Stock Picks: Sagar Doshi of Nuvama suggests Ambuja Cements, SBI Cards, Sobha shares to buy today - 23 April 2025

Stock market today: The main domestic stock indices, Nifty 50 and Sensex, opened on a positive note on Wednesday amid optimism regarding a reduction in trade tensions after US President Donald Trump indicated that tariffs on Chinese goods would be significantly lowered following an agreement, though not eliminated entirely.

As of 9:15 IST, the Nifty 50 increased by 0.79% to reach 24,357.6, while the Sensex rose by 0.69% to 80,142.09. Trump's decision to retract his earlier threats to dismiss US Federal Reserve Chair Jerome Powell contributed to a rebound in the dollar from the multi-year lows experienced earlier this week.

The ongoing trade conflict between the US and China has raised concerns among investors globally regarding its potential effects on the economy and inflation.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, mentioned that the markets could convey this message today, and the underlying fundamentals are positive. President Trump's statement regarding his intention not to dismiss the Fed chief has eased tensions in the US markets. Trump's comments concerning Chinese tariffs suggest a potential de-escalation of US-China relations.

The ongoing purchases by foreign institutional investors provide robust support for the Indian markets. From a technical perspective, the market may soon enter an overbought zone, which could lead to some profit-taking. Investors are advised to remain invested in high-quality large-cap stocks.

Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group

Nifty 50

Nifty 50 has completed its short term target of 24,000 – 24,100 after it reclaimed the huge resistance of 22,800 in last week’s trading. The index is now close to 3% in the green on a month to date basis recovering nearly 11% from its panic lows seen on 7th of April 2025. The 200 DMA has also been reclaimed as this being the fastest 10% rally in recent times with this we would shift our stance to sideways with support at yesterday’s low of 23,900. Yesterday has been the first instance since 9th of April 2025, wherein Nifty 50 has closed below its previous day’s high.

Bank Nifty

Bank Nifty has had a restless rally in the past 2 weeks with index now making fresh all time highs, absorbing all its 6 months of pain in matter of days. With over 6,000 point rally in the past 9 trading days, Bank Nifty has had a runaway rally emerging as a leader along with Nifty Fin Serv index to trade at fresh all time highs. The ongoing leg completes at 56,200 odd levels before the index could decide its further course, while Bank Nifty remains overbought all through this week.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Ambuja Cements Ltd, SBI Cards and Payment Services Ltd, and Sobha Ltd.

Ambuja Cements (BUY): LCP: ₹577.90; SL: ₹560; TGT: ₹606

Ambuja Cements share price has found strong support from its 5 year trendline earlier this month and this is its 6th touch base on this trendline in the past 5 years , making it all the more stronger. On the short term the 200 DMA has also been reclaimed along with the index as this helps in establishing its short term trend northwards.

SBI Cards (BUY): LCP: ₹915.80; SL: ₹882; TGT: ₹1,005

SBI Cards share price has closed at a fresh 22 month high with repeated lower high formation suggesting accumulation on every dips being observed. The scrip has held its neck above its 200 DMA as well as 200 WMA for the past 8-10 weeks now suggesting that its short term as well as medium term trend has now been established northwards and dips are likely to get bought into.

Sobha (BUY): LCP: ₹1,269.70; SL: ₹1,230 TGT: ₹1,380

Sobha share price recently broke out above the descending resistance line of a descending triangle pattern, indicating a potential bullish reversal. Sobha has convincingly broken above the downtrend resistance line and in this leg upside, a notable increase in volume has been observed suggesting buyers interest atleast for the short term.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.