Stock Picks: Sagar Doshi suggests Adani Energy, HCL Tech, Havells India shares to buy in a green market today - 14 May

Stock market today: India's primary stock indexes began the day on a positive note on Wednesday, buoyed by retail inflation data from both the US and the domestic market in April that were lower than expected. The Sensex rose by 281.43 points to reach 81,429.65 during early trading; the Nifty 50 increased by 96.65 points to hit 24,675.

The drop in domestic inflation has raised expectations for potential further rate reductions by the Reserve Bank of India, while the favorable inflation figures from the US and the reduction of US-China trade tensions have contributed to easing fears of a recession.

Market analysts noted that global markets are experiencing volatility, fluctuating in response to the constantly evolving policy landscape. The reciprocal tariff strategy employed by Trump, which previously unsettled markets, is now behind us, with a new agreement reached between the US and China. It seems that the trend of a weakening dollar has come to an end. The yield on the US 10-year treasury note has surged to 4.47%, which could influence foreign institutional investor (FII) flows into India that have been supporting the resilience of the Indian market.

Sagar Doshi of Nuvama recommends Adani Energy Solutions, HCL Technologies, and Havells India shares to buy today. Here's what Doshi says about the overall market.

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

Nifty 50

From ending at 3 week low last week to claiming back to 6 month high – markets have broken out of its previous range seen between 23,900 and 24,400. A new range window has now open up on Nifty 50 between 24,400 – 25,400 with volatility seen at elevated levels for the balance of this week.

All the sharp gains at the start of this week was on back of the ceasefire understanding announced over the weekend added by a sweetener to global equities on a temporary agreement reached between US and China on tariffs. 24,400 now acts as fresh support while 24,900/25,400 can now be seen as possible targets on upside.

Bank Nifty

Bank Nifty has reversed its course from the 5 year trendline’s polarity support wherein it also completed its initial downside target. Unless a closing below the same (53,500) is not seen further downside cannot be seen opening up. For now a range between 54,900 and 55,900 can be seen playing for this week on the index.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Adani Energy Solutions Ltd, HCL Technologies Ltd, and Havells India Ltd.

Adani Energy Solutions (BUY): LCP: ₹904; SL: ₹878; TGT: ₹990

Repeated higher low formations are seen on chart, along with reclamation of 200 DMA, indicating further upside yet to unfold on the same. Initial signs of a huge upside is being formed as the stock has been consolidating in a base formation pattern for the past 26 months. For now, we are seeing for a 10% upside in this leg.

HCL Technologies (BUY): LCP: ₹1,619.60; SL: ₹1,536; TGT: 1,730

An inverted head and shoulder formation is seen on daily charts where the stock has given a breakout of the neckline visible at 1600 odd levels. A higher low formation shows early signs of this breakout coming in the short term for targets of 200 DMA resistance floating near ₹1,725 – 1,735 band.

Havells India (BUY): LCP: ₹1,593.90; SL: ₹1,564; TGT: ₹1,695

Flag breakout on daily chart is seen on charts of Havells, after it took tested at its polarity support of a 5 year trendline last week. A strong base has formed and an inverted head and shoulder pattern is seen forming on weekly charts of the same.

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.