Today's Stock Market: For the Nifty-50 benchmark index. According to experts, a break below the 200-day exponential moving average (DEMA), which is located at the 23,700 mark, might cause the index to continue declining.Today's Stock Market: Thursday's market meltdown was triggered by unfavorable global signals. After the US Fed's aggressive approach sparked fears about rate cuts next year, the benchmark Nifty 50 Index fell 1.02% and finished at 23,951.70, falling below the crucial 24000 barrier due to broad-based selling. At 79,218.05, the S&P BSE Sensex also finished 1.20% lower.
IT and Metals were among the other major losers, and Nifty Bank ended the day 1.08% lower at 51,575.70. The overall markets ended with a lesser drop of 0.3% to 0.5%, demonstrating some resilience.
Friday trade setup
According to Ajit Mishra, SVP, Research at Religare Broking Ltd., the 200-day exponential moving average (DEMA), which is located at the 23,700 level, is the next important support for the Nifty. If it breaks below this level, the index may continue to decline.
With an immediate barrier at 52000, the Bank Nifty index is still in a sell-on-rise condition after seeing selling pressure. Senior Technical and Derivative Research Analyst Kunal Shah of Mirae Asset Sharekhan stated that if the index breaks through yesterday's low, it may decline even more, reaching the 200dma at 50482.
Markets around the world to US Fed rate cuts
The US Federal Reserve's indication of a slower pace of rate cuts in 2025 caused the Nifty to open lower on Thursday due to negative global cues. Important economic data that will continue to influence market direction include the US GDP, the Bank of England's interest rate decisions, and the minutes of tomorrow's RBI MPC meeting. Overall, in this volatile environment, we anticipate that Indian markets would stay muted and follow global cues, stated Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
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.
These consist of ICICI Bank Ltd., State Bank of India, Emami Ltd., BSE Ltd., and Coforge Ltd.
Stocks of Sumeet Bagadia to purchase now
1. Coforge Ltd. For a target price of ₹10333, Bagadia suggests purchasing Coforge at ₹9657 and setting a stop loss at ₹9319.
With a strong bullish trend marked by the establishment of higher highs and higher lows, Coforge is presently trading at 9657. Consistent rising momentum has been confirmed by the stock's constant setting of new all-time highs. A notable rise in trade volumes, which suggests strong investor purchasing activity, supports this upward trend. With a possible short-term target of ₹10333, COFORGE may offer an excellent entry point for long positions if it can maintain above the crucial resistance level of ₹10000.
2. BSE Ltd: For a target price of ₹6197, Bagadia suggests purchasing BSE Ltd at ₹5791.45 with a stop loss at ₹5589.
With a robust upward trend and a continued upward reversal from lower levels, the BSE is currently trading at ₹5791.45, indicating sustained positive momentum. On the daily timescale, the stock has developed a bullish engulfing candlestick pattern and is very close to a crucial resistance level at ₹5850. It is anticipated that a breakout above this level will improve market sentiment and favor buyers. The positive trend is further supported by the fact that the BSE is trading comfortably above its 20-, 50-, 100-, and 200-day Exponential Moving Averages (EMAs).
3. Ganesh Dongre's stocks to purchase today: Emami Ltd. Dongre suggests purchasing Emami Ltd. around ₹600 with a stop loss at ₹585 in order to reach ₹620.
A noteworthy bullish reversal pattern has surfaced in the stock's most recent short-term trend analysis. This technical pattern shows the probability of a temporary retracement in the stock's price, probably reaching around Rs.620. The stock is currently holding steady at Rs. 585, a critical support level. There is a chance to buy at the current market price of Rs. 600. This implies that investors may think about buying the stock at its current price in the hopes that it would increase to the Rs. 620 objective.
Dongre suggests purchasing State Bank of India at ₹833, with a stop loss at ₹820, with a target price of ₹855.
Around Rs. 820, we have observed a significant support in this stock. As a result, traders can purchase and hold this stock with a stop loss of Rs. 820 for the target price of Rs. 855 in the coming weeks. The stock has once again shown a reversal price action formation at the Rs. 833 price level, and it may continue to rally until its next resistance level of Rs. 855.
5. Dongre suggests purchasing ICICI Bank Ltd. at ₹1288 with a stop loss at ₹1265 in order to reach the target price of ₹1320.
A noteworthy bullish reversal pattern has surfaced in the stock's most recent short-term trend analysis. According to this technical pattern, the price of the stock may temporarily decline, perhaps to about Rs. 680. At Rs1265, the stock is currently holding a critical support level.
In light of this situation, the stock may soon rise again to the Rs. 1320 mark. To properly control risk, traders are encouraged to think about establishing a long position with a prudent stop loss set at Rs. 1265. This trade's target price is Rs. 1320.
Disclaimer: Mint does not endorse the opinions or suggestions expressed here; rather, they are the opinions of individual analysts or broking firms. Before making any financial decisions, we encourage investors to consult with qualified professionals.
0 Comments