Stock market today: Trade setup for Nifty 50, Gift Nifty, India-US trade deal to gold prices – 8 stocks to buy

Stock market news: The benchmark indices, Sensex and Nifty 50, experienced a drop on Friday due to profit-taking in FMCG and banking stocks following a six-day upward trend and new foreign fund withdrawals.

Ending its six-day winning streak, the Sensex fell by 344.52 points, or 0.41 percent, closing at 84,211.88. At one point during the day, it fell by 599.25 points, or 0.70%, reaching 83,957.15. Nifty 50 dropped by 96.25 points, or 0.37%, to finish at 25,795.15, with 34 of its components closing lower and 16 showing gains.

In a week shortened by a holiday, the BSE benchmark gained 259.69 points, or 0.30%, while the Nifty 50 increased by 85.3 points, or 0.33%.

Profit-taking occurred after a six-day climb, during which the major indices surged by approximately 3% fueled by strong festive demand and foreign investments. Both Sensex and Nifty 50 reached their 52-week peaks on Thursday.

Trade Setup for Monday

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty 50 was sluggish during the session as traders chose to take profits. It dropped below the initial support level of 25,850, causing a decline towards 25,700. The upcoming 1–2 sessions may experience volatility; however, a sustained upward trend seems feasible afterward. On the upside, resistance is located at 25,850, and if crossed, a rally towards 26,000–26,200 appears likely.

Global Markets, Q2 results, India-US trade deal

Vinod Nair, Head of Research at Geojit Investments, noted that the week began with the arrival of Samvat 2082 marked by optimism driven by festivities and positive consumer sentiment. However, this momentum gradually diminished as geopolitical tensions and profit-taking affected investor confidence. The record sales during the festive season highlighted India’s rising consumer demand, fueled by strong household spending and affordability brought about by GST. PSU banking stocks led the upward trend, supported by news of possible consolidation and results that surpassed expectations.

In contrast, the precious metals market experienced significant volatility, recording its largest single-day drop in over ten years due to profit booking and a strengthening U.S. dollar. Crude oil prices increased sharply after new sanctions were imposed by the U.S. and EU on Russian oil companies, raising worries about tightening global supply and renewed inflation fears. This situation could pose challenges for India, as high crude prices may expand the fiscal deficit and put pressure on the import bill.

Investors are keenly monitoring progress in the India-U.S. trade discussions, as both parties move closer to finalising an agreement. The sentiment in global markets will largely depend on key interest rate decisions from the FED and ECB next week, which are anticipated to influence market direction in the short term.

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: Cummins India Ltd, Hindalco Industries Ltd, Steel Authority of India Ltd (SAIL), Housing & Urban Development Corporation Ltd (HUDCO), ICICI Bank Ltd, Everest Kanto Cylinder Ltd, Black Box Ltd, and Fischer Medical Ventures Ltd.

Sumeet Bagadia’s stock picks

Cummins India Ltd: Bagadia recommends buying Cummins India share price at ₹4,183 keeping a stoploss at ₹4,035 with a Cummins India share price target of ₹4,480.

Cummins India share price was trading at 4,183, the stock has given a decisive breakout from a Cup and Handle pattern on the daily chart, marking the beginning of a strong bullish phase. The breakout has been accompanied by noticeable volume, confirming participation from fresh buyers. With this move, the stock has also registered a new all-time high, indicating growing investor confidence and strong price momentum.

In conclusion, based on the technical analysis and current market conditions, Cummins India share price presents a promising buying opportunity for those aiming for a 4,480 target, provided that appropriate risk management strategies are in place.

Hindalco Industries Ltd: Bagadia recommends buying Hindalco Industries share price at ₹824.45 keeping a stoploss at ₹795 with a Hindalco Industries share price target of ₹884.

Hindalco Industries share price at 824.45, the stock has registered a new all- time high with a strong gap-up opening in today’s session, indicating robust bullish momentum and rising investor confidence. The stock has been in a well-defined uptrend, breaking out of a prolonged consolidation range that acted as a strong base formation over the past few months.

In conclusion, based on current technical conditions, Hindalco Industries share price offers a strong buying opportunity for short-term traders targeting 884, provided sound risk management measures are maintained.

Ganesh Dongre’s stocks to buy today

Steel Authority of India Ltd (SAIL): Ganesh Dongre recommends buying SAIL share price at ₹130 with a stoploss at ₹124 with SAIL share price target of ₹140.

SAIL 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 ₹130 and has established a solid support base at ₹124. 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 ₹140 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 ₹124 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

Housing & Urban Development Corporation Ltd (HUDCO): Ganesh Dongre recommends buying HUDCO share price at ₹229 with a stoploss at ₹223 with HUDCO share price target of ₹240.

HUDCO share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹229 and maintaining a strong support at ₹223. The technical setup indicates the potential for a price retracement towards the ₹240 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 ₹223 offers a prudent approach to capturing the anticipated upside.

ICICI Bank Ltd: Ganesh Dongre recommends buying ICICI Bank share price at ₹1,377 with a stoploss at ₹1,350 with ICICI Bank share price target of ₹1,420.

ICICI 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 ₹1,377 and maintaining a strong support at ₹1,350. The technical setup indicates the potential for a price retracement towards the ₹1,420 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 ₹1,350 offers a prudent approach to capturing the anticipated upside.

Shiju Koothupalakkal intraday stocks for today

Everest Kanto Cylinder Ltd : Shiju Koothupalakkal recommends buying Everest Kanto Cylinder share price at ₹151.70 with a Everest Kanto Cylinder share price target of ₹162 with a stop loss of ₹148.

Everest Kanto Cylinder share price after a short period of consolidation has indicated a strong pick up with bullish candles visible on the daily chart with rising volume participation to improve the bias and can anticipate for further upward move in the coming days. The RSI is well placed and has shot up with a positive trend reversal with upside potential visible and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 162 keeping the stop loss of 148 level.

Black Box Ltd : Shiju Koothupalakkal recommends buying Black Box share price at ₹568.90 with a Black Box share price target of ₹600 with a stop loss of ₹556.

Black Box share price has indicated a higher bottom formation on the daily chart taking support near the 522-zone maintaining above the important 50EMA at 515 level and with a decent pullback visible has improved the bias with further rise anticipated in the coming sessions. The RSI has cooled off from the overbought zone and is currently well positioned indicating a positive trend reversal to signal a buy and can expect further gains 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 600 keeping the stop loss of 556 level.

Fischer Medical Ventures Ltd: Shiju Koothupalakkal recommends buying Fischer Medical Ventures share price at ₹104.17 with a Fischer Medical Ventures share price target of ₹111 with a stop loss of ₹101.

Fischer Medical Ventures share price after witnessing a decent correction from 125 to 91 zone has recently witnessed a decent pullback with improving volume participation visible and with currently having a positive candle formation moving past the important 50EMA level at 102 zone has improved the bias, expecting for further upward move in the coming days. The RSI has recovered from the oversold zone and is on the rise indicating strength and with upside potential visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 111 keeping the stop loss of 101 level.

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.