Stock market today: Nifty 50 trade setup, USD vs INR to IPO watch list — Seven stocks to buy or sell on Friday

Stock market news: The Indian stock market staged a rebound on Thursday, December 11, after a three-day selloff, after the Federal Reserve‘s 25-basis-point rate cut, even as the Indian rupee slumped to a fresh record low amid stalled India-US trade deal.

After trading on a volatile note in the earlier part of the session, indices staged a smart rebound amid buying in banking and auto stocks. Rebounding from its early lows, the 30-share BSE Sensex climbed 426.86 points or 0.51%, to settle at 84,818.13. The 50-share NSE Nifty appreciated by 140.55 points, or 0.55%, to close at 25,898.55.

USD vs INR

The Indian rupee faced intense selling pressure and plunged 39 paise to close at an all-time low of 90.33 against the US dollar as doubts over the India-US trade deal lingered. The rupee opened at 89.95 against the greenback, and then lost ground and fell to a record intra-day low of 90.48, registering a 54-paise decline from its previous close.

“Indian rupee hit a fresh all-time low amid uncertainty over the India-US trade deal. However, positive domestic markets and a weak US Dollar cushioned the downside,” Anuj Choudhary, Research Analyst, MiraeAsset ShareKhan, was quoted as saying by the PTI.

“We expect the rupee to trade with a negative bias as the delay in trade deal between India and US may continue to dent the domestic currency,” Choudhary said.

IPO market buzz

The action in the primary market will continue to be heightened, with the launch of ICICI Prudential AMC IPO today. Meanwhile, two IPOs will enter their third and final day of bidding, namely Nephrocare Health Services and Park Medi World.

Market outlook and key drivers

Vinod Nair, Head of Research, Geojit Investments Limited, said that domestic markets rebounded broadly following the Fed’s expected 25-bps rate cut amid high US inflation. The decline in US 10-year yields indicates a moderation in future FII outflows, which bolstered sentiment, he added.

“The auto sector excelled due to anticipated stronger demand, while IT gained traction on the prospect of increased spending. Conversely, other Asian markets experienced selling pressure over concerns about AI-driven valuations and rising Japanese yields, which negatively impacted overall domestic sentiment,” Nair noted.

Trade Setup for Friday

Commenting on the technical setup for Nifty 50, Rupak De, Senior Technical Analyst at LKP Securities, said, “Nifty remained firm after an initial decline in the early trading hours. On the downside, it slipped below the previous day’s low, while on the upside, it faced resistance at the 21EMA on the daily timeframe. This reflects an underlying bearish market structure, where the index struggles to move above resistance but easily breaches support levels.”

In the short term, 25,700 is likely to act as support. A decisive break below 25,700 could give bears the upper hand. Conversely, unless Nifty moves above 26,000, caution and fear may continue to dominate market sentiment, he said.

Stocks to buy today

Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).

Recommended seven intraday stocks for today are: Jamna Auto, GVT&D, Grasim, Union Bank, Marico, Adani Green and Mahindra and Mahindra.

Sumeet Bagadia’s stock picks

Jamna Auto: Sumeet Bagadia recommends buying Jamna Auto at ₹125.5, with a stop loss of ₹121 and a target price of ₹134.5.

Bagadia said the stock is in a strong upward trend, supported by steady buying interest and sustained higher price action. “After retesting its previous higher levels, the stock has once again moved upward to register a fresh 52-week high of 126.95, reflecting renewed confidence among market participants. The overall structure indicates strength, with consistent bullish candles and rising volumes confirming the momentum,” he noted.

Furthermore, the stock remains well-supported above its key moving averages — the 20-day, 50-day, 100-day, and 200-day EMAs — all of which are trending upward. “This alignment confirms a solid trend structure and reflects growing confidence among investors. A sustained close above the 127 level could lead to further upside, with a near-term target of 134.5. Traders should closely monitor price action near the current resistance zone for signs of breakout continuation. On the downside, immediate support is located at 123. The Relative Strength Index (RSI) is currently at 71.48 and trending upward, reflecting growing buying momentum,” he added.

GVT&D: Bagadia has a buy call on the stock at ₹2998 for a target price of ₹3204 and a stop loss of ₹2895. The stock, he said, is showing signs of trend recovery after retesting its all-time high zone and pulling back to a support region. “Following this corrective phase, the price is once again gaining upward momentum, indicating renewed buying interest. A rounding base–like structure is developing, suggesting accumulation at lower levels,” the Choice Broking analyst observed.

The overall structure remains robust with rising candles and healthy volume participation. The Exponential Moving Averages (EMAs) for the 20-, 50-, 100-, and 200-day periods are all trending upwards, reinforcing the bullish outlook.

“The price is trading above all major EMAs, indicating strong positive sentiment and continued strength in the stock. If GVT&D manages to close above its higher level, it could gain further traction toward a short-term target of 3204. On the downside, immediate support is located at 2912. The Relative Strength Index (RSI) is currently at 54.72 and trending upward, reflecting growing buying momentum,” Bagadia said.

Ganesh Dongre’s stock to buy

Grasim: Ganesh Dongde has a buy call on Grasim at ₹2795, with a stop loss at ₹2750 and a target price of ₹2880. The analyst said the stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum.

“The stock is currently trading at ₹2795 and has established a solid support base at ₹2750. 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 ₹2880 level in the near term,” he added.

The outlook remains positive as long as the stock holds above its key support zone, as per the analyst.

Union Bank: Dongre also recommends buying PSU stock Union Bank at ₹150, with a stop loss at ₹145 and a target price of ₹158. The stock, he said, has exhibited a strong, notable, continuous bullish pattern, offering another promising opportunity for short-term traders.

“The stock is currently priced at ₹150 and maintaining a strong support at ₹145. The technical setup indicates the potential for a price retracement towards the ₹158 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 145 offers a prudent approach to capturing the anticipated upside,” Dongre noted.

Marico: The Anand Rathi analyst recommends a buy call on the FMCG stock Marico for a target price of ₹745 and a stop loss at ₹715. He recommends buying at ₹272.

“Stock has exhibited a strong, notable, continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹727 and maintaining a strong support at ₹715. The technical setup indicates the potential for a price retracement towards the ₹ 745 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 ₹ 715 offers a prudent approach to capturing the anticipated upside,” he said.

Shiju Koothupalakkal’s stock recommendations

Jamna Auto: Shiju Koothupalakkal also has a buy call on Jamna Auto at ₹125.50. He has a target price of ₹134 and a stop loss at ₹122.

The stock has recently witnessed a strong run-up with a series of higher bottom formation patterns visible on the daily chart, and currently, after a short period of consolidation, has once again indicated a significant breakout accompanied by decent volume participation to anticipate another fresh round of upward move in the coming sessions, said the analyst.

“The RSI is maintained strong and has scope for further rise with much upside potential visible 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 134, keeping the stop loss at the122 level,” he noted.

Adani Green: Koothupalakkal recommends buying Adani Green at ₹1081, with a stop loss at ₹995 and a target price of ₹1085. He said the stock has been consolidating for quite a while, maintaining the support near the important 200-period MA at the 980 zone, with currently indicating a positive candle formation on the daily chart with rising volume participation visible to improve the bias and can anticipate further rise in the coming days.

“The RSI, having corrected with a gradual slide, is currently well positioned and has indicated a positive trend reversal to signal a buy with much upside potential visible, to carry on with the positive move further ahead. With the chart technically looking good and attractive, we suggest buying the stock for an upside target of 1085, keeping the stop loss at the 995 level,” he added.

M&M: The Prabhudas Lilladher analyst has a buy call on the stock at ₹3665, with a stop loss of ₹3600 and a target price of ₹3790.

“The stock, having maintained a strong uptrend, has witnessed a short period of consolidation with a gradual slide currently taking support near the important 50EMA level at 3615 zone and indicating a positive candle pattern with decent volume participation visible to improve the bias and expect for further upward move in the coming sessions. The RSI has witnessed a gradual correction from near the overbought zone and is currently well placed, signalling a buy, and can expect further gains in the coming days,” he said.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.