Stocks to buy or sell: Osho Krishan of Angel One suggests buying Tata Chemicals, CDSL shares today - 29 May

Stock market today: Indian stock markets began the day on a positive note on Thursday, drawing strength from gains seen in Asian markets and Wall Street futures, as investors reacted positively to a US trade court's ruling that stopped President Trump's tariffs on imports from US trading partners.

The Nifty 50 increased by 0.29% to 24,825.10, while the Sensex was up 0.34% at 81,591.03 as of 9:15 IST.

The Court of International Trade determined that President Trump overstepped his authority with the proposed tariff measures. Although the White House has filed an appeal against this ruling, the decision has fostered optimism that Trump might reconsider the significant tariff levels he had previously threatened, improving global risk sentiment.

Market analysts are of the opinion that news concerning Trump’s tariffs continues to influence the markets. The US Federal court's decision to overturn the reciprocal tariffs sends a strong signal that the unconventional president cannot disregard the markets and economy with his dubious choices. This judicial ruling marks the second significant setback for President Trump, following the blow dealt by the bond market, which compelled the Trump administration to suspend the tariffs for 90 days. From the perspective of the market, this is a favourable turn of events.

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

Profit booking has extended into a second consecutive session; however, prices have remained within the previous trading range and have successfully held above the low of the prior session. On the daily chart, a small-bodied candle has emerged, reflecting the ongoing phase of consolidation. In general, much of May has experienced a time-wise correction, interspersed with only a few significant upward movement days. Attention is now focused on the upcoming F&O expiry day, which is poised to influence the market's direction in the near term.

From a technical perspective, the Nifty 50 continues to oscillate between the identified lows around 24,450 and the corresponding highs near 25,100. This range remains critical, and any breakthrough beyond it could potentially reignite momentum. However, an examination of these levels on the expiry day itself appears improbable and surpassing them would present a significant challenge. In the short term, immediate support is observed around 24,600, which also corresponds with the 20-DEMA. Conversely, the psychological 25,000-mark serves as immediate resistance. These two levels are anticipated to be pivotal during the expiry session.

While the benchmark indices continue to exhibit range-bound behavior, specific themes and movements of individual stocks have become particularly noteworthy. It is recommended that traders focus on these opportunities; however, they should exercise caution, as several recent breakouts have not been able to maintain their momentum due to insufficient follow-up buying.

Stocks To Buy on Thursday- Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Central Depository Services (India) Ltd (CDSL), and Tata Chemicals Ltd.

Central Depository Services (India) Ltd (CDSL)

CDSL share price has demonstrated a consolidation breakout above the 200-day simple moving average (DSMA), indicating a robust upward trend. From a technical analysis perspective, the stock is currently exhibiting a pattern of higher highs and higher lows, supported by favourable indicators that enhance its bullish sentiment. Furthermore, considering the risk-reward dynamics, CDSL is in a favorable position and appears poised to maintain its upward trajectory in the near term. This situation presents a significant opportunity for investors seeking growth potential.

Hence, we recommend to BUY CDSL shares around ₹1,500, keeping a stop loss of ₹1,420 for a potential Target of ₹1,620-1,640.

Tata Chemicals Ltd

Tata Chemicals share price has recently emerged from a consolidation phase and has surpassed its previous swing high, indicating an initial sign of a counter-trend. Additionally, the positive crossover observed between the 20-day and 50-day Exponential Moving Averages (DEMA) represents a favorable development in the technical analysis. This progression is further corroborated by positive movements in the MACD indicator, suggesting a constructive outlook for the stock’s performance.

Hence, we recommend to BUY Tata Chemicals around ₹890-880, keeping a stop loss of ₹840 for a potential Target of ₹980.

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