Stock Market Today: The crucial support zone for the Nifty 50 index would be 23,600. The market may retest the 23,850–23,900 range above this level. On the down side, analysts warned that a dismissal of 23,600 might change market sentiment.
Stock Market Today: The benchmark Nifty -50 index consolidated on Tuesday, closing 0.04% higher at 23,668.65, following a clever rally in the previous trading sessions. Realty, Oil & Gas, and metal were the main losers, and the Bank Nifty finished 0.19% lower at 51,607.95. The sector benefited. There was pressure on the broader indices, which experienced losses of 1.2% to 1.8%.
Trade Setup for Wednesday
The Nifty 50 index’s primary support zone would be 23,600. The market may retest the 23,850–23,900 range above this level. The market’s mood could change if 23,600 is dismissed, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
The “buy on dips” approach should be used as long as the Bank Nifty remains above 50,980. 52,000 will be a significant obstacle for Bank Nifty on the rising side. Asit C. Mehta Investment Intermediates Ltd.’s AVP of Technical and Derivatives Research, Hrishikesh Yedve, stated.
Global Markets Today
Tuesday saw the market close higher for the seventh straight trading day, indicating that domestic stocks are still being purchased. Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd., stated, “We anticipate the market to continue with a gradual up-move on the back of FII inflows, strong INR, and positive cues from US market.”
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 made by Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher.
Sumeet Bagadia’s stock pick
For a target price of ₹596, AU Small Finance Bank Ltd.-Bagadia suggests AU Small Finance Bank at ₹557.9 with a stop loss at ₹537.
With six straight bullish sessions and a remarkable recovery from lower levels, AUBANK is currently trading close to ₹557.9, indicating a significant reversal in momentum. With the help of a notable rise in trade volumes, which indicates strong buying demand, the stock is poised to breach its most recent lower high.
- Buying Kalpataru Projects International Ltd. at ₹1016.90 with a stop loss at ₹981 with a target price of ₹1088 is what Bagadia advises.
With seven straight bullish sessions and a notable recovery from lower levels, Kalpataru Projects is currently trading close to ₹1,016.90, indicating a significant reversal in momentum. A sustained long-term reversal is further confirmed by the formation of a large bullish candle, and rising trade volumes support the optimistic picture by suggesting considerable purchasing demand.
Stocks of Ganesh Dongre to purchase now
- Dongre suggests purchasing Castrol India Ltd. at ₹209 with a stop loss at ₹204, with a target price of ₹230.
The stock is currently in an oversold zone according to the most recent short-term trend analysis. There is a noticeable bullish reversal pattern shown on the daily chart. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of ₹230. The stock is now holding steady at a critical support level of Rs. 204. There is a chance to buy at the current market price of Rs. 209. 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.
- Dongre suggests purchasing Mahindra & Mahindra Ltd. at ₹2730 with a stop-loss at ₹2680 for a target price of ₹2780.
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. 2780. The stock is currently holding steady at Rs. 2680, a critical support level. There is a chance to buy at the current market price of Rs. 2730. 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. 2780.
Dongre suggests purchasing Avenue Supermarts Ltd (DMART) at ₹3998 with a stop loss of ₹3940 in order to reach a target price of ₹4060.
A noteworthy bullish reversal pattern has surfaced in the stock’s most recent short-term trend analysis. The stock price may have a brief retracement, possibly hitting about Rs. 4060, according to this technical pattern. The stock is currently holding steady at Rs. 3940, a critical support level. There is a chance to buy at the current market price of Rs. 3998. This implies that investors may think about buying the stock at its current price in the hopes that it will increase to the Rs. 4060 objective.
The intraday stocks of Shiju Koothupalakkal for today are as follows: 6. Godrej Consumer Products Ltd. Koothupalakkal suggests purchasing Godrej Consumer at ₹1129 with a stop loss at ₹1100 and a target price of ₹1200.
The stock has recovered well from its low, which was formed at 985 levels, and it has surpassed the crucial 50EMA at the 1085 zone, strengthening the bias and suggesting room for more growth in the sessions ahead. With plenty of upside potential available, the RSI is steadily rising from the oversold zone and has the potential to continue its upward trajectory. Given the technically sound chart, we advise purchasing the stock with a stop loss at the 1100 level and an upside objective of 1200.
- Koothupalakkal suggests purchasing Aster DM Healthcare Ltd. at ₹443 with a target price of ₹470 and a stop loss of 430.
The stock has gradually increased, finding support close to the crucial 200 period MA in the 424 zone. It has recently improved, passing the important 50EMA level in the 441 zone to strengthen the bias and indicate that more growth is likely. The RSI is rising and has made a good recovery from the oversold area, suggesting a buy signal and a favorable trend reversal. Given the technically sound position of the chart, we advise purchasing the stock with a stop loss of 430 and an upward objective of 470.
- Koothupalakkal suggests purchasing Nippon Life India Asset Management Ltd. at ₹601 with a stop-loss at ₹585 and a target price of ₹635.
In order to predict a further increase in the upcoming sessions, the stock has demonstrated strength by breaking over the crucial 50EMA zone at the 576 level and showing a steady rise from the low recorded in the 500 zone taking support. With a steady increase, the RSI has recovered nicely and has further room to rise from its current level. Given the technically appealing chart, we advise purchasing the stock with a stop loss at the 585 level and aiming for a target of 635.
