Technical Picks: Nagaraj Shetti of HDFC Securities suggests these 2 stocks to buy in the near-term

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced gains on Thursday's session as the US Federal Reserve upheld its forecast for rate cuts this year, with information technology stocks leading the rise.

As of 12:00 IST, the Nifty 50 climbed by 0.68% to 23,062.60, while the Sensex increased by 0.64% to 75,935.39. On Wednesday, the Fed decided to keep rates unchanged, which was widely anticipated, and reiterated its projection for two rate cuts in 2025.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked that the Fed's decision to maintain rates and its projection of lower growth at 1.7% alongside higher inflation at 2.8% for 2025 were in line with expectations. Of greater significance is the Fed chairman's statement that policy could shift in either direction based on the changing outlook. The uncertain outlook is greatly influenced by Trump's tariff-related actions.

Experts indicate that even with ongoing selling by Foreign Portfolio Investors (FPIs), Indian markets have still been able to increase, demonstrating robust domestic strength. The Nifty 50 is poised to surpass the 23,000 threshold, potentially igniting another market rally by forcing the closure of short positions. Nevertheless, worries persist regarding global trade conflicts, especially with mutual tariffs scheduled to be implemented on April 2.

Market Views - Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50 continued to move up for the fourth consecutive sessions so far today and is currently trading higher. Today’s opening upside gap remains unfilled. Nifty 50 is now encountering crucial overhead hurdle of down sloping trend line around 23,000 levels. A sustainable move above this resistance could open further rally towards 23,200-23,300 levels in the short term. Immediate support is placed at 22,900 levels.

Technical Picks: Stocks to buy in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks to buy this week - Bharat Dynamics Ltd, and Gujarat Industries Power Company Ltd (GIPCL).

1. Buy Bharat Dynamics at ₹1,200; Target ₹1,275; Stoploss ₹1,160; Timeframe 1 week.

2. Buy Gujarat Industries Power Company at ₹172.80; Target ₹184; Stoploss ₹166; Timeframe 1 week.

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.