Stock market news: On Wednesday, the Indian stock market closed strongly, with the Sensex rising by 595 points and the Nifty 50 finishing at the 25,875 level.
This surge was driven by optimism regarding advancements in the ongoing trade discussions between the US and India, favorable global developments such as the reopening of the US government, and positive exit polls indicating a clear NDA win in the Bihar assembly elections.
Abhinav Tiwari, a Research Analyst at Bonanza, noted that the market is expected to maintain a positive trend in the short term. Ongoing enthusiasm about the US-India trade agreement could further boost export-driven sectors by reducing tariffs and enhancing trade opportunities. The political stability suggested by the Bihar election predictions is also likely to support investor confidence.
Trade Setup for Thursday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the Nifty 50 index is maintaining its upward trend and appears robust after starting with a gap-up. According to the daily chart, the index has consistently climbed higher following a retest of the breakout from a downward channel.
“Furthermore, the index has surpassed the 21EMA, indicating the continuation of the upward trend. Short-term sentiment is likely to stay optimistic, with the index possibly reaching 26,000. On the downside, immediate support is situated at 25,700,” said De.
Global Markets, Q2 results, Bihar election, India-US trade deal to IPO Frenzy
Vinod Nair, the Head of Research at Geojit Investments Ltd, stated that global equities surged due to a renewed appetite for risk, fueled by optimism surrounding the potential resolution of the US government shutdown and increasing expectations for early interest rate cuts by the Fed in light of a cooling labor market in the US Emerging markets showed better performance, reflecting the positive shift in global sentiment.
According to Nair, the Indian indices reflected this upward trend, with large-cap stocks driving gains, especially in the auto, IT, and pharma sectors. Favourable domestic macroeconomic fundamentals-including a decline in CPI and WPI inflation, a robust GDP forecast, and positive expectations for earnings in the second half-continue to support a favourable market outlook.
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: Indusind Bank Ltd, Max Financial Services Ltd, Bajaj Finance Ltd, Tata Elxsi Ltd, Eternal Ltd, Bombay Dyeing & Manufacturing Company Ltd, Glenmark Pharmaceuticals Ltd, and Laxmi India Finance Ltd.
Sumeet Bagadia’s stock picks
Indusind Bank Ltd: Bagadia recommends buying IndusInd Bank share price at ₹864 keeping a stoploss at ₹834 with a IndusInd Bank share price target of ₹924.
IndusInd Bank share price was currently trading at ₹864 and has shown a strong bullish breakout after a prolonged consolidation phase, indicating renewed buying momentum. The stock has formed a rounding bottom formation on the daily chart, which signals a reversal from the previous downtrend and the beginning of a potential medium-term uptrend. The breakout was accompanied by strong volume, confirming participation from institutional buyers.
“In conclusion, based on current technical conditions, Indusind Bank share price offers a strong buying opportunity at the current market price of 864, with a stop-loss at 834 and an upside target of 924, provided sound risk management measures are maintained,” said Bagadia.
Max Financial Services Ltd: Bagadia recommends buying Max Financial Services share price at ₹1,719 keeping a stoploss at ₹1,659 with a Max Financial Services share price target of ₹1,840.
Max Financial Services share price was trading at 1,719, registering a strong breakout from a consolidation phase with robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum. The stock is well-positioned above its 20, 50, 100, and 200-day EMAs, all trending upward, which confirms sustained strength across multiple timeframes and reflects solid underlying demand.
“In conclusion, based on the technical analysis and current market conditions, Max Financial Services share price presents a promising buying opportunity for those aiming for a ₹1,840 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Bajaj Finance Ltd: Ganesh Dongre recommends buying Bajaj Finance share price at ₹1,012 with a stoploss at ₹990 with Bajaj Finance share price target of ₹1,055.
Ganesh Dongre said that 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 ₹1,012. At present, the stock is maintaining a crucial support level at ₹990.
“Given the current market price of ₹1,012, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1,055,” said Dongre.
Tata Elxsi Ltd: Ganesh Dongre recommends buying Tata Elxsi share price at ₹5,388 with a stoploss at ₹5,300 with Tata Elxsi share price target of R 5,600.
Ganesh Dongre said that we have seen a major support in this stock around ₹5,300. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹5,388 price level, which may continue its rally till its next resistance level of ₹5,600 so traders can buy and hold this stock with a stop loss of ₹5,300 for the target price of ₹5,600 in the upcoming weeks.
Eternal Ltd: Ganesh Dongre recommends buying Eternal share price at ₹307 with a stoploss at ₹300 with Eternal share price target of ₹322.
Ganesh Dongre said that 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 ₹322 Currently, the stock is holding a crucial support level at ₹300.
“Given this scenario, there is potential for the stock to rebound towards the ₹322 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹300 to manage risk effectively. The target price for this trade is ₹322, reflecting the anticipated upward movement based on the identified technical,” said Ganesh Dongre.
Shiju Koothupalakkal intraday stocks for today
Bombay Dyeing & Manufacturing Company Ltd: Shiju Koothupalakkal recommends buying Bombay Dyeing share price at ₹156.95 with a Bombay Dyeing share price target of ₹165 with a stop loss of ₹153.
Shiju Koothupalakkal said that the stock has witnessed a good correction from 196 zone to show signs of stabilising near 152 zone and indicating a revival with improvement in the bias moving just above the important 200 period MA at 156 level to anticipate for further rise in the coming sessions.
“The RSI has arrived at the highly oversold zone and indicated a positive trend reversal to signal a buy with upside potential visible to carry on with the positive move. With the chart technically looking good, we suggest buying the stock for an upside target of 165 keeping the stop loss of 153 level,” said Koothupalakkal.
Glenmark Pharmaceuticals Ltd: Shiju Koothupalakkal recommends buying Glenmark Pharma share price at ₹1,847 with a Glenmark Pharma share price target of ₹1,935 with a stop loss of ₹1,815.
Shiju Koothupalakkal said that the stock after witnessing a decent correction has stabilised taking the support near 1,795 zone and currently has indicated a positive candle formation with significant volume participation on the daily chart with improvement in the bias visible.
“The RSI has recovered from the highly oversold zone with currently indicating a buy signal to expect for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 1,935 keeping the stop loss of 1,815 level,” said Koothupalakkal.
Laxmi India Finance Ltd: Shiju Koothupalakkal recommends buying Laxmi India share price at ₹151.60 with a Laxmi India share price target of ₹162 with a stop loss of ₹147.
Shiju Koothupalakkal said that the stock has maintained a good support near the 140 zone and currently with a bullish candle formation on the daily chart moving past the important 50EMA at 150 level with volume participation on the rise and with improved bias, one can expect for further gains in the coming sessions.
“The RSI is well positioned and with a buy signal indication, has shown strength and with upside potential visible, one can expect for further upward move. With the chart technically looking good, we suggest buying the stock for an upside target of 162 keeping the stop loss of 147 level,” said Koothupalakkal.