Stocks to buy or sell: The domestic market suffered massive losses across segments on Thursday, bringing the Nifty 50 down to 23,002, due to a sharp jump in crude oil prices, fresh escalation in Middle East tensions, the U.S. Federal Reserve’s hawkish tone, and aggressive foreign capital outflow. Foreign institutional investors (FIIs) sold off Indian equities worth ₹7,558 crore in the cash segment on Thursday.
The Nifty 50 erased the gains seen in the previous three sessions in just a single session and breached the prior swing low around the 22,900 level during the day.
According to Ajit Mishra, SVP of Research at Religare Broking, these developments indicate that the corrective trend remains intact, with immediate support placed in the 22,500–22,800 zone. On the upside, any rebound towards the 23,400–23,600 range may see strong resistance.
“Given the current market environment, participants are advised to align their positions with the prevailing trend. It is prudent to prefer option strategies over naked positions in the benchmark, while adopting a selective approach in stock-specific trades, with a strong emphasis on managing overnight risk,” said Mishra.
Stocks to buy or sell
Power Grid Corporation of India | Previous close: ₹296.70 | Buy | Target price: ₹323 | Stop loss: ₹284
Mishra highlighted that power-related stocks have been exhibiting notable resilience during the broader market correction, maintaining stability while consolidating above key support levels.
Power Grid Corporation of India’s share price has recently broken out of its corrective phase and is now trading within a consolidation range, holding above its neckline and key weekly moving averages, Mishra said.
The current price action suggests an accumulation phase, indicating the potential for an upward move.
“Considering the positive sector momentum and supportive technical structure, traders may look to initiate long positions as per the mentioned levels,” said Mishra.
Tata Power Company | Previous close: ₹398.50 | Buy | Target price: ₹430 | Stop loss: ₹383
Mishra pointed out that in line with its peers, Tata Power has shown notable strength after breaking out of its corrective phase and reclaiming key long-term averages, signalling a meaningful recovery from an extended consolidation period.
Since the breakout, the stock has remained resilient, consistently attracting buying interest on dips.
“Both price and volume trends indicate underlying strength despite broader market weakness. Participants may consider fresh long positions as per the recommended levels,” said Mishra.
PG Electroplast | Previous close: ₹511 | Sell futures | Target price: ₹480 | Stop loss: ₹526
As per Mishra, after trading within a consolidation range for nearly eight months below its 200-day EMA, PG Electroplast stock has now broken down below its established range, forming a bearish continuation pattern.
“This technical setup indicates the potential for further downside. Based on this structure, traders may consider initiating short positions in futures at the specified levels,” said Mishra.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
