Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell before Budget 2025

Stock Market Today: Markets on Friday continued adding to their past few session gains. The benchmark Nifty 50 Index and the S&P BSE Sensex ended at 23,508.4 and 77,500.57, respectively, with gains of 1.11% and 0.97%. The Bank Nifty gained 0.6% to 49,587.20, and all sectors led by energy, FMCG, and realty ended in the green. The broader markets, as mid- and Small caps, also ended with gains of close to 2%.

Trade Setup for Saturday

The underlying trend of Nifty remains strong. Having surpassed the hurdle of 23500 levels, bulls could advance towards another resistance of 23800 levels in a short period of time. Immediate support is at 23400 levels., said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

FOr Bank Nifty a breakout above 49,700 is crucial for further upside. On the downside, 21-Days Simple Moving Average (21-DSMA) is placed near 49,100 level, which will act as key support for index, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Global Markets, Q3 Results Today and Budget 2025

“The indices are fueled by expectations of a pro-growth budget and prudent fiscal performance,as the economic survey indicates. Positive global cues and better-than-expected results from major companies are also contributed to the upward trend. The market expects reductions in individual tax and job generation to boost consumption. By cutting fiscal deficit but continuing to boost infrastructure spending, the government may set the tone for a potential recovery in the consolidating market, said Vinod Nair, Head of Research, Geojit Financial Services.

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.

Sumeet Bagadia’s stock recommendations today

1. Maruti Suzuki India Ltd– Bagadia recommends buying Maruti Suzuki at ₹12310.65 keeping Stoploss at ₹11880 for a target price of ₹13172

Maruti is currently trading at ₹12,310.65 and is exhibiting a bullish trend, supported by the formation of higher highs and higher lows. The stock recently reversed from a key support level, forming a bullish candlestick pattern on the daily timeframe, signaling upward momentum. This bullish reversal is further validated by a significant increase in trading volumes, reflecting strong buying interest from investors. In the short term, the stock appears well-positioned to reach its target of ₹13,172.

2. Karur Vysya Bank Ltd– Bagadia recommends buying Karur Vysya Bank Lat ₹238.22 keeping Stoploss at ₹230 for a target price of ₹256

Karur Vysya Bank is currently trading at 238.22, exhibiting an uptrend as it recovers from a recent consolidation phase. The formation of a potential ascending triangle pattern highlights bullish sentiment, with the stock breaking above a key resistance zone. This breakout, accompanied by rising trading volumes, underscores strong buying pressure and validates the upward movement. The stock is also trading above its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which serve as robust support levels

Ganesh Dongre’s stocks to buy today

3. State Bank of India Ltd (SBI) – Dongre recommends buying State Bank of India at ₹772 keeping Stoploss at ₹L 750 for a target price of ₹800

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.800. At present, the stock is maintaining a crucial support level at Rs.750 Given the current market price of Rs. 772, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.800

4. Trent Ltd– Dongre recommends buying Trent at ₹5753 keeping Stoploss at ₹5500 for a target price of ₹ 6100

We have seen a major support in this stock around Rs. 5500 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 5753 price level, which may continue its rally till its next resistance level of Rs. 6100 so traders can buy and hold this stock with a stop loss of Rs.5500 for the target price of Rs. 6100 in the upcoming weeks.

5. Tata Chemicals Ltd– Dongre recommends buying Tata Chemicals at ₹987 keeping Stoploss at ₹960 for a target price of  1020

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 1020. Currently, the stock is holding a crucial support level at ₹960.

Given this scenario, the stock could rebound towards the Rs.1020 level in the near future. To manage risk effectively, traders are advised to consider taking a long position with a strategic stop loss set at ₹960. The target price for this trade is Rs1020.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment.