Stock Market Today: Amidst rising anxiety pertaining to Iran- Israel war, concerns on FII flows to China and SEBI regulations for the F&O segment, the benchmark Nifty-50 index on Thursday closed at 25250 down by 2.12% or 546 points, highest single day falls since 5th August 2024. The S&P BSE Sensex at 82,497.10 also ended 1769.19 points or 2.10% lower.
All the sectoral Indices ended in the red with Nifty Realty, Auto Financial Services Oil & Gas among others leading the fall. Bank Nifty at 51,845.20 also ended more than 2% lower.
Trade setup for Friday
With Nifty breaching multiple supports—such as the 20-day exponential moving average (DEMA) around the 25,580 level and trendline support near 25,350—the market could face further downside, said Ajit Mishra – SVP, Research, Religare Broking. We are now looking at the 25,000-25,150 zone as the next support, while any rebound is likely to be capped in the 25,450-25,600 range, added Mishra.
Bank Nifty which was leading the up move during the latter half of September is now correcting and leading the fall, said Jatin Gedia – Technical Research Analyst at Sharekhan. He expects the fall to continue towards 49700 which is the low it touched in August. On the upside, 52600 – 52700 is a crucial resistance.
Global Market Outlook Amidst Iran Israel War
Chinese markets saw strong gains and Japanese Nikkei also rebounded, however rest of the Asian Markets were a mixed bag and even Hong Kong markets saw some correction. European Markets too remained under pressure.
Investors are advised to remain cautious as they await upcoming Q2 earnings and monitor the policy decisions of the RBI said Vikram Kasat, Head – Advisory, Prabhudas Lilladher. As per keep Investors should keep a watch on the global developments and crude oil price trends as they are the key factors shaping market dynamics.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking has recommended two stock picks for Tuesday. Also, Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi has given another three stock picks for today.
These include Pitti Engineering Ltd , Sarda Energy & Minerals Ltd , InterGlobe Aviation Ltd (Indigo) , Maharashtra Seamless Ltd , Tata Communications Ltd
Sumeet Bagadia’s stocks to buy today
- Pitti Engineering Ltd – Bagadia Recommends buying Pitti Engineering at ₹1366.85 Keeping Stoploss at ₹1325 for a Target price of ₹1460
Pitti Engineering Ltd is currently trading at 1366.85 levels, showcasing a notable uptrend from the support levels around 1265, in close proximity to its 50 Day Exponential Moving Average (EMA). The stock’s positive momentum is further confirmed by its positioning above the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, reinforcing its technical resilience.
2. Sarda Energy & Minerals Ltd – Bagadia Recommends buying Sarda Energy & Minerals at ₹491.95 with Stoploss at ₹472 for a target price of ₹520
Sarda Energy & Mineral daily chart analysis offers a favorable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.
Ganesh Dongre’s stocks to buy today
3.InterGlobe Aviation Ltd – Dongre advices buying InterGlobe Aviation (Indigo) at ₹4716 with stop loss at ₹4650 for a target price of ₹4950.
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. 4950. At present, the stock is maintaining a crucial support level at Rs.4650 Given the current market price of Rs.4716, 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. 4950.
4. Maharashtra Seamless Ltd Dongre recommends buying Maharashtra Seamless at ₹633 Stoploss at ₹620 and target price of ₹655.
On the daily chart of this stock, support at ₹620 level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs. 620 is recommended. The target price for this strategy is Rs. 655 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.
5. Tata Communications Ltd Dongre Recommends buying Tata Communications at ₹2145, stoploss ₹2100 and target price ₹2300.
On the short-term chart, this stock is forming bullish engulfing pattern, which is inherently bullish. Currently priced at Rs. 2145, this formation signals a potential upward trend. To effectively manage risk, a stop loss at Rs.2100 is recommended. .The target price for this strategy is Rs. 2300 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
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