Stock Picks: Sagar Doshi suggests Balkrishna Ind, Asian Paints, Chambal Fertilisers shares to buy on Akshaya Tritiya

Stock market today: The key domestic indices, Nifty 50 and Sensex, were flat on Wednesday as gains from major player HDFC Bank mitigated the impact of tensions with Pakistan, while Bajaj Finance saw a decline despite reporting an increase in fourth-quarter profit.

As of 11:03 IST, the Nifty 50 was up by 0.04% to 24,346.45, while the Sensex up by 0.03% to 80,314.81. In early trading, both indices fluctuated between gains and losses of 0.2%.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, pointed out the market's unexpected resilience is noteworthy. Following the reciprocal tariff disputes and escalated tensions between India and Pakistan, the Nifty has risen by 5% in April. This emphasizes the importance of maintaining composure during crises and staying invested.

The market is being supported significantly by ongoing foreign institutional investor (FII) inflows, which have reached a total of ₹37,325 crores over the past 10 trading sessions. A weak dollar and India’s economic robustness are contributing to this FII activity in the country. This trend may persist. Nevertheless, investors should proceed with caution.

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

Nifty 50

Nifty 50 hit a fresh 4 month high, yet closed below its previous day’s high as well as previous swing high registered on 23rd of April 2025. Early signs of exhaustion are seen on the index after a sharp run up of 10% on the index from its panic lows of start of this fiscal. With the week being truncated for a trading holiday on Thursday, a range between 23,900 and 24,400 can be seen holding on for the balance of this week while 23,900 continues to act as a strong support on downside.

Bank Nifty

Bank Nifty as well ended flat in Tuesday’s session with the index closing below previous day’s high after making a lower high formation on daily charts. A loss of momentum is seen on both of these leading indices after huge run up from its intramonth lows. Bank Nifty has completed its initial target on downside at 54,200 and further downside opens up only after the correlated Nifty gives a closing below 23,900. We continue to view 54,200 – 56,000 as a range for this week’s trade.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Balkrishna Industries Ltd, Chambal Fertilisers & Chemicals Ltd, and Asian Paints Ltd.

Balkrishna Industries (BUY): LCP: ₹2,597.70; SL: ₹2,500; TGT: ₹2,800

A 9 month trendline breakout is seen on charts of Balkrishna Industries shares marking an end to this correction which has corrected prices by over 30% from its all time highs in the same period. Initial targets are seen hitting at the 200 DMA resistance for the stock which hovers above 2800 odd in the given set up.

Chambal Fertilisers & Chemicals Ltd (BUY): LCP: ₹691.60; SL: ₹670; TGT: ₹734

Chambal Fertilisers shares making all time highs, when the sector or markets aren’t doing the same things signify money flow in to the same. This stock has ended at a fresh all time high closing on daily charts indicating passive strength. Any further upside in the markets / peer group sector for the same, could generate disproportionate alpha in long positions for Chambal Fertilizers, initial upside can be seen between 6-8%.

Asian Paints Ltd (BUY): LCP: ₹2,451.10; SL: ₹2,380; TGT: ₹2,600

Repeated higher low formation have been seen on Asian Paints share prices of Asian Paints as consumer durable segments tries to make a comeback after month’s of correction seen across sector. Initial upside is seen at 200 DMA resistance of the stock on daily charts for targets above 2600 odd marking a 5-7% upside from CMP.

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.