Stock market today: Trade setup for Nifty 50, Trump tariffs to Jackson Hole Symposium; 8 stocks to buy or sell on Monday
Stock market today: For the week ending 22 August, the Nifty-50 index, at 24,870.10, ended almost 1% higher. The Bank Nifty at 55,149.40, however, ended 0.4% lower week on week. Among other sectoral indices, Autos and FMCG. Real estate and telecom were key gainers; utilities stood among the key losers.
Trade Setup for Monday
Going ahead, for Nifty-50, the zone of 24650-24600 level will act as important support for the index. While on the upside, the zone of 25050-25100 will act as a crucial hurdle for the index, as per Sudeep Shah, Vice President & Head of Technical and Derivatives Research, SBI Securities.
The zone of 54900-54800 will act as immediate support for the Bank Nifty, as per Shah.
Global markets today
In the coming week, investors will monitor domestic data releases closely, including the HSBC Manufacturing, Services, and Composite PMIs, along with the key IIP and GDP prints, which will serve as critical indicators of economic momentum. On the global front, geopolitical developments and the market reaction to the dovish undertone from the US Fed Chair’s Jackson Hole remarks will remain key triggers. Ajit Mishra – SVP, Research, Religare Broking Ltd.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher—recommended these eight intraday stocks for today: UNO Minda Ltd., Bharti Hexacom Ltd., ICICI Bank Ltd., Aurobindo Pharma Ltd., Hindustan Aeronautics Ltd., Enviro Infra Engineers Ltd., Waaree Renewable Technologies Ltd., and Aditya Birla Lifestyle Brands Ltd.
Sumeet Bagadia’s stock picks
- UNO Minda Ltd – Bagadia recommends buying UNOMINDA at around ₹1267.7, keeping Stoploss at ₹1223 for a target price of ₹1357
UNOMINDA is trading at 1267.7 and is showing a strong bullish breakout from a consolidation range that lasted for several weeks. The price has surged with a wide-bodied bullish candle, accompanied by a noticeable rise in volumes, indicating fresh buying interest. The breakout confirms a continuation of the upward momentum, but now it has approached its all-time high of 1272.6, and a breakout above this significant level could trigger renewed buying interest and further upside potential.
2. Bharti Hexacom Ltd—Bagadia recommends buying BHARTIHEXA at around ₹18599, keeping the stop loss at ₹1794 for a target price of ₹1990
BHARTIHEXA is currently trading at ₹1859, and the stock has been trading with strong momentum after a healthy consolidation phase, and the recent up move has taken the stock closer to reclaiming its higher resistance levels around ₹1900. The stock had earlier witnessed profit booking from its all-time high of nearly ₹2052.9, but strong buying demand helped it recover swiftly. The overall trend structure still remains bullish, with higher lows being formed on the chart, indicating accumulation at lower levels.
Ganesh Dongre’s stocks to buy today
3. ICICI Bank Ltd—Dongre recommends buying ICICI BANK at ₹1436, keeping stop loss at ₹1415, and target of ₹1470.
A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short-term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels. This confluence of technical indicators increases the likelihood of a near-term price retracement.
4. Aurobindo Pharma Ltd—Dongre recommends buying Auro Pharma at ₹1050, keeping the stop loss at ₹1020 for a target price of ₹1100
In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around Rs.1100.
The stock is currently trading at Rs.1050, having established a strong support base at Rs.1020. This level has held firm in recent sessions, underscoring its importance as a key demand zone.
5. Hindustan Aeronautics Ltd.—Dongre recommends buying HAL at around ₹4480, keeping Stoploss at ₹4250 for a target price of ₹4750.
A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the Rs.4750 level, supported by improving price action.
The stock is currently trading at Rs.4480 while holding above a key support zone at Rs.4250, which has acted as a reliable floor in recent sessions.
Shiju Koothupalakkal intraday stocks for today
6. Enviro Infra Engineers Ltd—Koothupalakkal recommends buying ENVIRO INFRA ENGINEERS at around ₹268.25 for a target price of ₹284, keeping the stop loss at ₹262
The stock has maintained a positive uptrend with a series of higher bottom formations visible on the daily chart and recently has taken support near the 240 zone and witnessed a decent pullback, currently indicating a positive bullish candle to improve the bias, and is expected to rise further in the coming sessions. The RSI is well positioned and has indicated a positive trend reversal to signal a buy with much potential visible to carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
7. Waaree Renewable Technologies Ltd-Koothupalakkal recommends buying WAAREE RENEWABLETECH at around ₹1065.90. Target: 1120 Stop loss: 1040
The stock has recently witnessed a decent correction from the ₹1272 level, and having bottomed out near the ₹990 zone, it has witnessed a decent pullback, with the currently indicated bullish candle having moved past the important 50EMA level at 1035 to improve the bias, and a further rise is expected in the coming sessions. The RSI is currently well positioned and indicating a positive trend reversal, signaling a buy has much upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock.
8. Aditya Birla Lifestyle Brands Ltd-Koothupalakkal recommends buying ADITYA BIRLA LIFESTYLE at around ₹142.80. Target: 152 Stop loss: 139
The stock, after witnessing a decent correction from the Rs168 zone, has bottomed out near the 130 level and has recently indicated a decent pullback, currently having a bullish candle formation accompanied with good volume on the daily chart, which has improved the bias, anticipating a further rise in the coming sessions. The RSI has picked up well from the highly oversold zone and is on the rise with upside potential visible. With the chart technically looking good, we suggest buying the stock.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.