Stocks to Buy or Sell: Ajit Mishra of Religare Broking Suggests Strategies for 3 Shares

Why It Matters

The outlook highlights near‑term risk for investors in India’s large‑cap space and pinpoints specific equities where momentum and valuation diverge, guiding portfolio allocation amid global uncertainty.

Key Takeaways

• Nifty volatile, resistance near 23,000–23,200.
• Rupee gains support market sentiment.
• BSE shows bullish consolidation above long‑term MA.
• Jindal Steel retests cup‑handle neckline, bullish pivot.
• Asian Paints futures bearish, 20‑day EMA resistance.

Pulse Analysis

India’s market swing on April 2 reflected a confluence of external shocks—rising oil prices, fragile geopolitics around the Strait of Hormuz, and a pullback in Asian and European equities. The rupee’s 1.8% appreciation to 93.10 per dollar provided a rare domestic catalyst, cushioning the Nifty’s decline and enabling a late‑session rally. Such macro dynamics underscore how currency strength can offset broader risk aversion, especially when global cues remain negative.

Research head Ajit Mishra emphasized that the Nifty’s technical profile remains precarious, with immediate resistance clustered between 23,000 and 23,200 and a key hurdle near 23,500. Support levels around 22,300‑22,000 suggest a floor, but the market’s indecisiveness calls for hedged positions until clearer trends emerge. This stance aligns with a broader shift among Indian brokers toward risk‑managed strategies, as investors grapple with volatile intraday swings and the prospect of a long weekend that could amplify overnight gaps.

Mishra’s stock picks illustrate sector‑specific narratives. BSE Ltd, trading near ₹2,851 (≈$34), shows a bullish structure above its long‑term moving average, warranting a target of ₹3,080 (≈$37). Jindal Steel, at ₹1,138 (≈$14), has retested a cup‑and‑handle neckline, suggesting upside to ₹1,240 (≈$15). Conversely, Asian Paints futures face bearish pressure, with the 20‑day EMA acting as resistance; a target of ₹2,060 (≈$25) reflects continued downside risk. These recommendations provide actionable insight for traders seeking to navigate India’s choppy market while balancing exposure across financials, steel, and consumer staples.