Stock Market Today: The benchmark Nifty-50 index started new week on a strong note as it gained 0.47% to end at 24,461.15. The Bank Nifty however at 54,919.50 ended 0.30% lower. Nevertheless most other indices led by auto, Oil & Gas and FMCG emerged as the gainers, while the broader markets also gained over 1%.
Trade Setup for Tuesday
The Nifty index continues to trade within a narrow range of 24,200 to 25,500, with firm support at the 24,200–24,250 zone and resistance around 24,500–24,550. The outlook stays bullish as long as Nifty sustains above 24,200, though a strong close above 24,550 is essential for confirmation, said Vatsal Bhuva, Technical Analyst at LKP Securities.
For the Bank Nifty a sustained move above recent high of 56,098 could trigger further upside toward the 56,800 levels in the coming weeks. On the downside, key support is seen between 54,000-53,500, as per Bajaj Broking.
Global Markets and Q4 Results
We expect the market to continue its consolidation with a positive bias, while tracking global cues and developments on the geopolitical front, especially India-Pakistan news. Result reactions would drive sector/stock-specific movements with companies like Godrej Consumer, BSE, HPCL, CG Power, Polycab amongst others announcing results tomorrow., said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.
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 Inox Wind Ltd, Indian Bank, BSE Ltd. Narayana Hrudayalaya ltd, Computer Age Management Services Ltd, Housing & Urban Development Corporation Ltd (HUDCO), Bharat Dynamics Ltd and Castrol India Ltd
Sumeet Bagadia’s stock picks
- Inox Wind Ltd- Bagadia recommends buying Inox Wind at around ₹173.08 keeping Stoploss at ₹167 for a target price of ₹186
INOXWIND is currently trading around ₹173.08, showing a sharp recovery from lower levels and forming a strong bullish candle, indicating a potential reversal in momentum. The stock is on the verge of breaking out of a flag-and-pole chart pattern, supported by a notable increase in trading volumes, signaling strong buying interest. A sustained move above the ₹177 level could confirm the breakout and potentially push the stock higher toward the ₹186 mark.
2. Indian Bank: Bagadia recommends buying Indian Bank at ₹576.50 keeping Stoploss at ₹556 for a target price of ₹617
INDIANB is currently trading at ₹576 and is exhibiting a strong bullish trend, marked by the formation of higher highs and higher lows. The stock recently rebounded from a higher low, forming a bullish candle that suggests it may soon break its recent high—thereby confirming continued upward momentum. This price action is supported by a noticeable surge in trading volumes, reflecting strong investor interest and buying activity.
Ganesh Dongre’s stocks to buy today
3. BSE Ltd– Dongre recommends buying BSE at ₹6450 keeping Stop Loss at ₹6350 for a target price of ₹6650.
In the latest short-term technical analysis, BSE has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 6450 and holding above a key support level at ₹ 6350. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 6350 to manage downside risk. The target for this trade is set at ₹6650, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
4. Narayana Hrudayalaya _ Dongre recommends buying Narayana Hrudayalaya Ltd at around ₹1778 keeping Stoploss at ₹1740 for a target price of ₹1825.
Narayana Hrudayalaya Ltd (NH) has exhibited a notable bullish reversal pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1778 and maintaining a strong support at ₹1740. The technical setup indicates the potential for a price retracement towards the ₹1825 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹1740 offers a prudent approach to capturing the anticipated upside.
5. Computer Age Management Services Ltd (CAMS) – Dongre recommends buying CAMS at ₹3810 keeping Stoploss at ₹3740 for a target price of ₹3910.
CAMS, the stock is currently trading at ₹3810 and appears to be in an oversold zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential recovery move. The critical support level lies at ₹3740, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹3910 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.
Shiju Koothupalakkal’s intraday stocks for today
6. Housing & Urban Development Corporation Ltd (DUCO) – Koothupalakkal recommends buying HUDCO at around ₹ 228.79 for a target price of ₹240 keeping Stoploss at ₹224.
The stock after giving a strong breakout above the descending channel pattern on the daily chart has once again indicated a positive candle after a short period of consolidation to improve the bias anticipating for further rise in the coming session. The RSI after cooling off from the highly overbought zone is once again well positioned with strength indicated and has signalled a buy with a positive trend reversal. With the chart technically maintained strong, we suggest to buy the stock for an upside target of ₹240 level keeping the stop loss of ₹224 level.
7. Bharat Dynamics Ltd– Koothupalakkal recommends buying BHARAT DYNAMICS at around ₹1563 for a target price of ₹1650 keeping stoploss at ₹1530.
The stock has recently indicated a breakout above the rising trendline zone at ₹1480 level and has sustained in the last few sessions with currently indicating a strong bullish candle accompanied with significant volume participation anticipate for further rise in the coming sessions. The RSI is maintained strong and can carry on with the positive move further ahead with higher targets of ₹1650 and ₹1800 levels achievable in the coming days. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹1650 level keeping the stop loss of ₹1530 level.
8. Castrol India Ltd– Koothupalakkal recommends buying CASTROL INDIA at ₹203.96 for a Target price of ₹215 keeping Stoploss at ₹199.
The stock has indicated a higher bottom formation on the daily chart taking support near the 196 level and has regained momentum for another round of fresh upward move with bias improving. The RSI is well positioned indicating strength and has indicated a positive trend reversal to signal a buy with much upside potential visible and can expect for continuation of the positive upward move for further gains in the coming sessions. With the chart looking good, we suggest to buy the stock for an upside target of ₹215 keeping the stop loss of ₹199 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 taking any investment decisions.