Nuvama Analyst Issues Key Stock Recommendations Amid Market Volatility
Aakash K Hindocha, Deputy Vice President - WM Research at Nuvama Professional Clients Group, has released his latest stock market recommendations, advising clients to buy INOX India and Apollo Hospitals Enterprise while selling TVS Motor Company. His analysis comes as Indian equity markets navigate significant volatility, with the Nifty hitting a 10.5-month low and Bank Nifty underperforming.
Index Outlook: Nifty and Bank Nifty Face Pressure
Hindocha notes that the Nifty has settled into a broad range between 23,700 and 24,300. A close below 23,700 could trigger an additional downside of 400-500 points, while sustained upside momentum would only materialize upon closing above 24,300. The surge in India VIX above 20 this week indicates a daily trading range exceeding 300 points, suggesting that heightened volatility is likely to persist.
Bank Nifty has declined 3.5% this week, underperforming the Nifty since the start of the month. Weight adjustments in frontline private banks and panic profit-taking in PSU names have contributed to the weakness. The index has slipped below its 200-day moving average (DMA) for the first time in 11 months, with a fresh swing low expected even after Monday's panic low. The recent gap below the 200 DMA is likely to act as a resistance zone in the short term, with downside levels projected around 54,600.
Stock-Specific Recommendations and Technical Analysis
INOX India (BUY): Hindocha recommends buying INOX India at the last closing price (LCP) of ₹1,193, with a stop loss at ₹1,125 and a target of ₹1,288. The stock has exhibited a trendline breakout, combined with bullish cup and handle and pole and flag patterns, setting the stage for an upward move. Additionally, a nine-month sideways consolidation has ended with this breakout, supported by a crossover of the 200 DMA and tailwinds in the gas and related sectors.
TVS Motor Company (SELL): The analyst advises selling TVS Motor Company at an LCP of ₹3,600, with a stop loss at ₹3,780 and a target of ₹3,370. The stock has broken down from a seven-month rising trendline that had remained intact during its outperformance among sectoral peers since July 2025. This breakdown is expected to push prices lower toward November lows, where the 200 DMA on the chart provides immediate support.
Apollo Hospitals Enterprise (BUY): Hindocha suggests buying Apollo Hospitals Enterprise at an LCP of ₹7,684, with a stop loss at ₹7,475 and a target of ₹8,300. The hospital sector has remained unscathed by the ongoing correction in global equities, as it is independent of global chaos or AI threats. Flows exiting challenged sectors are finding their way into hospital stocks, with Apollo Hospitals showing strong price action and poised to break into fresh all-time highs.
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