Today's stock market: Axis Bank, Oberoi Realty, United Spirits, National Aluminium Co. Ltd., and Varun Beverages are among the companies that experts advise purchasing.
Current Stock Market: Benchmarks for Domestic Equity The previous session saw significant selling pressure on the Nifty 50 and Sensex, driven by a persistent exodus of foreign capital amidst a downward global market trend. Ahead of the global central bank interest rate decisions, investors remained wary.The 30-share BSE benchmark Sensex fell 1,064.12 points, or 1.30 percent, to 80,684.45, below the critical 81,000 threshold, for the second consecutive day. At 24,336 the Nifty fell 332.25 points, or 1.35 percent.
US-based IT companies, which generate the majority of their income, saw a 0.5% decline. The media was the only sectoral indicator to decline. Small-caps and mid-caps with a stronger domestic focus fell 0.7% and 0.8%, respectively. In relation to the US dollar, the Indian rupee fell to its lowest point in history.
Wednesday's Trade Setup
Wednesday's Trade Setup
When a Harami pattern appeared on the daily time period, the Nifty fell precipitously. The index's decline below the 21-EMA suggests that market bets are becoming more pessimistic. Rupak De, Senior Technical Analyst at LKP Securities, stated that the indicator is in a bearish crossover, which reinforces the pessimistic outlook.
With the possibility of a drop towards 24,200, where an initial round of support is anticipated, the short-term prognosis is still bleak. If the Nifty does not make a clear break below 24,200, there may be a significant comeback," De continued.
On the daily chart, the Bank Nifty Index has developed a large red candle, signifying weakness. But the index has been leveling down in a small band between 52,500 and 54,000. The future movement of the index will be determined by the breakout on either side. Asit C. Mehta Investment Intermediates Ltd.'s AVP of Technical and Derivatives Research, Hrishikesh Yedve, stated that rangebound consolidation would continue until that time.
International Markets
Wall Street traders have priced in a quarter-point policy cut for the US Federal Reserve's much anticipated interest rate announcement, which is scheduled for later today. Markets are preparing for the US Fed to reduce easing next year in expectation of greater inflation under Donald Trump, even though a 25 basis point (bps) interest rate decrease is generally anticipated.
Following solid retail sales statistics, investors grew wary ahead of the Federal Reserve's interest rate announcement, which caused US markets to decline on Tuesday. The Dow Jones Industrial Average dropped 61.0 points, or 0.14 percent, to 43,656.47 at the opening. The Nasdaq Composite slid 78.3 points, or 0.39 percent, to 20,095.618, while the S&P 500 fell 21.5 points, or 0.35 percent, to 6,052.55.
Stocks to purchase today
Choice Broking Executive Director Sumeet Bagadia has suggested two stocks for today. Three stock suggestions have been proposed by Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi. Among them are Varun Beverages, National Aluminium Co. Ltd., United Spirits, Oberoi Realty, and Axis Bank.
The day trading of stocks by Ganesh Dongre
Purchase at ₹226, target price at ₹235, stop loss at ₹220 for National Aluminium Co. Ltd.
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of Rs. 235. At Rs. 220, the stock is presently holding a critical support level. There is a chance to buy at the current market price of Rs. 226.
2. Buy at ₹1,136, target price of ₹1,180, stop loss of ₹1,115 for Axis Bank
Significant support has been observed at Rs. 1,115. As a result, the stock is currently showing another reversal price action formation at the Rs. 1,136 level. It can keep rising till it hits Rs. 1,180, the next resistance level. Thus, in the future weeks, traders can purchase and hold this stock with a stop loss of Rs. 1,115 for the target price of Rs. 1,180.
3. Varun Beverages: ₹648 for purchase. Stoploss ₹625, Target Price ₹680
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. According to this technical pattern, the price of the stock may have a brief retracement, perhaps reaching Rs. 680. At the moment,At Rs. 625, the stock is holding a critical support level.
Significant support has been observed at Rs. 1,115. As a result, the stock is currently showing another reversal price action formation at the Rs. 1,136 level. It can keep rising till it hits Rs. 1,180, the next resistance level. Thus, in the future weeks, traders can purchase and hold this stock with a stop loss of Rs. 1,115 for the target price of Rs. 1,180.
3. Varun Beverages: ₹648 for purchase. Stoploss ₹625, Target Price ₹680
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. According to this technical pattern, the price of the stock may have a brief retracement, perhaps reaching Rs. 680. At the moment,At Rs. 625, the stock is holding a critical support level.
In light of this situation, the stock may soon rise back to the Rs. 680 mark. Traders should think about opening a long position with a planned stop loss set at Rs. 625 in order to successfully control risk. The trade's target price, which reflects the expected upward movement based on the detected technical, is Rs. 680.
Stocks of Sumeet Bagadia to purchase now
The purchase price of United Spirits is ₹1,563.30, the target price is ₹1,673, and the stop loss is ₹1,508
United Spirits continues its upward rebound from lower levels and is currently trading at ₹1,563.30, indicating continuous bullish momentum. On the daily timescale, the stock has broken out in a cup and handle pattern, with ₹1,600 serving as the primary resistance mark.
A break over this level is anticipated to improve buying sentiment and push the stock closer to its short-term goal of ₹1,673 and keep it rising. Further supporting the current positive trend, United Spirits is trading comfortably above its 20-, 50-, 100-, and 200-day Exponential Moving Averages (EMAs).
Furthermore, the Relative Strength Index (RSI), which is rising and currently stands at 64.39, indicates increasing buying momentum. There is immediate support on the downside at ₹1,550. Effective risk management calls for a stop-loss at ₹1,508 to protect against unforeseen market reversals.
If suitable risk management strategies are put in place, United Spirits offers a promising buying opportunity with a target of ₹1,673 based on the favorable technical setup and current market conditions.
5. Oberoi Realty: Target price: ₹2,478, stop loss: ₹2,234; buy at ₹2,315.55.
With a strong bullish trend marked by the establishment of higher highs and higher lows, Oberoi Realty is currently trading at ₹2,315.55. The stock has confirmed continuous upward momentum by setting fresh all-time highs over the past two days. A notable rise in trade volumes, which suggests strong investor purchasing activity, supports this upward trend.
With a possible short-term goal of ₹2,478 if Oberoi Realty is able to hold above the crucial resistance level of ₹2,400, it may offer a great place to start long holdings. The Relative Strength Index (RSI), which is currently at 75.85 and is still rising, indicates strong bullishness. Additionally, the stock is trading above its major moving averages with ease.extending the current positive trend by using the short-term 20-day EMA, medium-term 50-day EMA, and long-term 200-day EMA.
Oberoi Realty is a good purchase because of the favorable technical setup and the strength of important indicators like moving averages and RSI. A strong plan to profit from the stock's positive momentum is to enter at the current market price of ₹2,315.55, set a stop-loss at ₹2,234, and aim for ₹2,478.
Furthermore, the Relative Strength Index (RSI), which is rising and currently stands at 64.39, indicates increasing buying momentum. There is immediate support on the downside at ₹1,550. Effective risk management calls for a stop-loss at ₹1,508 to protect against unforeseen market reversals.
If suitable risk management strategies are put in place, United Spirits offers a promising buying opportunity with a target of ₹1,673 based on the favorable technical setup and current market conditions.
With a strong bullish trend marked by the establishment of higher highs and higher lows, Oberoi Realty is currently trading at ₹2,315.55. The stock has confirmed continuous upward momentum by setting fresh all-time highs over the past two days. A notable rise in trade volumes, which suggests strong investor purchasing activity, supports this upward trend.
With a possible short-term goal of ₹2,478 if Oberoi Realty is able to hold above the crucial resistance level of ₹2,400, it may offer a great place to start long holdings. The Relative Strength Index (RSI), which is currently at 75.85 and is still rising, indicates strong bullishness. Additionally, the stock is trading above its major moving averages with ease.extending the current positive trend by using the short-term 20-day EMA, medium-term 50-day EMA, and long-term 200-day EMA.
Oberoi Realty is a good purchase because of the favorable technical setup and the strength of important indicators like moving averages and RSI. A strong plan to profit from the stock's positive momentum is to enter at the current market price of ₹2,315.55, set a stop-loss at ₹2,234, and aim for ₹2,478.
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