Stock market today: Trade setup for Nifty 50, Lenskart IPO, US-China trade talks to gold prices – 8 stocks to buy
Stock market news: Indian stock market indices recorded their largest monthly increases in seven months during October, fueled by robust corporate earnings and appealing valuations that attracted foreign investors. The Nifty 50 and BSE Sensex rose by 4.5% and 4.6% in October, respectively, concluding 2.1% and 2.4% beneath their peak levels achieved in September 2024.
On the last trading day, the Nifty 50 dropped by 0.6% to 25,722.1, while the Sensex decreased by 0.55% to 83,938.71, impacted by private banks amid concerns over possible outflows arising from new index eligibility guidelines.
India’s market regulator announced on Thursday that the restructuring of bank stock indices linked to derivatives contracts will occur gradually by March 2026.
After experiencing three months of continuous selling, foreign portfolio investors (FPIs) reversed course and became net buyers in the Indian stock market in October. The month of October saw a notable net inflow of ₹14,610 crore into Indian equities overall, as indicated by data from the National Securities Depository Limited (NSDL) website.
Trade Setup for Monday
As stated by Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 struggled throughout the day, unable to maintain levels above 25,950. The bears dominated the session as Nifty 50 could not achieve a significant movement beyond this point. The breakdown of support at 25,800 contributed to a bearish sentiment. In the near term, the trend is expected to stay weak, with potential for a decline towards 25,525. Conversely, resistance lies at 25,850, and if surpassed, the trend could shift to a positive direction.
Global Markets, Q2 results, US-China trade talks to US Fed cut interest rates
Vinod Nair, the Head of Research at Geojit Investments, mentioned that Indian markets concluded the last week of October with profit-taking as investors decided to cash in on some gains following a sustained rally. While PSU banks experienced a surge due to reports of a potential increase in foreign investment limits, metal stocks shone with renewed optimism after China’s commitment to addressing steel overcapacity and signs of progress in US-China trade negotiations. Conversely, capital market stocks faced pressure as SEBI’s suggested changes to TER structures dampened sentiment.
Precious metals experienced significant volatility, continuing a steep decline from their recent peaks due to a stronger US dollar and aggressive profit-taking following the robust rally. Although the Fed implemented the anticipated rate cut, diminishing chances of another decrease in December increased the yield on the US 10-year Treasury bond.
Looking forward, the market will keep a close eye on the ongoing trade discussions with the US and the current corporate earnings season, which thus far has yielded mixed outcomes. In addition, any downturns are likely to attract buying interest in core sectors, bolstered by expectations of improved performance in the second half of the year, thanks to monetary and fiscal support.
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: Aurobindo Pharma Ltd, IDFC First Bank Ltd, Hindustan Unilever Ltd (HUL), KFin Technologies Ltd, Indian Energy Exchange Ltd (IEX), Tourism Finance Corporation of India Ltd, VRL Logistics Ltd, and Bajaj Consumer Care Ltd.
Sumeet Bagadia’s stock picks
Aurobindo Pharma Ltd: Bagadia recommends buying Aurobindo Pharma share price at ₹1,144 keeping a stoploss at ₹1,104 with a Aurobindo Pharma share price target of ₹1,224.
Aurobindo Pharma share price was trading at ₹1,144, showing a strong breakout from its recent consolidation phase with robust volumes, indicating renewed participation and strong buying interest that continues to drive momentum. The stock is positioned well above its 20-, 50-, 100-, and 200-day EMAs, all of which are trending upward, confirming sustained strength across multiple timeframes and reflecting solid underlying demand.
In conclusion, based on the technical analysis and current market conditions, Aurobindo Pharma share price presents a promising buying opportunity for those aiming for a ₹1,224 target, provided that appropriate risk management strategies are in place.
IDFC First Bank Ltd: Bagadia recommends buying IDFC First Bank share price at ₹81.68 keeping a stoploss at ₹78.8 with a IDFC First Bank share price target of ₹87.5.
IDFC First Bank share price trading at 81.68, hovering near its 52 week high of 82.65 after giving a breakout from a rounding bottom pattern. This bullish formation, developed over several months of accumulation, 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.
In conclusion, based on the technical analysis and current market conditions, IDFC First Bank share price presents a promising buying opportunity for those aiming for an 87.5 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Hindustan Unilever Ltd (HUL): Ganesh Dongre recommends buying HUL share price at ₹2,465 with a stoploss at ₹2,435 with HUL share price target of ₹2,620.
HUL 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 ₹2,465 and has established a solid support base at ₹2,435. 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 ₹2,620 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 ₹2,435 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
KFin Technologies Ltd: Ganesh Dongre recommends buying KFin Technologies share price at ₹1,098 with a stoploss at ₹1,065 with KFin Technologies share price target of ₹1,140.
KFin Technologies share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,098 and maintaining a strong support at ₹1,065. The technical setup indicates the potential for a price retracement towards the ₹1,140 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 ₹1,065 offers a prudent approach to capturing the anticipated upside.
Indian Energy Exchange Ltd (IEX): Ganesh Dongre recommends buying IEX share price at ₹139 with a stoploss at ₹135 with IEX share price target of ₹150.
IEX share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹139 and maintaining a strong support at ₹135. 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 ₹135 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Tourism Finance Corporation of India Ltd: Shiju Koothupalakkal recommends buying Tourism Finance Corp share price at ₹69 with a Tourism Finance Corp share price target of ₹73 with a stop loss of ₹67.50.
Tourism Finance share price having witnessed a decent correction has indicated a strong bullish candle formation on the daily chart to confirm a revival anticipating for further rise in the coming days. The RSI has corrected well from the overbought zone and arriving near the oversold has indicated a positive trend reversal to signal a buy with much upside potential visible and can expect 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 73 keeping the stop loss of 67.50 level.
VRL Logistics Ltd: Shiju Koothupalakkal recommends buying VRL Logistics share price at ₹279.85 with a VRL Logistics share price target of ₹297 with a stop loss of ₹274.
VRL Logistics share price has been in consolidation for quite some time with currently indicating a positive candle formation moving past the important 50EMA at 275 level with huge volume participation visible to improve the bias anticipating for further rise in the coming days. The RSI is on the rise indicating strength and can carry on with the positive move further ahead with upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 297 keeping the stop loss of 274 level.
Bajaj Consumer Care Ltd: Shiju Koothupalakkal recommends buying Bajaj Consumer Care share price at ₹277.20 with a Bajaj Consumer Care share price target of ₹295 with a stop loss of ₹271.
Bajaj Consumer share price has maintained the strong uptrend with currently after a short period of correction has once again indicated a strong candle with a higher bottom formation to improve the bias and can expect for further rise. The RSI is on the rise indicating strength and has 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 295 keeping the stop loss of 271 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.