Stock market news: On Monday, Indian stocks closed positively, with the Sensex rising by over 388 points and the Nifty approaching the 26,000 level, backed by a widespread rally across multiple sectors. The upswing in the market was mainly fueled by the NDA’s clear win in Bihar, which enhanced investor confidence in policy stability and market reliability.
Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that moving forward, we will keep a close watch on the developments in India-US trade negotiations. The current positive trend is anticipated to persist, bolstered by stable domestic fundamentals and an uptick in corporate earnings. Nonetheless, fluctuations may continue due to persistent global uncertainties and the possibility of additional foreign selling.
Trade Setup for Tuesday
Rupak De, a Senior Technical Analyst at LKP Securities, mentioned that the index has increased following a period of consolidation on the daily timeframe. Moreover, it has maintained its position above the 21EMA, which is an important short-term moving average.
“The RSI is showing a bullish crossover on the daily chart. Furthermore, the creation of a higher bottom signals a strengthening market. The trend is expected to remain robust in the short term, with the possibility of reaching 26,200/26,350. On the downside, support is set at 25,800,” said De.
Global Markets, India-US trade deal to IPO Frenzy
Vinod Nair, the Head of Research at Geojit Investments, mentioned that the market has sustained its positive trend, staying around the significant psychological level of 26,000, as investors look forward to a strong catalyst for additional upward movement. A possible trade agreement is seen as an important factor that market participants are closely observing.
“At present, the risk-reward ratio is mainly favorable, supported by better-than-expected Q2 earnings from Midcaps, which have boosted confidence in a growth rebound and suggest potential upgrades in future earnings,” said Nair.
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: Laurus Labs Ltd, FSN E-Commerce Ventures Ltd (Nykaa), Piramal Pharma Ltd, RBL Bank Ltd, Astral Ltd, One 97 Communications Ltd (Paytm), Suprajit Engineering Ltd, and TVS Motor Company Ltd.
Sumeet Bagadia’s stock picks
Laurus Labs Ltd: Bagadia recommends buying Laurus Labs share price at ₹1,021.85 keeping a stoploss at ₹986 with a Laurus Labs share price target of ₹1,094.
Sumeet Bagadia said that Laurus Labs share price was trading at 1,021 and continues to show strong bullish momentum, supported by a steadily rising price structure and consistent higher swings. The stock is now approaching its all-time high of 1,025, which remains a critical resistance zone. A decisive breakout above this level could attract fresh buying interest and potentially open the way for additional upside.
“Traders should monitor its behaviour near the resistance area for signs of breakout confirmation and follow-through. On the downside, immediate support sits at 993. The RSI is at 74.5 and rising, signalling strong buying momentum along with possible overbought conditions. A protective stop-loss near 986 is recommended to manage risk,” said Bagadia.
FSN E-Commerce Ventures Ltd (Nykaa): Bagadia recommends buying Nykaa share price at ₹268.75 keeping a stoploss at ₹259 with a Nykaa share price target of ₹290.
Sumeet Bagadia said that Nykaa share price was currently trading at ₹268.75 and showing strong bullish momentum on the daily chart. The stock is forming a rounding bottom pattern while maintaining a higher-high, higher-low structure. It has also broken above the recent swing high of ₹268.25, which is an encouraging signal for a continued uptrend.
“Technically, the stock is trading well above all major Exponential Moving Averages (20, 50, 100, and 200 EMA), reinforcing strength across both short- and long-term timeframes. Immediate resistance is placed at ₹275, and a sustained move above this zone could push the stock toward the short-term target of ₹290.Traders may consider long positions at current levels, targeting ₹290 in the near term with disciplined risk management,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Piramal Pharma Ltd: Ganesh Dongre recommends buying Piramal Pharma share price at ₹195 with a stoploss at ₹189 with Piramal Pharma share price target of ₹204.
Ganesh Dongre said that 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 ₹204. At present, the stock is maintaining a crucial support level at ₹189.
“Given the current market price of ₹194, 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 ₹204,” said Dongre.
RBL Bank Ltd: Ganesh Dongre recommends buying RBL Bank share price at ₹317 with a stoploss at ₹310 with RBL Bank share price target of ₹335.
Ganesh Dongre said that we have seen a major support in this stock around ₹310 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹317 price level, which may continue its rally till its next resistance level of ₹335 so traders can buy and hold this stock with a stop loss of ₹310 for the target price of Rs.335 in the upcoming weeks.
Astral Ltd: Ganesh Dongre recommends buying Astral share price at ₹1,465 with a stoploss at ₹1,430 with Astral share price target of ₹1,520.
Ganesh Dongre said that 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 ₹1,520. Currently, the stock is holding a crucial support level at ₹1,430. Given this scenario, there is potential for the stock to rebound towards the ₹1,520 level in the near future.
“Traders are advised to consider taking a long position, with a strategic stop loss set at ₹1,430 to manage risk effectively. The target price for this trade is ₹1,520, reflecting the anticipated upward movement based on the identified technical,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
One 97 Communications Ltd (Paytm): Shiju Koothupalakkal recommends buying Paytm share price at ₹1,332.90 with a Paytm share price target of ₹1,385 with a stop loss of ₹1,305.
Shiju Koothupalakkal said that the stock after a short dip has indicated a positive candle formation on the daily chart to anticipate for further rise in the coming sessions with bias improving and strength indicated.
“The RSI is well positioned slightly correcting from the overbought zone and has indicated a positive trend reversal to signal a buy with much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 1385 keeping the stop loss of 1,305 level,” said Koothupalakkal.
Suprajit Engineering Ltd: Shiju Koothupalakkal recommends buying Suprajit Engineering share price at ₹469.40 with a Suprajit Engineering share price target of ₹495 with a stop loss of ₹460.
Shiju Koothupalakkal said that the stock has recently witnessed a decent pullback from the important 200 period MA at 430 zone with currently moving past the 100 period MA at 457 level to improve the bias and can expect for further upward move in the coming sessions.
“The RSI has shown improvement to signal a buy and with rising volume participation visible, we can anticipate carrying on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 495 keeping the stop loss of 460 level,” said Koothupalakkal.
TVS Motor Company Ltd: Shiju Koothupalakkal recommends buying TVS Motor share price at ₹3,475 with a TVS Motor share price target of ₹3,600 with a stop loss of ₹3,420.
Shiju Koothupalakkal said that the stock after witnessing a short period of correction has taken support near the 3,380 zone with a triple bottom formation on the daily chart and with a significant recovery visible accompanied by decent volume participation has improved the bias to anticipate for further rise in the coming sessions.
“The RSI is well positioned and has signalled a buy at an attractive level with much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 3,600 keeping the stop loss of 3,420 level,” said Koothupalakkal.
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.