Stock Market Today: The benchmark Nifty-50 Index ended another volatile session with a negative bias on Wednesday, down 0.3% at 24,752.45. The Bank Nifty, however, gained 0.12%, helped by gains in PSU Banks, though most other sectors, led by FMCG, Healthcare, ended Lower. In the broader indices, while the mid-cap index was flat, the small-cap index ended slightly higher.
Trade Setup for Thursday
For the day of monthly expiry, 24600 is likely to act as a strong support where the 20-day EMA is placed. On the upside, the 24900-25000 band would continue to offer resistance in the Nifty, said Nandish Shah, Deputy Vice President, HDFC Securities.
On the upside, Bank Nifty is still facing resistance near the 56,000–56,100 zone, while the support is placed near 54,830. as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
Global Markets and Q4 Results
The domestic indices remained rangebound with a negative bias, primarily due to the lack of support from FIIs and prevailing premium valuations. A lingering concern over India-US trade relations following the end of the 90-day pause period continues to pose an external risk. On the domestic front, key economic indicators such as an improved monsoon forecast, a benign inflation outlook, and expectations of a stronger Q4 GDP may help cushion downside risks. However, earnings visibility needs to improve in tandem with the macros, which is vital for stability in the direction, as per Vinod Nair, Head of Research, Geojit Investments Limited.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stock picks.
These include Force Motors Ltd , Astra Microwave Products Ltd, SRF Ltd, Cummins India Ltd, ICICI Prudential Life Insurance Company Ltd, TD Power Systems Ltd , Tanla Platforms Ltd and Indraprastha Gas Ltd.
Sumeet Bagadia’s stock picks
1.Force Motors Ltd – Bagadia recommends buying Force Motors or FORCEMOT at around ₹11764 keeping Stoploss at around ₹11350 for a target price of ₹12550.
FORCEMOT, is currently trading at 11764, exhibits a strong uptrend and bullish breakout on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase following a notable rally, with the stock maintaining levels near the 20-Day EMA. The reclaim of the 20-day EMA is especially noteworthy, as it often signifies a shift from bearish to bullish sentiment.
2. Astra Microwave Products Ltd – Bagadia recommends buying Astra Microwave Products or ASTRAMICRO at around ₹1163.7 keeping Stoploss at ₹1122 for a target price of ₹1240.
ASTRAMICRO has delivered an impressive up move, currently trading at all-time high of 1184.9 levels. This surge in the stock continue to delivered a strong bullish momentum supported by steadily rising volumes and improving technical structure. The recent breakout above the crucial resistance at 1100 levels is a significant technical development. The stock closing near the day’s high and the breakthrough suggests above the psychologically important ₹1100 mark, suggests the continuation of this momentum.
Ganesh Dongre’s stocks to buy today
3. SRF Ltd – Dongre recommends buying SRF at around ₹2900 keeping Stop Loss at around ₹2840 for a target price of ₹3100.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 3100. At present, the stock is maintaining a crucial support level at Rs.2840. Given the current market price of Rs.2900, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 3100.
4. Cummins India Ltd– Dongre recommends buying Cummins India or CUMMINSIND at around ₹2975 keeping Stoploss at ₹2935 for a target price of ₹3100
We have seen a major support in this stock around Rs. 2935 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs.2975 price level, which may continue its rally till its next resistance level of Rs. 3100 so traders can buy and hold this stock with a stop loss of Rs. 2935 for the target price of Rs.3100 in the upcoming weeks.
5. ICICI Prudential Life Insurance Company Ltd – Dongre recommends buying ICICI Prudential Life or ICICIPRULI at around ₹658 keeping Stoploss at ₹640 for a target price of ₹695
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 695 Currently, the stock is holding a crucial support level at Rs.640.
Given this scenario, there is potential for the stock to rebound towards the Rs. 695 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.640 to manage risk effectively. The target price for this trade is Rs. 695, reflecting the anticipated upward movement based on the identified technical analysis.
Shiju Koothupalakkal’s intraday stocks for today
6. TD Power Systems Ltd– recommends buying TD Power Systems or TD POWER SYSTEM at around ₹489 for a target price of ₹520 keeping Stop loss at around ₹480
The stock has indicated a higher bottom formation pattern on the daily chart taking support near ₹470 zone and currently has indicated a positive candle formation to improve the bias and anticipate for further rise in the coming sessions. The RSI is well positioned having corrected from the highly overbought zone and has indicated a positive trend reversal to signal a buy with much upside potential visible.
7. Tanla Platforms Ltd – recommends buying Tanla Platforms or TANLA at around ₹609 for a target price of ₹640 keeping Stop loss at ₹595
The stock has indicated another fresh breakout after the consolidation period with a series of strong bullish candle to strengthen the trend anticipating for further rise. The RSI is maintained strong and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of ₹640 level keeping the stop loss of ₹595 level.
8. Indraprastha Gas Ltd– recommends buying Indraprastha Gas Ltd or IGL at around ₹213 for a Target price of ₹224 keeping Stop loss at around ₹208
The stock currently indicating a bullish candle formation on the daily chart has come out of the consolidation period to improve the bias and further rise is anticipated in the coming sessions. The RSI has indicated a positive trend reversal to signal a buy and has much upside potential to carry on with the positive move further ahead. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹224 level keeping the stop loss of ₹208 level.
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.
