Stock Market Today: The pullback formation is probably going to last as long as the Nifty 50 index is trading above 22800. On the highest end of the spectrum, it might rise to 23,000 and then 23075. However, experts warned that below 22800, mood would shift and the market might decline till 22725–22650.
Today's Stock Market: The benchmark Nifty-50 index closed Monday's trading session up 0.13% at 22,959.50, ending an eight-day losing skid. Additionally, the S&P BSE Sensex finished at 75,996.86, up 0.08%. The overall sectoral trend was mixed, with metals, energy, and pharmaceuticals being the main gainers while IT and auto ended in losses, even though the Bank Nifty concluded with 0.32% gains at 49,258.90. The trend of the larger indices was also inconsistent.Tuesday's Trade Setup
The Nifty 50 index will remain in the pullback shape as long as it is above 22800. On the highest end of the spectrum, it might rise to 23,000 and then 23075. Conversely, the attitude can shift below 22,800. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the market may decline below that level till 22725–22650.
The 21-DSMA at 49,315 is a point of resistance for the Bank Nifty. According to Asit C. Mehta, if this level is maintained, the upside might continue until 49,650–49,750, with 48,500 serving as a strong support level.
Today's International Markets
"Sustained selling by FIIs and modest earnings growth in Q3 FY25 limit the likelihood of a short-term market recovery. A growing trade deficit and a declining rupee will make investors more cautious. Valuations are still not tempting even after wider markets saw a plunge correction. However, Vinod Nair, Head of Research at Geojit Financial Services, stated that any reduction in US trade uncertainty and early indications of a resurgence in discretionary spending could underpin a market bounce.
Stocks to purchase today
Choice Broking Executive Director Sumeet Bagadia has suggested two stocks for today. Three stocks were recommended by Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, while three more were recommended by Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher.
Among them are Aditya Birla Real Estate Ltd., Havells India Ltd., Maruti Suzuki India Ltd., CG Power and Industrial Solutions Ltd., Bajaj Finance Ltd., IndusInd Bank Ltd., Sarda Energy & Minerals Ltd., and Vishnu Chemicals Ltd.
Stock recommendations by Sumeet Bagadia
The Nifty 50 index will remain in the pullback shape as long as it is above 22800. On the highest end of the spectrum, it might rise to 23,000 and then 23075. Conversely, the attitude can shift below 22,800. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the market may decline below that level till 22725–22650.
The 21-DSMA at 49,315 is a point of resistance for the Bank Nifty. According to Asit C. Mehta, if this level is maintained, the upside might continue until 49,650–49,750, with 48,500 serving as a strong support level.
Today's International Markets
"Sustained selling by FIIs and modest earnings growth in Q3 FY25 limit the likelihood of a short-term market recovery. A growing trade deficit and a declining rupee will make investors more cautious. Valuations are still not tempting even after wider markets saw a plunge correction. However, Vinod Nair, Head of Research at Geojit Financial Services, stated that any reduction in US trade uncertainty and early indications of a resurgence in discretionary spending could underpin a market bounce.
Stocks to purchase today
Choice Broking Executive Director Sumeet Bagadia has suggested two stocks for today. Three stocks were recommended by Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, while three more were recommended by Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher.
Among them are Aditya Birla Real Estate Ltd., Havells India Ltd., Maruti Suzuki India Ltd., CG Power and Industrial Solutions Ltd., Bajaj Finance Ltd., IndusInd Bank Ltd., Sarda Energy & Minerals Ltd., and Vishnu Chemicals Ltd.
Stock recommendations by Sumeet Bagadia
1 Chemicals Vishnu Ltd. For a target price of ₹510, Bagadia has suggested Vishnu Chemicals at ₹474.45, while maintaining Stoploss at ₹460.
With a noteworthy advance from the support levels of 435, which are near its 20 Day Exponential Moving Average (EMA), Vishnu Chemicals exhibits significant bullish momentum. significant closing around ₹474.45, followed by a strong upward rise. Following the recent spike, the stock has seen strong purchasing interest, resulting in successive gains that may lead to additional upward movement, providing investors with an optimistic outlook.
2. Bagadia suggests purchasing Sarda Energy & Minerals Ltd. at ₹480.65 with a stop loss of ₹465 and a target price of ₹515.
A notable upward advance and a noteworthy ending at ₹480.65 demonstrate Sarda Energy's strong bullish momentum. Strong purchasing activity has been evident in the stock, which has displayed a traditional pattern of a strong uptrend—consistently higher highs and higher lows. Interestingly, there has been a significant trading volume amid price increases, which has strengthened the rally's resilience. Sarda is stabilizing and going closer to its all-time high of ₹525, which suggests stability and a possible setting for another breakout. It is also heading near its swing high objective of ₹520 in recent sessions.
3. Dongre suggests purchasing Bajaj Finance Ltd. at 8427 with a stop loss of 8250 for a target price of 8600.
A noteworthy bullish reversal pattern has surfaced in the stock's most recent short-term trend analysis. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of Rs. 8600. The stock is currently holding steady at Rs. 8250, a critical support level. There is a chance to buy at the current market price of Rs. 8427. This implies that investors may think about buying the company at its current price in the hopes that it will increase to the Rs. 8600 objective.
A noteworthy bullish reversal pattern has surfaced in the stock's most recent short-term trend analysis. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of Rs. 8600. The stock is currently holding steady at Rs. 8250, a critical support level. There is a chance to buy at the current market price of Rs. 8427. This implies that investors may think about buying the company at its current price in the hopes that it will increase to the Rs. 8600 objective.
Around Rs. 1028, we have observed a significant support in this stock. Therefore, traders can buy and hold this stock with a stop loss of Rs. 1028 for the target price of Rs. 1070 in the coming weeks. The stock has once again seen a reversal price action formation at the ₹1028 price level, and it may continue to rally until its next resistance level of Rs. 1070.
5. Dongre suggests purchasing CG Power and Industrial Solutions Ltd. at ₹583 with a stop loss of ₹565 in order to reach the target price of ₹610.
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. 3750. At Rs. 565, the stock is currently holding a critical support level.In light of this situation, the stock may soon rise again to the Rs. 610 mark. To properly control risk, traders are encouraged to think about establishing a long position with a prudent stop loss set at Rs. 565. The target price for this trade is Rs. 610, which represents the expected increase based on
6. Koothupalakkal suggests purchasing a Maruti Suzuki at ₹12760 with a stop loss of ₹12500 and a target price of ₹13200.
The company has once again shown a bullish candle pattern with bias improving and a positive trend reversal, with the RSI moving up to recommend a buy. The stock is creating another higher bottom formation on the daily chart, with support close to 12500. With a stop loss of 12500, we advise purchasing the stock with upside potential visible for a goal of 13200.
7. Koothupalakkal suggests purchasing Havells India Ltd. at about ₹1532 with a stop-loss at ₹1500 and a target price of ₹1605.
8. Aditya Birla Real Estate Ltd. Koothupalakka suggests purchasing Aditya Birla Real Estate at ₹2110 with a stop loss of ₹2070 and a target price of ₹2220.
We expect a further climb in the upcoming sessions as the stock is creating a higher low pattern on the daily chart, taking support near the 1980 zone, and showing signals of a positive reversal to recommend a buy. With the RSI in a good position, we advise purchasing the stock with a stop loss of 2070 and an upside objective of 2220.
0 Comments