Stock market today: Trade setup for Nifty 50 to India-Pakistan tension; Eight stocks to buy or sell on Wednesday
Stock Market Today: The Benchmark Nifty-50 index, on a cautious note, ended almost flat (up 0.03%) at 24,335.95 on Tuesday. The Bank Nifty at 55,391.29 also ended marginally lower though metals, Pharma were key losers while IT index gained the most. The broader indices ended only marginally higher.
Trade Setup for Wednesday
Th consolidation may continue in the short term, especially as the Nifty 50 index has yet to give a decisive breakout above 24,550, where the 61.80% retracement level lies. On the lower end, support is placed at 24,250; a breach below this level could trigger increased selling pressure in the market, said Rupak De, Senior Technical Analyst at LKP Securities.
The index is expected to consolidate between 54,450 and 56,000 in the near term as per Asit C Mehta.
Global Markets and Q4 Results
The domestic market exhibited largely range-bound oscillation, as caution prevailed amid geopolitical concerns over border tensions. The sustained inflows from FIIs provided support to market sentiment and restricted further pessimism. Meanwhile, mixed Q4 results have raised the risk of downward revisions to FY26 projections. In combination with apprehensions surrounding potential retaliatory actions, these developments may lead to some consolidation in the near term, 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 — Technical Research, at Prabhudas Lilladher has given three stocks picks.
Sumeet Bagadia’s stock picks
1.Hindustan Aeronautics Ltd– Bagadia recommends buying Hindustan Aeronautics (HAL) at ₹4610 keeping Stoploss at ₹4433 for a target price of ₹4930.
HAL urged by a remarkable 4.13% in Tuesday trade. The rally was backed by strong volumes and a sharp bullish candle, suggesting aggressive accumulation at lower levels. The counter has been on an strong uptrend since early March, marking a decisive breakout from a prolonged consolidation phase. A large bullish candle with strong range expansion underscores renewed investor confidence and robust momentum in the stock
2 Punjab Chemicals & Crop Protection Ltd – Bagadia recommends buying Punjab Chemicals at around ₹1080 keeping Stoploss at ₹1040 for a target price of ₹1160.
PUNJABCHEM, is currently trading at 1080, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase and showing strong signs of an impending breakout from its consolidation phase, and the technical indicators are aligning for a potential fresh upside rally.,
Ganesh Dongre’s stocks to buy today
3. BEML Ltd– Dongre recommends buying BEML at around ₹3215 keeping Stoploss at ₹3150 for a target price of ₹3350.
In the short-term trend analysis, BEML is showing a strong bullish setup. On the daily chart, the stock has formed a Bullish Engulfing pattern, signalling a potential reversal after a recent correction. Additionally, BEML is sustaining above its short-term moving averages, further strengthening the bullish view. Currently holding a crucial support at ₹3150, the stock presents a buying opportunity at ₹3215. Traders can look for an upside move towards ₹3350, keeping a stop-loss placed at ₹3215 to manage risk effectively.
4. Infosys Ltd– Dongre recommends buying Infosys at around ₹1495 keeping Stoploss at around ₹1465 for a target price of ₹1535.
Similarly, INFY Saw has also demonstrated a positive reversal on its daily chart. The stock has formed a Morning Star pattern on weekly chart, which is a reliable bullish reversal signal after a downward phase. INFY is respecting its 20-day EMA, suggesting that fresh buying interest is returning at lower levels. With a strong support zone around ₹1450-60, the stock is favorably positioned for a buy at ₹1495, aiming for a short target of ₹1560. A protective stop-loss should be maintained at ₹1465.
5. Triveni Engineering & Industries Ltd – Dongre recommends buying Triveni Engineering at around ₹418 keeping Soploss at around ₹408 for a target price of ₹435.
Triveni Engineering has exhibited a Hammer candlestick formation near its important support area, indicating that the recent selling pressure may have exhausted. The stock is also holding well above its 50-day EMA, adding further conviction to the bullish setup. With the current market price around ₹418 and support firmly placed at ₹408, a buying opportunity emerges for a potential move towards ₹435. Traders are advised to keep a stop-loss at ₹408 to safeguard against unexpected downside movements.
Shiju Koothupalakkal’s intraday stocks for today
6. GlaxoSmithKline Pharmaceuticals Ltd (GLAXO)- Koothupalakkal recommends buying GLAXO at around ₹2902 keeping Target price of ₹3070 keeping Stop loss at ₹2845
The stock has once again taking support near the 2800 zone has indicated an optimistic move with a positive candle formation accompanied by decent volume participation to improve the bias and can expect for further upward move in the coming session. The RSI is well placed and having much upside potential visible, it can once again regain for another fresh round of momentum. With the chart technically maintained strong, we suggest to buy the stock for an upside target of 3070 level keeping the stop loss of 2845 level.
7. Shipping Corporation of India Ltd– Koothupalakkal recommends buying Shipping Corporation at around ₹182.67 Target: ₹194 Stop loss: ₹178
The stock has slowly and gradually picked up recently taking support near the important 50EMA zone at 173 level and currently with a bullish candle formation along with tremendous volume participation visible has improved the bias anticipating for a decent rise in the coming sessions. The RSI is steadily on the rise signifying strength and has indicated much upside potential from current rate to carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹194 level keeping the stop loss of ₹178 level.
8. Bharat Dynamics Ltd– Koothupalakkal recommends buying BHARAT DYNAMICS at around ₹1536 for a target price of ₹1620 keping Stop loss at ₹1500.
The stock has indicated a clear breakout above the rising trend line zone at ₹1470 level with huge volume participation visible to strengthen the trend and has high probability for further strong upward move in the coming sessions. With the RSI maintained strong, we expect further rise in the stock having much upside potential from current rate to carry on with the positive move. With the chart looking good, we suggest to buy the stock for an upside target of ₹1620 keeping the stop loss of ₹1500 level.
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 making any investment decisions.