Stock market news: The Indian stock market concluded on a high note on Wednesday, with both the Sensex and Nifty 50 finishing at 84,997 and 26,054, respectively. The surge was propelled by major players like Reliance Industries, HDFC Bank, NTPC, Adani Ports, Power Grid, HCL Tech, and Tata Steel, which witnessed gains of up to 3% during the day.
In terms of sectors, the Nifty Metal and Oil & Gas indices excelled, each increasing by nearly 2%, while the Auto sector and some banking stocks experienced slight profit-taking.
Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that the market is anticipating the US Federal Reserve’s policy announcement and Chair Powell’s remarks for insights on the trajectory of interest rates. Expectations for dovish guidance might help maintain foreign investments.
On the domestic front, robust macroeconomic fundamentals, government-driven infrastructure initiatives, and strong corporate profits are expected to keep market sentiment optimistic. Nonetheless, Tiwari remain vigilant regarding global circumstances, fluctuations in crude prices, and forthcoming earnings reports.
Trade Setup for Thursday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that optimism regarding the US-China agreement has pushed the Nifty 50 upward. Nevertheless, investors are choosing to hold off on driving the index past its recent peak until after the Fed’s rate decision and accompanying guidance.
Market sentiment remains strong, supported by a robust bullish technical structure. The initial support level is at 25,850, and if the index falls below this point, it may enter a consolidation phase. On the upside, if the Nifty 50 successfully surpasses 26,100, it is expected to move towards 26,300 or 26,500 in the near term.
Global Markets, Q2 results, US-China trade talks to US Federal meet
Vinod Nair, the Head of Research at Geojit Investments, mentioned that the domestic market closed on a high note, buoyed by favourable signals from Asian markets and a clearer understanding of global trade conditions. Increased optimism about possible advancements in trade discussions between India and the US further enhanced market sentiment. Oil shares led the surge as crude prices alleviated concerns regarding greater OPEC+ production, while metal stocks rose due to strong commodity prices and supply limitations.
The Federal Reserve meeting is a significant event for global markets. Investors will pay close attention to any commentary on future rate cuts, as it will influence market direction going forward.
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, Hindustan Petroleum Corporation Ltd (HPCL), Steel Authority of India Ltd (SAIL), Ambuja Cements Ltd, Hindustan Unilever Ltd (HUL), CG Power and Industrial Solutions Ltd, Salzer Electronics Ltd, and Enviro Infra Engineers Ltd.
Sumeet Bagadia’s stock picks
HBL Engineering Ltd: Bagadia recommends buying HBL Engineering share price at ₹1,011 keeping a stoploss at ₹976 with a HBL Engineering share price target of ₹1,086.
HBL Engineering share price was trading at ₹1,011, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a all-time high of 1,018. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
In conclusion, based on current technical conditions, HBL Engineering offers a strong buying opportunity at the current market price of 1,011, with a stop-loss at 976 and an upside target of 1086, provided sound risk management measures are maintained.
Hindustan Petroleum Corporation Ltd (HPCL): Bagadia recommends buying HPCL share price at ₹468 keeping a stoploss at ₹452 with a HPCL share price target of ₹500.
HPCL share price was trading at ₹468 and has recently made an all-time high, reflecting strong bullish momentum. On the weekly timeframe, the stock has formed a Rising Wedge pattern and given a breakout from the trend line, leading to an all-time high. 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.
In conclusion, based on current technical conditions, HPCL share price offers a strong buying opportunity at the current market price of 468, with a stop-loss at 452 and an upside target of 500, provided sound risk management measures are maintained.
Ganesh Dongre’s stocks to buy today
Steel Authority of India Ltd (SAIL): Ganesh Dongre recommends buying SAIL share price at ₹142 with a stoploss at ₹136 with SAIL share price target of ₹150.
SAIL 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 ₹142 and has established a solid support base at ₹136. 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 ₹152 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹136 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
Ambuja Cements Ltd: Ganesh Dongre recommends buying Ambuja Cements share price at ₹573 with a stoploss at ₹560 with Ambuja Cements share price target of ₹590.
Ambuja Cements share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹573 and maintaining a strong support at ₹560. The technical setup indicates the potential for a price retracement towards the ₹590 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 ₹560 offers a prudent approach to capturing the anticipated upside.
Hindustan Unilever Ltd (HUL): Ganesh Dongre recommends buying HUL share price at ₹2,490 with a stoploss at ₹2,450 with HUL share price target of ₹2,560.
HUL share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹2,490 and maintaining a strong support at ₹2,450. The technical setup indicates the potential for a price retracement towards the ₹2,560 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 ₹2,450 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
CG Power and Industrial Solutions Ltd: Shiju Koothupalakkal recommends buying CG Power share price at ₹748.60 with a CG Power share price target of ₹785 with a stop loss of ₹732.
CG Power share price after having witnessed some profit booking has slipped down from the 797 zone with currently indicating a strong bullish candle formation to move past the important 50EMA at 735 level to improve the bias and can anticipate for further rise in the coming sessions. The RSI has corrected well from the overbought zone and is currently well positioned indicating a positive trend reversal to signal a buy with much upside potential visible and can expect 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 785 keeping the stop loss of 732 level.
Salzer Electronics Ltd: Shiju Koothupalakkal recommends buying Salzer Electronics share price at ₹878.95 with a Salzer Electronics share price target of ₹927 with a stop loss of ₹860.
Salzer Electronics share price has indicated a higher bottom formation pattern on the daily chart taking support near the 50EMA zone at 837 level with bias improving and currently with a positive candle pattern with significant volume participation visible has improved the bias to establish conviction and to anticipate for further rise in the coming days.
The RSI after cooling off from the overbought zone, is currently well placed and has signalled a buy with much upside potential visible, can expect for further upward move. With the chart technically looking good, we suggest buying the stock for an upside target of 927 keeping the stop loss of 860 level.
Enviro Infra Engineers Ltd: Shiju Koothupalakkal recommends buying Enviro Infra share price at ₹247.55 with a Enviro Infra share price target of ₹262 with a stop loss of ₹242.
Enviro Infra Engineers share price has been in consolidation for quite some time maintaining a strong support near 238 zone sustaining above the important 200 period MA with currently indicating a positive candle formation accompanied with significant volume participation visible to improve the bias expecting for further upward movement in the coming sessions.
The RSI has been consolidating for quite a while and with positive trend reversal visible, 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 262 keeping the stop loss of 242 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.