Stock market today:The benchmark Nifty 50 Index ended just short of the psychological hurdle of the 25,000 mark. The experts say that one may expect Nifty to move up further in the short term and could reach the upside target of 25300 in the near term. Immediate support is placed at 24850.
Stock market today:The benchmark Nifty 50 index continued its positive momentum for the second day in a row, gaining 0.40% to end at 24,980.65 on Tuesday. The Bank Nifty gained 0.23% to 55,865.15, while Auto, Oil & Gas, and FMCG led gains for most other sectors with the exception of Pharma, which ended lower. In the broader indices, the mid- and small-caps ended 0.7-1.0% higher.
Trade Setup for Wednesday
The benchmark Nifty 50 Index ended just short of the psychological hurdle of 25K mark. The experts, such as Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that one may expect Nifty to move up further in the short term and could reach the upside target of 25300 in the near term. Immediate support is placed at 24850, as per Shetti.
Global markets today
The domestic market continued the renewed momentum, buoyed by expectations of GST rationalization and a recent upgrade in India's credit rating. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance. Vinod Nair, Head of Research, Geojit Investments Limited.
However, the uptrend may face resistance until greater clarity emerges on US-India trade negotiations. Notably, small- and mid-cap stocks outperformed, with auto stocks leading gains, driven by hopes that China may address supply concerns related to rare earth magnets, 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: NDR Auto Components Ltd., Shaily Engineering Plastics Ltd., State Bank of India, PNB Housing Finance Ltd., DLF Ltd., Paradeep Phosphates Ltd., MMTC Ltd., and Finolex Industries Ltd.
Sumeet Bagadia's stock picks
- NDR Auto Components Ltd-Bagadia recommends buying NDRAUTO at ₹1059, keeping Stoploss at ₹1020 for a target price of ₹1135
NDRAUTO is currently trading at ₹1059 and showcased a strong rally in today's session; the stock registered a sharp high of ₹1067, reflecting renewed buying interest from market participants. NDRAUTO has witnessed a significant recovery after testing lower supports earlier this month. Importantly, the stock is now trading well above its crucial EMA, suggesting that near-term momentum is firmly positive, indicating a strong medium-to-long-term support base.
2. Shaily Engineering Plastics Ltd-Bagadia recommends buying SHAILY at around ₹1927, keeping Stoploss at ₹1860 for a target price of ₹2070
SHAILY witnessed a sharp up-move in today's session; the stock opened on a strong note and touched a high of ₹1,942 and settled near the upper end of the day's range, reflecting strong bullish momentum and aggressive buying interest. SHAILY has given a clear breakout above its crucial short-term resistance levels. The stock has convincingly crossed above its EMA. There is a positive sign, as breakouts with heavy volumes often sustain and lead to extended rallies.
Ganesh Dongre's stocks to buy today
3. State Bank of India—Dongre recommends buying State Bank of India or SBIN, at around ₹830, keeping Stoploss at ₹815 for a target price of ₹860
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 Rs. 860. At present, the stock is maintaining a crucial support level at Rs.815. Given the current market price of Rs.830, 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 Rs. 860.
4. PNB Housing Finance Ltd—Dongre recommends buying PNBHOUSING @ 818 SL 805 TGT 840
We have seen a major support in this stock around Rs.800. So, at the current juncture, the stock has again seen a reversal price action formation at the Rs.818 price level, which may continue its rally till its next resistance level of Rs.850, so traders can buy and hold this stock with a stop loss of Rs.800 for the target price of Rs.850 in the upcoming weeks.
8. DLF Ltd—Dongre recommends buying DLF at around ₹770, keeping stop loss at ₹745 for a target price of ₹795
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 Rs. 795. Currently, the stock is holding a crucial support level at Rs.745.
Given this scenario, there is potential for the stock to rebound towards the Rs.795 level in the near future.
Shiju Koothupalakkal intraday stocks for today
6 Paradeep Phosphates Ltd-Koothupalakkal recommends buying PARADEEP PHOSPHATE at around ₹207 for a target of ₹222, keeping the stop loss at ₹202
The stock has recently indicated a strong run-up, and after a short period of correction, it has once again indicated a positive candle formation with a higher bottom pattern taking support at the ₹197 level, improving the bias, and we can expect a further rise in the coming sessions. The RSI has corrected from the overbought zone and currently is well placed with a positive trend reversal with much potential visible to carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
7. MMTC Ltd-Koothupalakkal recommends buying MMTC at ₹65.30 for the target of ₹70, keeping Stop loss at ₹63.50
The stock has witnessed a decent correction and witnessed a decent pullback with a positive candle formation moving past the important 100-period MA at the ₹64 zone to improve the bias, and we expect a further upward move in the coming sessions. The RSI is currently well placed, indicating a buy signal with decent volume participation visible to anticipate a further rise, and with the chart technically looking good, we suggest buying the stock .
8. Finolex Industries Ltd-Koothupalakkal recommends buying FINOLEX INDS at ₹205.80 for a target price of ₹220, keeping the stop loss ₹200
The stock, after witnessing a decent erosion and consolidation, has picked up significantly with a series of positive candle formations on the daily chart, taking support near the ₹186 level and moving past the 50EMA at the ₹203 level to improve the bias, and we can expect further gains in the coming sessions. The RSI has recovered from the oversold zone, indicating a buy signal, and has much upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock.