Stock market today: Trade setup for Nifty 50, India US trade deal to Trump tariffs; 8 stocks to buy or sell

Stock market news: The domestic benchmark indices, Nifty 50 and Sensex, reached a three-week low on Friday, experiencing their largest weekly decline in almost seven months, primarily due to US restrictions on H-1B visas and tariffs on branded medications affecting market sentiment.

The Nifty 50 declined by 0.95% for the day, settling at 24,654.7, while the BSE Sensex fell by 0.9% to 80,426.46. Both indices recorded a loss of 2.7% over the week.

The IT index dropped close to 8% for the week, marking its largest decline in roughly seven months, following President Donald Trump’s implementation of a $100,000 charge on new H1-B visas.

The pharma index fell by 2.1% on Friday and decreased by 5.2% over the week after Trump declared a 100% tax on branded and patented medications, set to take effect on October 1.

Trade Setup for Monday

As per Amruta Shinde, Technical & Derivative Analyst at Choice Broking, the Nifty 50 index experienced significant bearish momentum this week, dropping 672 points and negating the previous two weeks’ gains. On the daily chart, the index encountered strong resistance around the 25,500 level before declining, resulting in seven consecutive red candles, indicating persistent selling pressure and a negative sentiment. The index fell below the important 24,750 threshold, ultimately closing at 24,654.

The Nifty 50 is now trading beneath its 20-day and 50-day EMAs, and it is nearing the 200-day EMA, signaling a deteriorating technical setup. A breakdown below 24,500 could lead to a further decline toward the 24,400 level (200-day EMA) and potentially down to 24,180. On the upside, immediate resistance levels are found at 24,750, then at 24,880, and finally at 25,000. If the index does not reclaim these levels, the short-term outlook is expected to remain negative.

Global Markets, India US trade deal and Trump tariffs

Vinod Nair, the Head of Research at Geojit Investments, noted that Indian equity markets ended the week with a lackluster performance, featuring declines across various sectors. The IT sector faced early setbacks due to concerns regarding increasing H-1B visa expenses, further exacerbated by Accenture’s cautious forecast. The negative sentiment intensified as new US tariffs on pharmaceutical goods triggered a significant downturn in pharmaceutical stocks. Smaller and mid-cap stocks experienced more substantial declines than large-cap stocks, indicating strains from their elevated valuations.

Looking forward, investors will focus on upcoming US economic reports, particularly those relating to inflation and employment figures. Domestically, the Reserve Bank of India’s monetary policy decision and industrial production statistics will be crucial in shaping market sentiment. The fundamental outlook for sectors like banking, FMCG, and automobiles remains positive, buoyed by supportive domestic policies and macroeconomic stability.

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: Chennai Petroleum Corporation Ltd, Jupiter Wagons Ltd, Rallis India Ltd, Ashok Leyland Ltd, Canara Bank, Sammaan Capital Ltd, Eicher Motors Ltd, and Banco Products (India) Ltd.

Sumeet Bagadia’s stock picks

Chennai Petroleum Corporation Ltd: Bagadia recommends buying Chennai Petroleum share price at ₹760.5 keeping a stoploss at ₹735 with a Chennai Petroleum share price target of ₹810.

Chennai Petroleum share price was trading at 760.5 and remains in a strong uptrend after a steady recovery from recent lows, reflecting sustained buying interest. Chennai Petroleum share price is forming a bullish ascending channel pattern, indicating rising demand and continued upward momentum. It is trading well above all key EMAs, which are positively aligned and providing strong dynamic support, reinforcing the strength of the prevailing trend.

In conclusion, Chennai Petroleum share price exhibits a favourable technical setup and presents a compelling buying opportunity, particularly for traders targeting 810, as long as disciplined risk controls are maintained.

Jupiter Wagons Ltd: Bagadia recommends buying Jupiter Wagons share price at ₹336.4 keeping a stoploss at ₹325 with a Jupiter Wagons share price target of ₹360.

Jupiter Wagons share price was trading around ₹336.40 and is showing signs of a mild recovery after a prolonged corrective phase. The stock is attempting to form a base and is gradually building a potential double bottom pattern, indicating a possible reversal if follow-through buying sustains. Price is trading close to the shorter term EMAs, with the medium and long term EMAs still positioned above, suggesting that while short term strength is emerging, the overall trend remains to be confirmed by a decisive breakout.

In conclusion, based on current technical conditions, Jupiter Wagons share price offers a strong buying opportunity for short-term traders targeting 360, provided sound risk management measures are maintained.

Ganesh Dongre’s stocks to buy today

Rallis India Ltd: Ganesh Dongre recommends buying Rallis India share price at ₹308 with a stoploss at ₹300 with Rallis India share price target of ₹330.

Rallis India 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 ₹308 and has established a solid support base at ₹300. 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 ₹330 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹110 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

Ashok Leyland Ltd: Ganesh Dongre recommends buying Ashok Leyland share price at ₹142 with a stoploss at ₹136 with Ashok Leyland share price target of ₹150.

Ashok Leyland share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹142 and maintaining a strong support at ₹136. The technical setup indicates the potential for a price retracement towards the ₹150 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 ₹136 offers a prudent approach to capturing the anticipated upside.

Canara Bank: Ganesh Dongre recommends buying Canara Bank share price at ₹118 with a stoploss at ₹114 with Canara Bank share price target of ₹128.

Canara Bank share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹118 and maintaining a strong support at ₹114. The technical setup indicates the potential for a price retracement towards the ₹128 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 ₹118 offers a prudent approach to capturing the anticipated upside.

Shiju Koothupalakkal intraday stocks for today

Sammaan Capital Ltd: Shiju Koothupalakkal recommends buying Sammaan Capital share price at ₹137.80 with a Sammaan Capital share price target of ₹146 with a stop loss of ₹135.

Sammaan Capital share price after having the strong run up has witnessing a gradual slide with currently once again improving the bias with a positive candle formation on the daily chart and can anticipate for further rise in the coming sessions. The RSI is currently well placed and has shown signs of a reversal to expect for further gains with the volume participation also on the rise and upside potential visible.

“With the chart technically looking good, we suggest buying the stock for an upside target of 146 keeping the stop loss at the 135 level,” said Koothupalakkal.

Eicher Motors Ltd: Shiju Koothupalakkal recommends buying Eicher Motors share price at ₹7,045 with a Eicher Motors share price target of ₹7,450 with a stop loss of ₹6,920.

Eicher Motors share price has witnessed a strong uptrend in the last 2 months and after a decent consolidation has once again shown signs of improvement with rising volume participation and price action visible to close on an optimistic note to anticipate for further fresh upward move in the coming sessions. The RSI has been maintaining strength and can carry on with the positive move further ahead.

“With the chart technically looking strong, we suggest buying the stock for an upside target of ₹7,450 keeping the stop loss at the ₹6,920 level,” said Shiju.

Banco Products (India) Ltd: Shiju Koothupalakkal recommends buying Banco Products share price at ₹829 with a Banco Products share price target of ₹872 with a stop loss of ₹810.

Banco Products share price has recently witnessed a series of strong spurt and thereafter, has consolidated with bias maintained positive having significant volume participation visible to form a flag pattern on the daily chart anticipating for another fresh round of momentum in the coming sessions. The RSI has been maintained strong with potential to carry on with the positive move further ahead.

“With the chart technically looking good, we suggest buying the stock for an upside target of ₹872 keeping the stop loss at the ₹810 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.