Stock Market Today: The Nifty 50 index continued its correction phase, ending 0.12 per cent lower at 24,981.95 in volatile trade on Wednesday. The S&PBSE Sensex also ended 0.21 per cent lower at 81,467.10. Sectoral indexes were mixed, with real estate and pharmaceuticals gaining, while FMCG and energy sectors declined. Bank Nifty rose intraday following the RBI MPC results but ended 0.03% lower at 51,007.00. But the broader index surprised with a better-than-expected performance, rising more than 1%.
Thursday trading settings
Nifty ended lower, erasing all of the day’s gains. This means bulls encountered resistance and profit-taking above 25,200, said Deepak Jasani, head of retail research at HDFC Securities. Nifty is likely to remain in the 24,832-25,230 range for some time and a break in either value could mean an acceleration in that direction, Jasani added.
Technically, as long as the Nifty Bank index remains above 50,190, a ‘buy the push’ strategy is recommended. On the upside, 51,700-51,800 will be a short-term hurdle for Bank Nifty. Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Intermediates Ltd.
Global market in the midst of the Iran-Israel war
Most stocks in Asia Pacific were also mixed. China’s market was largely disappointed and fell as the stimulus package appeared to be insufficient. European stocks also had a weak start, although they performed well. Investors are paying close attention to reports that Alphabet, which owns Google, may be charged with antitrust violations by U.S. authorities, and that the Federal Reserve will gradually cut interest rates. suggestions are influencing sentiment.
Vikram Kasat, head of advisory at Prabhudas Lilladhar, said market participants are weighing these factors as continued tensions in the Middle East impact oil prices and expectations around domestic quarterly results. The company said it will be watching closely to see how this will affect its results in the coming days.
Stocks to buy today
Sumeet Bagadia, Executive Director, Choice Broking, recommended two stock picks on Monday. Mr. Ganesh Dongre, Senior Manager of Technology Research at Anand Rathi has proposed three stock ideas for today.
These include Prestige Estates Projects Ltd, Marksans Pharma Ltd, NMDC Ltd, JSW Steel Ltd and Ashok Leyland Ltd.
Sumeet Bagadia Stocks to Buy Today
1.Prestige Estates Projects Ltd – Bagadia recommends to buy Prestige Estates Projects at ₹1858.2 with a stop loss of ₹1793 and a target price of ₹1988.
Prestige is currently trading at ₹1858.2 and has formed a strong bullish candlestick on the daily chart, indicating a possible reversal from key support levels. The stock has rebounded from the support zone, suggesting a reversal pattern, and the increased volume further supports the bullish outlook. If Prestige can sustain above the key level of ₹1900, it could continue its upward momentum towards the target price of ₹1988.
Marksans Pharma Ltd – Bagadia recommends Buy Marksans Pharma at ₹297.05 with stop loss at ₹287 and target price of ₹318
Marksans is currently trading at ₹297.05, indicating a strong bullish trend. The stock recently broke out of the downtrend line and showed a significant bullish reversal from the support zone, accompanied by a notable spike in trading volume. This reflects investors’ strong buying appetite. In the short term, Marksans is poised to achieve a target of ₹318.
Ganesh Dongre Stocks to Buy Today
3. NMDC Ltd – Dongre recommends buying NMDC at ₹ 224 and keeping stop loss at ₹ 218 and target price at ₹ 235.
Recent short-term trend analysis of stock prices reveals a notable bullish reversal pattern. This technical pattern suggests a possible temporary retracement in the stock price, potentially reaching around Rs 200,000 crore. 235. The stock price currently holds the important support level of Rs 218. A buying opportunity has arisen given the current market price of Rs. This suggests that investors may consider buying the stock at the current price in hopes of an appreciation towards a specific target of Rs. 235.
4. JSW Steel LTD – Dongre recommends buying JSW Steel at ₹995, keeping stop loss at ₹980 and target price ₹1025.
On the daily chart of this stock, support at ₹985 level is observed, indicating a potential uptrend. Complementing this breakout, the Relative Strength Index (RSI) remains in an uptrend, indicating increasing buying momentum. Considering these technical indicators, traders can consider buying the dip and entering the stock at a lower price point. To manage risk, set a stop loss at Rs. 980 is recommended. The target price for this strategy is Rs. 1025 in the coming weeks, suggesting potential for an increase as the stock continues its upward trajectory.
5. Ashok Leyland Ltd Dongre recommends buying Ashok Leyland at ₹222, maintaining stop loss ₹216 and target price ₹230.
On short-term charts, this stock has formed a bullish engulfing pattern and is bullish in nature. Current price is Rs. 222, this formation indicates a potential upward trend. To manage risk effectively, we recommend a stop loss at Rs.216. The target price for this strategy is Rs. That number is expected to rise to 230 in the coming weeks. This suggests that the stock could move higher as it continues its upward trajectory, supported by bullish technical signals.
Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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