Today’s stock market: According to experts, 23,300 and 23,400 may be important resistance regions for day traders, while 23,100 and 23,000 may be important support zones for the Nifty 50 index in the near future.
Stock Market Today: The benchmark Nifty 50 index gained 1.24% to close at 23,190.65 on Thursday thanks to encouraging global trends. While all other sectors, headed by real estate, FMCG, IT, and healthcare, closed the day in the green, the Bank Nifty was up 0.72% at 50,062.85. Even the Broader indices added more than half a percent, indicating a slight increase.
Trade Setup for Friday
While 23,300 and 23,400 may be important resistance areas for day traders, 23,100 and 23,000, or the 50-day SMA, will likely be important support zones for the Nifty-50 index in the near future. But mood might shift if the market drops below 23,000, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities:
As long as the Bank Nifty stays above 49,650, the bullish momentum should continue, according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.
Global Markets Today
“Recent gains have been sparked by consistent declines in the US dollar index (DXY), which have lessened the ferocity of FII selling while DII purchasing is still robust. Equity is becoming more appealing due to encouraging domestic statistics showing a MoM increase in economic activity and the belief that more rate cuts are anticipated this year. According to Vinod Nair, Head of Research at Geojit Financial Services, the continuation of the current rally is anticipated to last for the near term for the entire market before picking up steam based on the prognosis for the Q4FY25 results, which are scheduled for publication in April.
Stocks to buy 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 stock selections were provided by Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher.
These Include AAVAS Financiers Ltd , Ipca Laboratories Ltd , Castrol India Ltd, Navin Fluorine International Ltd, Jindal Saw Ltd , Maruti Suzuki India Ltd, Bharat Dynamics Ltd and TD Power Systems Ltd.
Sumeet Bagadia’s stock picks
1] AAVAS Financiers: Bagadia recommends buying AAVAS at ₹1980, keeping Stoploss at ₹1911 for a target price of ₹2119
AAVAS is currently trading at ₹1980, having recently rebounded from the 200-EMA support level on the weekly timeframe while showing a sharp recovery on the daily chart. The stock has formed a strong bullish candle, signalling a sustained long-term reversal. Increasing trading volumes further reinforce this positive outlook, indicating strong buying interest. Given this momentum, AAVAS appears poised to target ₹2119 in the short term.
2] Ipca Laboratories Ltd– Bagadia recommends buying Ipca Laboratories at ₹1402.20, keeping Stoploss at ₹1353 for a target price of ₹1500
IPCALAB has just recovered from a significant support zone and is now trading at ₹1402.20. On the daily timeframe, the stock broke out of a declining trendline and formed a bullish candle. Strong purchasing activity is indicated by this breakout, which is backed by increasing trade volumes and suggests a possible trend reversal.In the near future,
Ganesh Dongre’s stocks to buy today
3] Castrol India: Dongre recommends buying Castrol at ₹216, keeping Stoplloss at ₹207 for a target price of ₹230.
The stock is presently in an oversold zone, according to the most recent short-term trend analysis. A noteworthy bullish reversal pattern has appeared on the daily chart. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of ₹230. At Rs. 207, the stock is presently holding steady at a critical support level. There is a chance to buy at the current market price of Rs. 216. This implies that investors may think about buying the stock at its current price in the hopes that it would increase to the Rs. 230 objective.
4] Navin Fluorine International: Dongre recommends buying Navin Fluorine at ₹4163, keeping Stoploss at ₹4080 for a target price ₹4300
The stock’s recent short-term trend analysis has shown a noteworthy bullish reversal pattern. The price of the stock may have a brief retracement, possibly hitting about Rs. 4300, according to this technical pattern. The stock is currently holding steady at Rs. 4080, a critical support level. Considering the present market price of Rs. 4163, a purchasing opportunity is forming. This implies that investors may think about buying the company at its current price in the hopes that it would increase to the Rs. 4300 objective.
5] Jindal Saw: Dongre recommends buying Jindal Saw at ₹286 keeping Stoploss ₹278 target price ₹295.
The stock’s recent short-term trend analysis has shown a noteworthy bullish reversal pattern. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of Rs. 295. At Rs. 278 the stock is presently holding a critical support level. There is a chance to buy at the current market price of Rs. 286. This implies that investors may think about buying the stock at its current price in the hopes that it will climb to the designated objective of Rs. 295.
Shiju Koothupalakkal’s intraday stocks for today
6] Maruti Suzuki India: Koothupalakkal recommends buying Maruti Suzuki India Ltd at ₹11730 for a target price of ₹12200, keeping Stoploss at ₹11530
The stock is currently displaying indications of a positive build-up on the daily chart, having moved past the significant 100 period MA at the 11680 level and on the verge of a breakout above the 11740 zone to trigger a fresh upward move. The stock has experienced a strong consolidation phase near the 11450 and 11740 levels, gathering strength. The RSI has a lot of upside potential from the current rate to continue the strong advance, and it has improved from the oversold zone to indicate a favorable trend reversal and a buy. Given the favorable risk-reward ratio and the technically sound chart, we advise purchasing the stock with an upward target of 12,200 and a stop loss of 11,530.
7] Bharat Dynamics: Koothupalakkal recommends buying Bharat Dynamics at ₹1247 for a Target price of ₹1320, keeping Stop Loss 1215.
The stock has seen a significant advance from the 1140 zone in the last two sessions, gaining strength following a respectable consolidation phase. With the RSI gaining momentum, there is still room for upward growth in the days ahead. The good action can go on in the future. We advise purchasing the stock with a goal of 1320 and a stop loss around the 1215 level because the chart is nicely positioned on the daily time frame.
8] TD Power Systems: Koothupalakkal recommends buying TD Power Systems at ₹377 for a target price of ₹395, keeping Stop Loss 367.
In order to strengthen the bias and prepare for a further climb in the upcoming sessions, the stock has gone past the crucial 50EMA level at the 360 zone and has recovered considerably from the low made near the 320 zone. With volume participation increasing and the RSI strengthening, the stock has a favorable build-up, and we anticipate more gains to continue the upward trend in the future. Given the technically sound chart, we advise purchasing the stock with a stop loss of 367 and an upside objective of 395.
