Stock Market Today: The benchmark Nifty-50 index ended 0.12% lower at 25,060.90 on Tuesday, snapping its winning spree in the last 2 sessions. Bank Nifty at 56,756.00 also slipped 0.35%, while most other sectors, led by Pharma and Realty, ended in losses. Among the broader indices, mid- and small-caps also shed 0.34-0.61%.
Trade Setup for Wednesday
Having been rejected from the hurdle of 25200, the chances of Nifty sliding below 24900 are likely in the coming session. On such an event, the downside target could open around 24500 for the coming weeks. Immediate resistance is placed at 25200, as per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
For Bank Nifty, immediate support is seen in the 56,000–55,700 zone
Global markets today and Q1 Results
“The market’s attention is on quarterly earnings, which slowed lately after some traction from banking stocks. Positivity noticed on Friday and Monday tapered ahead of the critical August 1st deadline of the U.S. trade agreement, said Vinod Nair, Head of Research, Geojit Investments Limited
Upside in Q1 earnings will be the critical point to sustain the current premium valuations. Continued profit booking by the FIIs exerts downward pressure, while steady inflows from DIIs could support a range-bound movement with a positive bias towards Q1 results and the trade deal, added Nair
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher—recommended these eight intraday stocks for today: Dalmia Bharat Ltd., FSN E-Commerce Ventures Ltd (NYKAA), Bajaj Housing Finance Ltd , Data Patterns (India) Ltd, Garden Reach Shipbuilders & Engineers Ltd, Genus Power Infrastructures Ltd., and Navkar Corporation Ltd.
Sumeet Bagadia’s stock picks
- Dalmia Bharat Ltd-Bagadia recommends buying DALBHARAT at around ₹2320.2, keeping Stoploss at ₹2238 for a target price of ₹2485
DALBHARAT is currently trading at ₹2320.20 and has recently witnessed a strong breakout, hitting a multi-month high of ₹2343 on the daily chart. This upward move is supported by the stock’s sustained position above key Exponential Moving Averages (20, 50, 100, and 200 EMA), which highlights strong underlying bullish sentiment.
2. FSN E-Commerce Ventures Ltd (NYKAA)—Bagadia recommends buying NYKAA at around ₹220.03, keeping Stop Loss at ₹212 for a target price of ₹236.
NYKAA is currently trading at ₹220.03 and is exhibiting strong bullish momentum on the daily chart. The stock is on the verge of breaking out from a consolidation phase while forming a higher high and higher low structure, which is an encouraging sign of a continued uptrend. This breakout attempt is supported by increasing trading volumes, indicating rising investor participation and strong buying interest.
Ganesh Dongre’s stocks to buy today
3. Bajaj Housing Finance Ltd—Dongre recommends buying Bajaj Housing Finance, or BAJAJHFL, at around ₹121.50 l keeping Stoploss at ₹117 for a target price of ₹126
Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹121.50 and maintaining strong support at ₹117. The technical setup indicates the potential for a price retracement towards the ₹126 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹117 offers a prudent approach to capturing the anticipated upside.
4. Data Patterns (India) Ltd—Dongre recommends buying DATAPATTNS at around ₹2810, keeping stop loss at ₹2760 for a target price of ₹2885
Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 2810 and maintaining strong support at ₹ 2760. The technical setup indicates the potential for a price retracement towards the ₹ 2885 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 2760 offers a prudent approach to capturing the anticipated upside.
5. National Aluminium Company Ltd—Dongre recommends buying NATIONALUM at around ₹197, keeping Stoploss at ₹192 for a target price of ₹204
In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹197 and holding above a key support level at ₹ 192. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 192 to manage downside risk. The target for this trade is set at ₹ 204, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
Shiju Koothupalakkal intraday stocks for today
6. Garden Reach Shipbuilders & Engineers Ltd-Koothupalakkal recommends buying Garden Reach Shipbuilders & Engineers Ltd or GRSE at around ₹2630 for a target price of ₹2770 for a stop loss at ₹2580
The stock, after witnessing a decent erosion, has shown signs of consolidation and has improved the bias in the 15-minute chart with a pickup with rising volume participation, and we can anticipate a further rise in the coming sessions. The RSI has corrected well and has almost reached the oversold zone to indicate a positive trend reversal to signal a buy, and with much upside potential visible, it can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock.
7. Genus Power Infrastructures Ltd-Koothupalakkal recommends buying GENUS POWER at around ₹369.80 for a target price of ₹390, keeping the stop loss at ₹362
The stock has maintained above the important 50EMA zone, which is currently at the ₹359 level, and with a positive candle formation has improved the bias, expecting a further upward move in the coming sessions. The RSI is well placed, indicating strength, and can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
8. Navkar Corporation Ltd-Koothupalakkal recommends buying NAVKAR CORP at around ₹135.25 for a target price of ₹146, keeping the stop loss at ₹132
The stock has recently witnessed a strong spurt accompanied by huge volume participation, indicating a breakout above the trendline zone at the ₹127 level to strengthen the trend, and with the current bias maintained strong, it has indications of another fresh upward move in the coming sessions. The RSI has shot
up with a steep rise with strength maintained and can expect further gains. With the chart technically looking good, we suggest buying the stock.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.