Stock market news: The Indian stock market ended positively on Friday, with the Sensex increasing by approximately 484 points or 0.58% to reach 83,967, while the Nifty 50 rose by 125 points or 0.49% to settle at 25,709. This rally followed a sluggish start that was affected by weak Asian markets and geopolitical worries, but robust buying in major companies like Asian Paints, Bharti Airtel, M&M, ITC, HUL, and Reliance Industries drove a strong closing. Leading sectors such as FMCG, automobiles, and banking contributed to the gains, whereas IT and media sectors experienced some pressure due to lackluster quarterly results.
As noted by Abhinav Tiwari, Research Analyst at Bonanza, market participants are likely to closely monitor the upcoming Q2 earnings reports, especially from major banks, and will respond to any significant developments in US-India trade discussions. Tiwari expresses a cautiously optimistic outlook, attributed to consistent institutional backing, reducing macroeconomic pressures, and seasonal advantages, although the uncertainty in global markets and challenges from IT earnings may result in increased volatility.
Trade Setup for Monday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the outlook for Nifty 50 remains positive as the index has climbed above its four-month consolidation range. On Friday, large-cap stocks clearly outperformed their mid- and small-cap counterparts, a typical sign of a bullish market. In the initial phase of a classic bull market, large-cap stocks generally lead the charge, followed eventually by mid- and small-cap companies.
From a technical standpoint, Nifty 50 appears robust, suggesting potential for a significant upside from this point, and a “buy on dips” approach may be beneficial. Support is firmly established at 25,500, while resistance is anticipated in the range of 25,850 to 26,000.
Global Markets, Q2 results to Samvat 2082
Vinod Nair, the Head of Research at Geojit Investments Ltd, noted that Indian equities concluded the week significantly higher, with benchmark indices reaching new 52-week highs thanks to strong domestic signals. The rally was supported by robust performance in consumption-driven sectors and a widespread rebound across real estate, healthcare, and banking. Investor confidence received an additional boost from diminishing worries about asset quality in the financial sector and anticipated improvements in volume growth during the festive quarter.
Gold prices soared to unprecedented levels as global uncertainties, such as trade disputes and weakening macroeconomic data, led to a search for safe-haven assets. Meanwhile, IT stocks faced challenges due to concerns over global discretionary spending and increasing asset quality issues in the US banking sector. In spite of these external challenges, the domestic market largely remained shielded, supported by a strengthening Indian Rupee, enhanced liquidity conditions, and domestic investment inflows.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: HBL Engineering Ltd, Nippon Life India Asset Management Ltd, Indusind Bank Ltd, Reliance Industries Ltd (RIL), Aditya Birla Capital Ltd, Electronics Mart India Ltd, Lemon Tree Hotels Ltd, and Zuari Industries Ltd.
Sumeet Bagadia’s stock picks
HBL Engineering Ltd: Bagadia recommends buying HBL Engineering share price at ₹936 keeping a stoploss at ₹903 with a HBL Engineering share price target of ₹1,002.
HBL Engineering share price was trading at ₹936 and has recently made an all-time high, reflecting strong bullish momentum. On the weekly timeframe, the stock has formed a rounding bottom pattern and given a breakout from the trend line, leading to an all-time high close. The daily chart structure also remains constructive as the stock continues to form higher highs and higher lows, reaffirming the strength of the prevailing uptrend. On the upside, immediate resistance is seen near ₹963, and a breakout above this zone could trigger fresh short term target of ₹1,002.
Nippon Life India Asset Management Ltd: Bagadia recommends buying Nippon Life India share price at ₹913 keeping a stoploss at ₹881 with a Nippon Life India share price target of ₹977.
Nippon Life India share price was trading at ₹913, registering a strong breakout from a prolonged consolidation phase with robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum.
The stock is well-positioned above its 20, 50, 100, and 200-day EMAs, all trending upward, which confirms sustained strength across multiple timeframes and reflects solid underlying demand.
In conclusion, based on the technical analysis and current market conditions, Nippon Life India share price presents a promising buying opportunity for those aiming for a ₹977 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Indusind Bank Ltd: Ganesh Dongre recommends buying Indusind Bank share price at ₹753 with a stoploss at ₹740 with Indusind Bank share price target of ₹770.
Indusind Bank share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹753 and has established a solid support base at ₹735-740. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
The technical setup points to the potential for a price retracement toward the ₹770-780 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹740 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone
Reliance Industries Ltd (RIL): Ganesh Dongre recommends buying RIL share price at ₹1,420 with a stoploss at ₹1,380 with RIL share price target of ₹1,460.
RIL share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,420 and maintaining a strong support at ₹1,380. The technical setup indicates the potential for a price retracement towards the ₹1,460 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 ₹1,380 offers a prudent approach to capturing the anticipated upside.
Aditya Birla Capital Ltd: Ganesh Dongre recommends buying Aditya Birla Capital share price at ₹300 with a stoploss at ₹290 with Aditya Birla Capital share price target of ₹320.
Aditya Birla Capital share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹300 and maintaining a strong support at ₹290.
The technical setup indicates the potential for a price retracement towards the ₹320 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 ₹290 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Electronics Mart India Ltd: Shiju Koothupalakkal recommends buying Electronics Mart share price at ₹149.20 with a Electronics Mart share price target of ₹160 with a stop loss of ₹146.
Electronics Mart share price has shown stability near the important 50EMA zone at 141 level and currently with bias improving has indicated a positive candle formation anticipating for further rise in the coming days. The RSI has corrected well from the highly over bought zone and is currently well placed indicating a positive trend reversal to signal a buy, with much upside potential visible and can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for upside target of 160 keeping the stop loss at 146 level.
Lemon Tree Hotels Ltd: Shiju Koothupalakkal recommends buying Lemon Tree Hotels share price at ₹166 with a Lemon Tree Hotels share price target of ₹177 with a stop loss of ₹162.
Lemon Tree Hotels share price has indicated a series of higher bottom formation on the daily chart with currently taking support near the 50EMA zone at 163 level, with currently having a positive candle formation with significant volume participation visible to expect for further gains in the coming sessions. The RSI is well positioned and with signs of improvement in the bias and with much upside potential visible, we expect further gains to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 177 keeping the stop loss of 162 level.
Zuari Industries Ltd: Shiju Koothupalakkal recommends buying Zuari Industries share price at ₹345.70 with a Zuari Industries share price target of ₹364 with a stop loss of ₹337.
Zuari Industries share price after having witnessed a higher bottom formation on the daily chart has indicated a bullish candle with huge volume participation visible to improve the bias and can expect for further rise in the coming sessions. The RSI having cooled off from the highly overbought zone currently is well placed indicating a positive trend reversal to signal a buy 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 364 keeping the stop loss of 337 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.