Stock Market Today: The benchmark Nifty50 index cracked 1.05% on Tuesday after consolidating for a few days amidst mixed global cues. Bank Nifty at 54,877.35 also ended close to 1% lower and most other sectors led by pharma auto and FMCG ended in losses. The small and the mid caps in the broader markets saw a correction of up to 1.4%.
Trade Setup for Wednesday
As long as the Nifty-50 index is trading below 24850 the correction wave is likely to continue and market could retest the level of 24550-24500 zone. On the higher side above 24850 the sentiment could change and Nifty has chances of hitting 25000-25100/ levels as per Shrikant Chouhan, Head Equity Research, Kotak Securities.
As long as Bank Nifty remains below 55,290, further weakness is likely, with strong support is seen near 54,460, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
Global Markets and Q4 Results
With the lack of major positive triggers and prevailing uncertainty over U.S. fiscal stability, investors opted for profit-booking and adopted a cautious stance. Selling pressure was widespread as participants awaited more clarity on the India-U.S. trade agreement. Given the current premium valuations and delays in the trade deal, we foresee a phase of short-term consolidation, which may lead FIIs to scale back their positions in the domestic market, as per Vinod Nair, Head of Research, Geojit Investments Limited.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given two stock picks.
These include Chennai Petroleum Corporation Ltd , Jubilant Pharmova Ltd, GAIL India Ltd , National Aluminium Company Ltd, Usha Martin Ltd , Aries Agro Ltd , Aegis Logistics Ltd and Elin Electronics Ltd
Sumeet Bagadia’s stock picks
1.Chennai Petroleum Corporation Ltd– Bagadia recommended buying Chennai Petroleum at around ₹675 keeping Stoploss at ₹651 for a target price of ₹723
CHENNPETRO is currently trading at the levels of 675, having recently registered a bullish breakout following a prolonged consolidation phase. The stock has been forming a solid base over the past few months, marked by a sequence of higher lows, reflecting sustained accumulation at lower levels. With this upward move, the stock has breached a key resistance zone near 664, indicating renewed buying interest and a shift in market sentiment.
2.Jubilant Pharmova Ltd- Bagadia recommends buying Jubilant Pharmova or JUBLPHARMA at ₹989.30 keeping Stoploss at ₹954 for a target price of ₹1060
JUBLPHARMA is currently trading at ₹989.30, having recently rebounded from a key support zone. The stock has broken out of a falling trendline on the daily timeframe, signaling the emergence of a potential trend reversal. This breakout is supported by increasing trading volumes, indicating strong buying interest and reinforcing the bullish sentiment.
Ganesh Dongre’s stocks to buy today
3. Gail (India) Ltd– Dongre recommends buying Gail at around ₹192 keeping Stoploss at ₹185 for a target price of ₹202I
n the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 192 and holding above a key support level at ₹ 185. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 185 to manage downside risk. The target for this trade is set at ₹ 202, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
4. National Aluminium Company Ltd – Dongre recommends buying National Aluminium Company or NATIONALUM at around ₹179 keeping Stoploss at ₹174 for a target price of ₹190
Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 179 and maintaining a strong support at ₹ 174. The technical setup indicates the potential for a price retracement towards the ₹ 190 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 ₹ 174 offers a prudent approach to capturing the anticipated upside.
5. Usha Martin Ltd– Dongre recommends buying Usha Martin aor USHAMART at around ₹333 keeping Stoploss at ₹320 for a target price of ₹350.
Stock is currently trading at ₹ 333 and appears to be in bullish zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential upmove. The critical support level lies at ₹ 320, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹ 350 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.
Shiju Koothupalakkal’s intraday stocks for today
6. Aries Agro Ltd– Koothupalakkal recommends buying Aries Agro or ARIES AGRO at around ₹320.90 for a target price of ₹335 keeping Stop loss at ₹313
The stock has recently witnessed a steady gradual rise moving past the important 200 period MA at ₹280 zone and currently has shown signs of further improvement to anticipate for further upward movement in the coming sessions. The RSI is well placed and with strength indicated has further upside potential to carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an upside target of ₹335 keeping the stop loss of ₹313 level.
7. Aegis Logistics Ltd– Koothupalakkal recommends buying Aegis Logistics or AEGIS LOGISTICS at around ₹930 with a target price of ₹ 980 keeping Stop loss at ₹910
The stock has witnessed a decent spurt in the last 3 sessions with bias improving from the important support zone maintained near the 50EMA zone at ₹780 level and has further scope for upward movement in the coming days. The RSI has shot up recently with strength indicated and we expect the rate to gain further in the coming sessions. With the chart technically looking good, we suggest buying the stock for an upside target of ₹980 level keeping the stop loss of ₹910 level.
8. Elin Electronics Ltd – Koothupalakkal recommends buying Elin Electronics or ELIN ELECTRONICS at around ₹175.80 for a target price of ₹186 keeping Stop loss at ₹172
The stock has recently witnessed a clear breakout above the neckline zone at ₹152 level of the inverted Head & Shoulder pattern on the daily chart to strengthen the trend and further rise is anticipated in the coming sessions. The RSI indicator has gained strength and has potential to carry on with the positive move further ahead. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹186 level keeping the stop loss of ₹172 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 taking any investment decisions.
