Sagar Doshi of Nuvama Recommends L&T Finance, Prestige Estates, and Lupin as Top Stock Picks for Today

The Indian stock market kicked off the financial year 2024-2025 on a positive note, with both the Sensex and Nifty 50 gaining over a percent in the month of April. However, on Tuesday, the domestic equity indices experienced a fag-end selloff, leading to a lower close for the day. The Sensex ended 0.25% lower at 74,482.78, while the Nifty 50 settled 0.17% lower at 22,604.85 after hitting a record high on April 30.

The market was closed on Wednesday, May 1, in observance of Maharashtra Day. Looking ahead, market expert Sagar Doshi provided insights into the outlook for the Nifty 50 and Bank Nifty. Doshi highlighted that Nifty 50 had hit a fresh all-time high in April, with short covering seen on index futures from foreign institutional investors. He suggested that the index could consolidate between 22,550 and 22,800 for the upcoming week.

On the other hand, Bank Nifty faced a drop of close to 750 points from its intraday highs on Tuesday, indicating a potential underperformance compared to the Nifty. Doshi predicted that the underperformance trend might continue, dragging the index lower towards 48,600 levels.

Additionally, Doshi recommended three stocks for trading – L&T Finance, Prestige Estates Projects, and Lupin. These recommendations were based on technical analysis and market trends. Investors were advised to consult with certified experts before making any investment decisions.