Stock Market Today: The benchmark Nifty-50 index, amidst mixed cues and geopolitical tensions, ended Wednesday with 0.14% gains at 24,414.40. The bank Nifty, at 54,610.90, gained 0.63%, and auto, realty, and metals were key gainers, though pharma and FMCG were the key losers. Broader Indices managed to recover with gains of more than a per cent.
Trade Setup for Thursday
On the higher side, 24500 would be the immediate breakout level for the Nifty 50 index, above which could move up to 24600-24650. On the other side, a dismissal of 24300 could accelerate the selling pressure, said Shrikant Chouhan, Head Equity Research, Kotak Securities:
For the Bank Nifty, consolidation is expected n the range of 53,500-56,000, while on the downside, key support is seen between 54,000-53,500 level, as per Bajaj Broking
Global Markets and Q4 Results
Key geopolitical developments, corporate earnings reports, and macroeconomic data from the U.S. are likely to be closely watched, with the potential for short-term consolidation depending on how these factors unfold. Markets will also focus on important earnings announcements scheduled for Thursday, including from L&T, Britannia, Titan, Pidilite, Biocon, Bharat Forge, Union Bank, and Canara Bank, 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 two stock picks.
Sumeet Bagadia’s stock picks
1.Tata Steel Ltd– Bagadia recommends buying Tata Steel at ₹146 keeping Stop Los at ₹140 for a target price of ₹158.
TATASTEEL is currently trading at ₹146, exhibiting strong bullish momentum after a decisive rebound from lower levels. The stock has formed a classic higher high–higher low structure and has recently closed above its 200-day Exponential Moving Average (EMA), having already sustained above its 20-day and 50-day EMAs. This alignment of EMAs signals a well-supported and sustained uptrend.
2. Cholamandalam Investment and Finance Company Ltd– Bagadia recommends buying Cholamandalam Investment and Finance Company at around ₹1574.5 keeping Stoploss at ₹1519 for a target price of ₹1685
CHOLAFIN is currently trading at ₹1,574.50 and is displaying a strong bullish trend, characterized by the consistent formation of higher highs and higher lows. The stock has recently rebounded from a higher low and formed a bullish engulfing candlestick pattern, which signals a potential breakout above its recent high and continuation of the upward trajectory. This bullish price action is backed by a significant increase in trading volumes, indicating strong investor participation and buying interest.
Ganesh Dongre’s stocks to buy today
3. Bharat Heavy Electricals Ltd (BHEL) – Dongre recommends buying Bharat Heavy Electricals (BHEL) at ₹225 keeping Stoploss at ₹220 for a target price of ₹235.
In the latest short-term technical analysis, Bhel has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹225 and holding above a key support level at ₹220. 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 ₹220 to manage downside risk. The target for this trade is set at ₹235, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
4. Federal Bank Ltd – Dongre recommends buying Federal Bank at ₹190 Stop Loss at ₹185 for a target price of ₹200.
FEDERALBNK has exhibited a notable bullish reversal pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 190 and maintaining a strong support at ₹185. The technical setup indicates the potential for a price retracement towards the ₹ 200 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 ₹ 185 offers a prudent approach to capturing the anticipated upside.
5. Tech Mahindra Ltd– Dongre recommend buying Tech Mahindra at ₹1495 keeping Stoploss at ₹1470 for a target price of ₹1545.
TECHM, the stock is currently trading at ₹1495 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 ₹1470, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹1545 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. Kaynes Technology India Ltd– recommends buying Kaynes Technology at ₹5842 for a target price of ₹6070 keeping Stoploss at ₹5750
The stock, after the recent decent rally, has been in consolidation, maintaining above the important 200-period MA at ₹5320 zone and currently has indicated a bullish candle set up on the daily chart to signify strength and can anticipate a further upward move in the coming days. The RSI slipped from the overbought zone and is well placed to anticipate another fresh round of upward moves. With the chart technically well positioned, we suggest buying the stock for an upside target of the ₹6070 level, keeping the stop loss of the ₹5750 level.
7. NOCIL Ltd– recommends buying NOCIL at around ₹184 for a target price of ₹193 keeping Stoploss at ₹180
The stock has indicated a significant pullback after taking support near the ₹172 zone, and currently, with a strong bullish candle formation accompanied by significant volume participation, has exhibited strength to anticipate a further rise in the coming sessions. The RSI is well-positioned and on the rise, indicating strength and signalling a buy with positive trend reversal, with much upside potential visible. With the chart looking good, we suggest buying the stock for an upside target of ₹193, keeping the stop loss at the ₹180 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.