Stock market today: The markets started a new week on a positive note, with the benchmark Nifty-50 Index ending at 24,967.75, up 0.39%. The Bank Nifty, however, ended almost flat at 55,139.30. Among other sectoral indices, while IT saw sharp gains, markets were well supported by Realty and Consumer Durables too.
In the broader indices, mid- and small-caps ended flat to marginally higher.
Trade Setup for Tuesday
Technically, the Nifty has immediate support near 24,700-24,750, while resistance is placed around 25,100-25,200. The Sensex too remains comfortably above 81,000, with dips attracting steady buying, said Vikram Kasat. Head – Advisory, PL Capital.
Immediate support for Bank Nifty is placed at 55,000-54,800, as per Bajaj Broking.
Global markets today
“A wave of optimism swept through the domestic market, driven by expectations of a Fed rate cut in September and a subsequent decline in the US 10-year yield. The IT index outperformed, buoyed by favorable global sentiment. The domestic levers stay positive with the proposed GST rationalization to push consumption demand, and a good monsoon season could serve as a catalyst to navigate any uncertainty in the global trade environment.” Vinod Nair, Head of Research, Geojit Investments Limited
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: Bikaji Foods International Ltd., Jindal Stainless Ltd., DLF Ltd., PNB Housing Finance Ltd., Bharat Electronics Ltd., Aditya Birla Real Estate Ltd , Quality Power Electrical Equipments Ltd., and Kirloskar Brothers Ltd.
Sumeet Bagadia’s stock picks
- Bikaji Foods International Ltd-Bagadia recommends buying BIKAJI at around ₹799.50, keeping Stop Loss at ₹771 for a target price of ₹ 856
BIKAJI is currently trading at 799.5 and is showing an overall uptrend as the stock continues to move within a rising channel pattern, forming a series of higher highs and higher lows. The price structure indicates gradual strength and accumulation, with resistance placed around the upper band of the channel near ₹830 to ₹840.
2. Jindal Stainless Ltd-Bagadia recommends buying JSL at around ₹800, keeping Stop Loss at ₹772, for a target price of ₹856.
JSL is currently trading at 800 and maintaining a strong upward trajectory. The stock has been forming a series of higher highs and higher lows, indicating sustained bullish momentum. A breakout from the rounding bottom formation has confirmed a bullish rounding bottom pattern, signaling a transition from accumulation to an upward trend. This breakout is further validated by the stock marking a fresh 52-week high at ₹818.2, supported by consistent volume activity.
Ganesh Dongre’s stocks to buy today
3. DLF Ltd-Dongre recommends buying DLF a around ₹771, keeping Stoploss at ₹755 for a target price of ₹790
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 790. At present, the stock is maintaining a crucial support level at Rs.755. Given the current market price of Rs.771, a buying opportunity is emerging. This suggests that investors may consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 790.
4. PNB Housing Finance Ltd-Dongre recommends buying PNBHOUSING at around ₹800, keeping Stoploss at ₹780, for target price of ₹840
We have seen major support in this stock around Rs. 780. So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 800 price level, which may continue its rally till its next resistance level of Rs. 840, so traders can buy and hold this stock .
5. Bharat Electronics Ltd-Dongre recommends buying Bharat Electronics Ltd, or BEL at around ₹372, keeping the stop loss at ₹365 for a target price of ₹385.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 385 Currently, the stock is holding a crucial support level at Rs.365.
Shiju Koothupalakkal intraday stocks for today
6.Aditya Birla Real Estate Ltd-Koothupalakkal recommends buying ABREL a around ₹1845 for target price of ₹1950, keeping the stop loss at ₹1810
The stock, after witnessing a decent erosion, has shown signs of bottoming out near the ₹1760 zone and has indicated a pullback with a positive candle formation on the daily chart to improve the bias, anticipating a further rise in the coming sessions. The RSI has indicated a significant reversal from the highly oversold zone to signal a buy, and with much upside potential visible, we expect the stock to carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
7. Quality Power Electrical Equipments Ltd-Koothupalakkal recommends buying QUALITY POWER at around ₹822 for a target price of ₹865, keeping Stop loss at ₹805
The stock, after the strong run-up, has been in consolidation for quite some time, and currently, with rising volume participation, it has indicated a triangular breakout on the daily chart with a significant price spurt visible, and we can anticipate a further rise in the coming sessions. The RSI is currently well positioned and indicating a positive trend reversal, signaling a buy has much upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock.
8. Kirloskar Brothers Ltd-Koothupalakkal recommends buying KIRLOSKAR BROTHERS at around ₹2034, for a target price of ₹2150, keeping the stop loss at ₹1990
The stock, after witnessing a short period of correction, has stabilized near the important 200-period SMA at the ₹1928 level, and with a gradual pickup witnessed, it has currently moved past the significant 50 EMA at the ₹1970 zone to improve the bias, and we can expect a further upward move in the coming sessions. The RSI is on the rise, gaining strength, and is well positioned to signal a buy, with much upside potential visible, expecting further gains. With the chart technically looking good, we suggest buying the stock .