Stock market today: Trade setup for Nifty 50, New GST rates to US-India trade talks; 8 stocks to buy or sell on Tuesday
Stock market today: The benchmark equity indices, Sensex and Nifty 50, saw a significant decline on Monday, primarily impacted by IT stocks due to worries over US President Donald Trump’s decision to increase H-1B visa fees to USD 100,000 per worker.
Additionally, a sell-off in the blue-chip stock Reliance Industries contributed to the market downturn.
Experiencing a drop for the second consecutive day, the 30-share BSE Sensex fell by 466.26 points or 0.56%, closing at 82,159.97. At one point during the trading session, it plummeted by 628.94 points or 0.76% to reach 81,997.29.
Trade Setup for Tuesday
Hrishikesh Yedve, AVP of Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd, noted that the daily chart shows that the Nifty 50 formed a bearish candle and retested the breakout level at 25,150. If it sustains below 25,150, it may lead to further declines towards 24,960, which aligns with the 34-day exponential moving average (DEMA). On the upside, a supply zone around 25,450 to 25,500 is anticipated to present significant resistance. In the short term, the Nifty 50 is expected to consolidate within the range of 24,960 and 25,500.
Global Markets, India–US trade talks and Trump Tariffs
Siddhartha Khemka, who heads the research department at Wealth Management for Motilal Oswal Financial Services Ltd, indicated that the upcoming focus will be on Commerce Minister Piyush Goyal’s trip to the U.S. on September 22 for trade negotiations—the first since the Trump era imposed a 50% tariff. Following the recent rally, it is expected that equities will undergo a period of consolidation, influenced by developments in this area.
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: NBCC (India) Ltd, Eternal Ltd, Finolex Cables Ltd, JB Chemicals & Pharmaceuticals Ltd, Patanjali Foods Ltd, Enviro Infra Engineers Ltd, Intellect Design Arena Ltd, and EFC (I) Ltd.
Sumeet Bagadia’s stock picks
- NBCC (India) Ltd: Bagadia recommends buying NBCC share price at ₹114.95 keeping a stoploss at ₹111 with a NBCC share price target of ₹123.
NBCC share price was trading at ₹114.95 and has been moving in a strong uptrend, reflecting sustained buying interest. The stock is developing a rounding bottom formation that signals a shift in sentiment and marks the beginning of a potential long-term uptrend. The breakout is accompanied by a noticeable rise in volume, indicating strong market participation and fresh buying interest.
A sustained close above the 117 level could lead to further upside, with a near-term target of 123. Traders should closely monitor price action near the current resistance zone for signs of breakout continuation.
In conclusion, based on the technical analysis and current market conditions, NBCC share price presents a promising buying opportunity for those aiming for a 123 target, provided that appropriate risk management strategies are in place.
2. Eternal Ltd: Bagadia recommends buying Eternal share price at ₹341.85 keeping a stoploss at ₹330 with Eternal share price target of ₹366.
Eternal share price was trading at 341.85, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 343.9, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action.
A confirmed close above 343.9 may act as a breakout trigger, paving the way for a sharp move toward the next short-term target of 366. Traders are advised to closely monitor the stock’s behaviour near the resistance area for any breakout confirmation and subsequent follow-through.
In conclusion, based on current technical conditions, Eternal share price offers a strong buying opportunity for short-term traders targeting 366, provided sound risk management measures are maintained.
Ganesh Dongre’s stocks to buy today
3. Finolex Cables Ltd: Ganesh Dongre recommends buying Finolex Cables share price at ₹835 with a stoploss at ₹820 with Finolex Cables share price target of ₹875.
Finolex Cables share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹835 and has established a solid support base at ₹820. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
The technical setup points to the potential for a price retracement toward the ₹875 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹820 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone.
4. JB Chemicals & Pharmaceuticals Ltd: Ganesh Dongre recommends buying JB Chemicals share price at ₹1,720 with a stoploss at ₹1,680 with JB Chemicals share price target of ₹1,765.
JB Chemicals share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,720 and maintaining a strong support at ₹1,680. The technical setup indicates the potential for a price retracement towards the ₹1,765 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 ₹1,680 offers a prudent approach to capturing the anticipated upside.
5. Patanjali Foods Ltd: Ganesh Dongre recommends buying Patanjali Foods share price at ₹598 with a stoploss at ₹585 with Patanjali Foods share price target of ₹630.
Patanjali Foods share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹598 and maintaining a strong support at ₹585. The technical setup indicates the potential for a price retracement towards the ₹630 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 ₹585 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
6. Enviro Infra Engineers Ltd: Shiju Koothupalakkal recommends buying Enviro Infra Engineers share price at ₹271.50 with a Enviro Infra Engineers share price target of ₹287 with a stop loss of ₹264.
Enviro Infra Engineers share price has overall maintained the rising trend with series of higher bottom formation on the daily chart with currently picking up once again, recently moving past the important 50EMA at 251 level and currently having a bullish candle formation has improved the bias to anticipate for further rise in the coming sessions. The RSI is currently on the rise indicating strength and can carry on with the positive move further ahead.
“With the chart technically well placed, we suggest buying the stock for an upside target of 287 keeping the stop loss at the 264 level,” said Koothupalakkal.
7. Intellect Design Arena Ltd: Shiju Koothupalakkal recommends buying Intellect Design Arena share price at ₹1,072 with a Intellect Design Arena share price target of ₹1,150 with a stop loss of ₹1,040.
Intellect Design Arena share price has indicated a decent pullback from the important 200 period SMA at 905 zone and has further moved past the significant 50EMA at 1005 level to improve the bias to anticipate for further upward move in the coming sessions. The RSI is picking up gradually gaining strength and with rising volume participation visible, there is much upside potential to continue with the positive move further ahead.
“With the chart technically looking good, we suggest buying the stock for an upside target of 1,150 keeping the stop loss at the 1,040 level,” said Koothupalakkal.
8. EFC (I) Ltd: Shiju Koothupalakkal recommends buying EFC (I) share price at ₹323.90 with a EFC (I) share price target of ₹344 with a stop loss of ₹316.
EFC (I) share price has gained momentum on the hourly chart in the last few sessions trailing above the important 50EMA at 316 level with the volume participation on the rise to anticipate further rise in the coming sessions. The RSI is well placed on the hourly chart and is on the rise indicating strength to expect for further gains.
“With the hourly chart technically well placed, we suggest buying the stock for an upside target of 344 keeping the stop loss at the 316 level,” said Koothupalakkal.
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.