Stock market today: Trade setup for Nifty 50, global markets to Israel-Iran news; eight stocks to buy or sell on Friday
Stock Market Today: On the expiry day, the benchmark Nifty-50 index marked a strong rally to end 1.27% higher at 25,549.00. Bank Nifty at 57,206.70 also ended 1.03% higher, while metals and the Oil & Gas index led the rally in many other sectoral indices. Realty and IT indices, however, saw corrections. In the broader market, mid- and small caps also ended 0.4-0.6% higher.
Trade Setup for Friday
Having almost reached our upside target of 25600 levels on Thursday, Nifty could now advance towards the next upper 25800-26000 mark by next week. Immediate support is placed at 25400 levels, as per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Given the recent breakout for Bank Nifty from the consolidation zone of 56,000–53,500, the implied pattern target projects an upside potential towards the 57,800 and 58,500 marks over the coming week, as per Bajaj Broking.
Global Markets and Israel-Iran war
The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions. FIIs continued to pare holdings due to the narrowing yield spread between U.S. and Indian 10-year bonds; DIIs emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption. Across the broader market, key sectors such as banking and auto posted notable gains, supported by easing domestic inflation concerns, 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 of Technical Research at Prabhudas Lilladher, has given three stock picks.
These include Welspun Enterprises Ltd, Nuvama Wealth Management Ltd., Indian Oil Corporation Ltd., National Aluminium Company Ltd., Punjab National Bank, Sterlite Technologies Ltd, Prince Pipes and Fittings Ltd., and Kalyan Jewellers India Ltd.
Sumeet Bagadia’s stock picks
- Welspun Enterprises Ltd – Bagadia recommends buying Welspun Enterprises, or WELENT, at around ₹542, keeping stop-loss at ₹520 for a target price of ₹575
WELENT is currently trading at ₹542 and exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase and shows strong signs of an impending breakout from its consolidation phase. The technical indicators are aligning for a potential fresh upside rally, with the stock maintaining levels near the 20-day and 50-day EMA.
2. Nuvama Wealth Management Ltd.—Bagadia recommends buying NUVAMA at around ₹7901, keeping Stoploss at ₹7600 for a target price of ₹8410
NUVAMA continued its sharp upward momentum in Thursday’s session, currently trading at an all-time high of 7945 levels. NUVAMA marking yet another bullish session. The stock is clearly showcasing strength with persistent buying interest across both institutional and retail categories. The breakout above ₹7800 was significant from a psychological and technical standpoint. Unless there’s sudden broad-market weakness or profit-booking pressure, the stock is well-placed to test ₹8410 in the near term.
Ganesh Dongre’s stocks to buy today
3. Indian Oil Corporation Ltd.—Dongre recommends buying Indian Oil Corporation, or IOC, at around ₹146, keeping Stoploss at ₹140 for a target price of ₹155.
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 146 and maintaining strong support at ₹ 140. The technical setup indicates the potential for a price retracement towards the ₹ 155 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 ₹ 140 offers a prudent approach to capturing the anticipated upside.
4. National Aluminium Company Ltd.—Dongre recommends buying National Aluminium at around ₹193, keeping Stoploss at ₹185 for a target price of ₹205.
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 193 and maintaining strong support at ₹ 185. The technical setup indicates the potential for a price retracement towards the ₹ 205 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 ₹ 185 offers a prudent approach to capturing the anticipated upside.
5. Punjab National Bank—Dongre recommends buying Punjab National Bank, or PNB, at around ₹106, keeping Stoploss at ₹100 for a target price of ₹115.
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 ₹ 106 and holding above a key support level at ₹ 100. 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 ₹ 100 to manage downside risk. The target for this trade is set at ₹ 115, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
Shiju Koothupalakkal intraday stocks for today
6. Sterlite Technologies Ltd.—Koothupalakkal recommends buying STERLITE TECH at around ₹103 for a target price of ₹111, keeping Stop loss at ₹100.
The stock has recently indicated a steep rise with strong bias maintained, and currently, after a short period of correction, has once again shown signs of a revival with a flag pattern breakout indication moving past the important ₹200 period MA at the ₹101 level to improve the bias. A further rise is anticipated in the coming sessions, with the RSI also cooling off from the highly overbought zone and having strength sustained for another round of momentum anticipated.
7. Prince Pipes and Fittings Ltd.-Koothupalakkal recommends buying PRINCE PIPES at around ₹355 for a target price of ₹374, keeping Stop loss at ₹347.
The stock has indicated a higher bottom formation on the daily chart, taking support near the 330 level, and with a decent pullback with significant volume participation, it has improved the bias once again with the overall trend maintained strong, and one can expect a further upward move in the coming sessions. The RSI is currently well positioned after the cooling from the overbought zone, and with a positive trend reversal indicated, it has signaled a buy with much upside potential visible. With the chart technically looking attractive, we suggest buying the stock.
8. Kalyan Jewellers India Ltd – Koothupalakkal recommends buying KALYAN JEWELLERS at around ₹553 for a target price of ₹575, keeping Stop loss at around ₹542
The stock has recently maintained the support near the important 100-period MA at 506 level and indicated a significant pullback with bullish candle formation to move past the 50EMA at the ₹532 level, improving the bias and anticipation for further rise in the coming sessions. The RSI has shot up with strength indicated and is signaling a buy with much upside potential from the current rate. With the chart looking good, we suggest buying the stock.
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 making any investment decisions.
