about tariffs implemented by US President Donald Trump. Furthermore, US Federal Reserve Chair Jerome Powell recently emphasized the considerable effects of tariffs on the global economy, further contributing to the market's cautious attitude.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

The broader tone SEEMS bullish, with every minor dip continuing to attract buying interest, recent decline was a classic example, as the index rebounded precisely from the 89 DEMA. On the daily chart, Nifty 50 continues to trade within a Falling Channel pattern. Last week, prices took support at the lower end of the channel, and are now approaching the higher boundary, placed around the 23,600–23,700 zone. This area also coincides with the resistance zone just below the March swing high of 23,869.

Financial Nifty continues to scale new highs, while Bank Nifty is now within striking distance of its all-time high, which suggests Nifty 50 may continue with its catch-up move. However, it’s worth noting that hourly indicators are now in the overbought territory, indicating a possible pause or intraday volatility in the near term.

Hence, instead of chasing momentum, it's prudent to wait for intraday - dips or a consolidation to initiate fresh long positions. Yesterday’s low, which aligns with the 89 DEMA, serves as immediate support at 23,250, followed by a strong support zone between 23,000 - 22,900, this area marks the bullish gap left yesterday. During the day, the real action was seen in individual stocks, a trend that is likely to continue.

Traders are advised to focus on such stock-specific opportunities, which offer better risk-reward setups in the current environment. That said, with a long weekend approaching and global uncertainty still lingering, it would be prudent to avoid aggressive overnight positions and manage risk cautiously.

Stocks To Buy on Thursday - Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Gujarat Gas Ltd, and Punjab National Bank (PNB).

Gujarat Gas

Gujarat Gas share price has experienced a significant resurgence in the last couple of trading weeks, leading to a strong weekly closure. The counter is positioned above all its 50 DEMA on the daily time frame structure after a long period, suggesting inherent strength, and is expected to continue in the same manner in the near term. Additionally, the counter has witnessed a breakout from its previous swing high in the last couple of sessions, backed by robust volumes, adding bullish quotient.

Hence, we recommend to BUY Gujarat Gas around ₹410-400 keeping a stop loss of ₹380 for a potential Target of ₹440-460.

Punjab National Bank (PNB)

PNB share price has experienced a strong rebound over the last few weeks after spending time in oversold territory. This recovery is significant as the stock approaches its 100-DEMA, a key technical level it hasn’t reached in quite some time. Moreover, we are witnessing a positive crossover between the 21-day and 50-day DEMAs, which serves as a bullish indicator. This crossover suggests a potential upward trend and reflects encouraging technical conditions that may further support PNB’s price movement in the near future.

Hence, we recommend to BUY PNB around ₹98-95 keeping a stop loss of ₹90 for a potential Target of ₹116-110.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.