Stock market today: The benchmark Nifty-50 index on Tuesday ended 0.33% lower at 24,379.60, as caution prevailed among mixed cues. The Bank Nifty ended more than 1% lower at 54,271.40. Most other sectors led by Realty, oil and gas with an exception of the Auto sector trended lower. Broader indices also lost more than 2%
Trade Setup for Wednesday
Despite today’s correction, the short-term trend for the Nifty remains positive. On the upside, the 24,500 level is likely to act as immediate resistance, while the 24,200 level could provide immediate support, said Nandish Shah – Deputy Vice President, HDFC Securities
Immediate resistance for Bank Nifty is placed at 55,000, followed by 56,000, while key support lies at 53,890, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates
Global Markets and Q4 Results
“The domestic market has been consolidating in recent sessions following the strong recovery, driven by cautious sentiment amid India-Pakistan border tensions. Weak earnings growth for the current quarter has further impacted the market. Small- and mid-cap stocks have underperformed compared to benchmark indices. Meanwhile, investors are closely monitoring India’s bilateral trade negotiations with the US. Additionally, speculation around the US Federal Reserve is drawing attention, as no rate cuts are expected in the near term, affecting global trends, said Vinod Nair, Head of Research, Geojit Investments Limited.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stock picks.
Sumeet Bagadia’s stock picks
1.Coromandel International Ltd– Bagadia recommends buying Coromandel International at ₹2284 keeping Stoploss at ₹2200 for a target price of ₹2450
COROMANDEL, is currently trading at 2284, exhibits a strong uptrend and bullish breakout on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase following a notable rally, with the stock maintaining levels near the 20-Day EMA. The reclaim of the 20-day EMA is especially noteworthy, as it often signifies a shift from bearish to bullish sentiment
2 Poly Medicure Ltd– Bagadia recommends buying Poly Medicure at ₹2775 keeping Stoploss at ₹2670 for a target price of ₹2970
POLYMED delivered a strong bullish performance. The rally was backed by strong volumes and a sharp bullish candle, suggesting aggressive accumulation at lower levels. The counter has been on a strong uptrend since early April, marking a decisive breakout and the trend has shifted from a prolonged consolidation and downward pressure to a clear structure of higher highs and higher lows. A bullish candle with strong range expansion underscores renewed investor confidence and robust momentum in the stock
Ganesh Dongre’s stocks to buy today
3. Zydus Lifesciences Ltd _ Dongre recommends buying Zydus Lifesciences at around ₹880 keeping Stoploss at ₹865 for a target price of ₹905
In the short-term trend outlook, ZYDUSLIFE is displaying a strong bullish setup, making it a compelling buy candidate. On the daily chart, the stock has formed a Bullish Engulfing pattern—a classic signal indicating a potential reversal following recent corrective action. The stock is currently holding key support near ₹ 865 and offers a favorable entry opportunity in the ₹ 880. Technical indicators suggest momentum may build toward the ₹905 target, with a prudent stop-loss to be maintained at ₹ 865 to manage downside risk.
4.India Cements Ltd – Dongre recommends buying India Cements at ₹310 keeping Stoploss at ₹302 for a target price of ₹325
INDIACEM has shown encouraging signs of a trend reversal on its daily chart, forming a Bullish Engulfing pattern after a period of decline. The stock is indicating renewed buying interest at lower levels. With strong support around ₹ 302, INDIACEM offers a short-term buying opportunity at ₹ 310, aiming for a target of ₹325 while keeping a stop-loss at ₹ 302.
5. Sundaram Finance Ltd– Dongre recommends buying Sundaram Finance at ₹5120 keeping Stoploss at ₹5030 for a target price of ₹5320.
SUNDARMFIN is showing a bullish reversal candlestick pattern near its crucial support zone, signaling that recent selling may be losing steam. The stock is trading well above its 50-day EMA, further supporting the positive bias. With a current level around ₹ 5120, SUNDARMFIN presents a buying opportunity for a potential move toward ₹ 5320, with a protective stop-loss recommended at ₹ 5030 to limit downside exposure.
Shiju Koothupalakkal’s intraday stocks for today
6. Hindustan Unilever Ltd– Koothupalakkal recommends buying Hindustan Unilever at ₹2381 for a target price of ₹2480 keeping Stoploss at ₹2340
The stock after a short period of correction has taken support near the important 50EMA at ₹2315 zone and indicated a decent revival with a positive candle setup on the daily chart to signify strength and can anticipate for further rise in the coming days. The RSI has cooled off from the highly overbought zone and is currently well positioned with strength indicated and has signaled a buy with a positive trend reversal. With the chart technically maintained strong, we suggest to buy the stock for an upside target of ₹2480 level keeping the stop loss of ₹2340 level.
7. Godrej Industries Ltd- Koothupalakkal recommends buying Godrej Industries at ₹1112 for a Target price of ₹1150 keeping Stop loss at ₹1090
The stock has once again maintained a good support near the 200 period MA at ₹1045 level and indicated a decent pullback to move past the important 50EMA at ₹1094 level to improve the bias and can anticipate for further upward move in the coming sessions. The RSI is well placed and indicated a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹1150 level keeping the stop loss of ₹1090 level.
8. Biocon Ltd – Koothupalakkal recommends buying BIOCON at around ₹341.45 for a target price of ₹356 keeping Stop loss at ₹334
The stock has indicated a significant pullback from ₹310 level with series of higher bottom formation on the daily chart and currently has moved past the important 50EMA at ₹335 zone to anticipate for another round of fresh upward move with bias improving. The RSI is well positioned indicating strength and has indicated a positive trend reversal to signal a buy with much upside potential visible. With the chart looking good, we suggest to buy the stock for an upside target of ₹356 keeping the stop loss of ₹334 level.
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.