Stock Market Today: The benchmark Nifty-50 Index started the new week on a soft note, ending at 25,517.05, down 0.47% on Monday. The Bank Nifty at 57,312.75 was also 0.23% lower, while Realty and Auto were the other key losers.
The pharma and IT, however, managed to end higher, as did the broader indices, which posted gains of over half a percent each.
Trade Setup for Tuesday
The short-term trend for Nifty is likely to remain sideways before any decisive directional move. On the downside, a decisive fall below 25,500 could trigger a correction. On the upside, resistance is placed at 25,600 and 25,800, as per Rupak De, Senior Technical Analyst at LKP Securities.
The Bank Nifty index is currently perched above its immediate support zone of 57,000-56,800, as per Bajaj Broking.
Global markets today
Looking ahead, investors will closely monitor comments from the US Fed Chair for further cues. Markets are likely to remain firm, supported by strong institutional flows and policy support, said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Attention will also shift to Q1 business updates, which are expected to begin this week. Tractor companies like M&M and Escorts may be in focus ahead of monthly Auto Sales data, aided by a strong start to the monsoon season, added Khemka
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 of Technical Research at Prabhudas Lilladher, has given three stock picks.
These include Tamilnadu Petroproducts Ltd., Deepak Fertilisers & Petrochemicals Corporation Ltd., Life Insurance Corporation of India (LIC), Bharat Forge Ltd., ICICI Prudential Life Insurance Company Ltd., Himatsingka Seide Ltd., Ideaforge Technology Ltd., and Finolex Cables Ltd.
Sumeet Bagadia’s stock picks
- Tamilnadu Petroproducts Ltd.-Bagadia recommends buying Tamilnadu Petroproducts, or TNPETRO, at around ₹102.94, keeping Stoploss at ₹99 for a target price of ₹110
TNPETRO, which is currently trading at ₹102.94, has shown a remarkable breakout in recent sessions. Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows-a classic sign of a bullish reversal. The bullish alignment of EMAs confirms that the broader trend remains firmly positive, with the 20-day EMA now acting as immediate dynamic support.
2. Deepak Fertilisers & Petrochemicals Corporation Ltd.-Bagadia recommends buying Deepak Fertilisers or DEEPAKFERT at around ₹1707.4, keeping Stoploss at ₹1650 for a target price of ₹1818
DEEPAKFERT continued its sharp upward momentum in Monday’s session, currently trading at an all-time high of 1725 levels. DEEPAKFERT marking yet another bullish session. The stock is clearly showcasing strength with persistent buying interest across both institutional and retail categories. The breakout above ₹1616 was significant from a psychological and technical standpoint.
Ganesh Dongre’s stocks to buy today
3. Life Insurance Corporation of India-Dongre recommends buying LIC at around ₹973, keeping Stoploss at ₹945 for a target price of ₹1000
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 973 and maintaining strong support at ₹ 945. The technical setup indicates the potential for a price retracement towards the ₹ 1000 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 ₹ 945 offers a prudent approach to capturing the anticipated upside.
4. Bharat Forge Ltd.-Dongre recommends buying Bharat Forge, or BHARATFORG, at around ₹1310 , keeping Stoploss ₹1285, for a target price of ₹1345
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1310 and maintaining strong support at ₹ 1285. The technical setup indicates the potential for a price retracement towards the ₹ 1345 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 ₹ 1285 offers a prudent approach to capturing the anticipated upside.
5. ICICI Prudential Life Insurance Company Ltd.-Dongre recommends buying ICICIPRULI at ₹658, keeping Stoploss at ₹642 for a target price of 685.
In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 658 and holding above a key support level at ₹ 642. 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 ₹ 642 to manage downside risk. The target for this trade is set at ₹ 685, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
Shiju Koothupalakkal intraday stocks for today
6. Himatsingka Seide Ltd.-Koothupalakkal recommends buying Himatsingka Seide at HIMATSINGKA SEIDE at around ₹154.50 for a target price of ₹165, keeping Stop loss at ₹151
The stock, after taking support near the previous bottom zone at the ₹136 level, has indicated a decent pullback to move past the important 50EMA at the 150 level to improve the bias, and currently, with a bullish candle formation on the daily chart, we can anticipate a further rise in the coming sessions. The RSI is on the rise with a positive trend reversal indicated and signaling a buy.
7. Ideaforge Technology Ltd.-Koothupalakkal recommends buying IDEA FORGE at around ₹592 for a target of ₹630, keeping Stop loss at ₹580
The stock has indicated a rising trend with a series of higher bottom and higher top formations on the daily chart, and currently, once again, it is showing signs of improvement, taking support near the ₹583 zone to indicate a revival and anticipate a further rise in the coming sessions. The RSI has cooled off from the overbought zone and currently is well positioned with much upside potential visible from the current rate.
8. Finolex Cables Ltd.-Koothupalakkal recommends buying FINOLEX CABLES at around ₹979.60 for a target price of ₹1025, keeping the stop loss at ₹960
The stock has indicated a higher bottom formation on the daily chart, taking support near the 100-period MA at the ₹915 level, and with a decent pullback witnessed, it has improved the bias to anticipate a further upward move in the coming sessions. The RSI is well placed with strength indicated, signalling a buy with much upside potential from the current rate to carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock.