Stock Picks: Sagar Doshi of Nuvama suggests buying Adani Wilmar, Chambal Fertilisers, CreditAccess ahead of RBI Policy

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, are poised to open lower on Wednesday, as they respond to a global equity downturn fueled by rising trade tensions, with investors looking ahead to the Reserve Bank of India's (RBI) decision on interest rates and economic support measures.

The trends in Gift Nifty also suggest a weak opening for the Indian benchmark index. The Gift Nifty was recorded at around 22,442.50, reflecting a decline of 187.85 points from the previous close of Nifty futures. Other Asian markets saw significant drops, with the MSCI Asia ex-Japan declining by 1%. Japan's Nikkei 225 fell by 2.7%.

Asian markets experienced declines on Wednesday as the tariffs imposed by US President Donald Trump, featuring a hefty 104% tax on China, are poised to be implemented at midnight local time.

In the previous session, Wall Street stocks plunged following the announcement that 104% tariffs on Chinese imports would become effective shortly after midnight on Wednesday, which heightened concerns about "stagflation."

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

Nifty 50

Despite covering nearly 1,000 odd points from Monday’s opening low, Nifty 50 is still in negative for the week compared to its closing seen on Friday. A repeated attempt of taking support near its previous month’s low was seen on the index. A visual double bottom has been formed on the index while we head into an eventful day.

With RBI Policy outcome due today at 10am and market pricing in a 25 bps rate cut. Along with this ahead of US market open, the deadline for tariffs go live and world markets are expecting an announcement to guide further course from hereon. With a trading holiday tomorrow (Thursday) and Nifty’s weekly expiry preponed to today (Wednesday) the index is likely to re-enter the buy on dip zone and exit this volatile range on closing above 22,800 once again. For now, a support of yesterday’s low is getting considered however the index is likely to remain volatile so far it remains below 22,800.

Bank Nifty

Bank Nifty has been the star outperformer in this ongoing correction while the index has broadly held on to its wide range from the start of this calendar year. With tariff fears creating a strong set back on global markets, its impact on Indian indices also pulled leading indices back to its March 2025 lows. However, Bank Nifty stood out strong reversing after a 61.8% retracement. For now, we are holding on to our previous view of dips between 49,900 and 50400 are strong buy on dip zone for the index for an upside target of 52,500.

Stock Picks: Stocks To Buy on Wednesday- Sagar Doshi

On stocks to buy on Wednesday, Sagar Doshi of Nuvama recommended three stocks - Adani Wilmar Ltd, Chambal Fertilisers & Chemicals Ltd, and CreditAccess Grameen Ltd.

Adani Wilmar Ltd (BUY): LCP: ₹275.45; SL: ₹262; TGT: ₹300

With majority of consumption and FMCG stocks showing resilience in this leg of downturn in indices, AWL has closed at a fresh 12 week closing high ending its 12 week sideways consolidation in the lower range. Stock has reversed after testing near its listing lifetime low now indicating a move northwards to hit the 200 DMA resistance at ₹300-310.

Chambal Fertilisers & Chemicals Ltd (BUY): LCP: ₹631.65; SL: ₹612; TGT: ₹680

Stocks making highs in a market crash, are generally the ones witnessing significant flows and lesser outflows in comparison to the widely traded names. Current strength seen on this name is likely to extend for another 8-10% given the market reversal being formed on charts. A support seen at yesterday’s low is an ideal risk reward to be played for the upside.

CreditAccess Grameen Ltd (BUY): LCP: ₹996.55; SL: ₹962; TGT: ₹1,084

Lower high formation along with a potential cup and handle formation on daily charts set up stage for this stock to pop up for a breakout for higher targets aiming 15-20% upside from CMP. A rate cut by RBI is also likely to act as a catalyst for the stock in near term with support seen at yesterday’s low. For now, we are seeing an immediate target of 1,080+ however, the overall targets for this pattern are seen much higher.

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.