Stock market news: On Tuesday, Indian stock markets experienced a significant downturn, with the Nifty 50 closing under 25,600 and the Sensex dropping nearly 519 points.
The decline was widespread, impacting nearly all sectors, as weak global signals and ongoing profit-taking dampened market sentiment.
In general, investors remained wary due to persistent Foreign Institutional Investor outflows and unpredictability in global markets, leading to a broad wave of profit-taking. Metals declined because of a weak demand forecast and reduced industrial activity in China, while IT shares dropped following lackluster second-quarter earnings.
On Wednesday, the Indian stock market was close on occasion of Guru Nanak Jayanti.
Looking forward, volatility is anticipated to continue as global events and institutional investments shape market trends. With important domestic earnings reports expected later this week and a shorter trading period due to the Guru Nanak Jayanti holiday, market liquidity may remain inconsistent, which could result in sharp intraday fluctuations, according to Abhinav Tiwari, Research Analyst at Bonanza.
Trade Setup for Thursday
Rupak De, Senior Technical Analyst at LKP Securities, mentioned that Nifty 50 further declined after a brief halt on Monday, approaching the support level of 25,525. The index initially found support around the 21EMA. The RSI suggests weak price momentum accompanied by a bearish crossover. Should the index drop below 25,590, the correction may extend to the range of 25,500 to 25,525. Conversely, resistance stands at 25,700, and if the index surpasses this level, it could regain strength.
Global Markets, Q2 results, US-China trade talks to IPO frenzy
Vinod Nair, Head of Research at Geojit Investments Limited, noted that Indian equity markets closed lower on Tuesday, influenced by weak global signals and widespread selling, especially in the IT, metal, and power sectors. Investor sentiment was generally low ahead of the shortened holiday week. Foreign Institutional Investors (FIIs) continued their selling trend for the fourth consecutive session, as increasing US bond yields and diminishing hopes for an immediate rate cut by the Fed dampened risk appetite.
However, India’s macroeconomic fundamentals remain robust, with a strong manufacturing PMI and impressive GST collections-despite recent tax cuts-highlighting sustained economic momentum and aiding earnings upgrades in the upcoming quarters. Nair anticipates that investors will favour a buy-on-dips approach, expecting an improvement in market trends moving forward.
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: Garuda Construction and Engineering Ltd, Tatva Chintan Pharma Chem Ltd, Oberoi Realty Ltd, Punjab National Bank, Indian Energy Exchange Ltd (IEX), Gokul Agro Resources Ltd, Baazar Style Retail Ltd, and GNG Electronics Ltd.
Sumeet Bagadia’s stock picks
Garuda Construction and Engineering Ltd: Bagadia recommends buying Garuda Construction share price at ₹225 keeping a stoploss at ₹216 with a Garuda Construction share price target of ₹240.
Garuda Construction share price has delivered a strong bullish breakout, closing at 224.88, up by over 5% for the session, and finishing near the day’s high – clearly signalling renewed buying momentum and investor confidence. The stock witnessed a sharp upward move from the 214-215 zone, extending its ongoing uptrend and registering one of its most notable daily gains in recent weeks.
Given the current technical setup, Garuda Construction share price looks poised to extend gains towards 240 in the near term. Any minor pullback towards 222-220 should be viewed as a buy-on-dips opportunity, as long as the stop loss of 216 is maintained.
Tatva Chintan Pharma Chem Ltd: Bagadia recommends buying Tatva Chintan share price at ₹1,531 keeping a stoploss at ₹1,475 with a Tatva Chintan share price target of ₹1,650.
Tatva Chintan share price has delivered a strong bullish breakout, closing at 1,530, up by 8.19% for the session, and finishing close to the day’s high – clearly reflecting robust buying momentum and renewed investor confidence. The stock witnessed a sharp up-move from the 1,420 zone, continuing its strong upward trajectory and marking one of its most impressive daily gains in recent weeks.
From a technical perspective, Tatva Chintan share price has decisively broken above its recent resistance near 1,450-1,470, confirming a bullish continuation pattern. The stock is trading well above all key Exponential Moving Averages with short-term EMAs aligned above the long-term ones – forming a perfect bullish structure, which signifies a strong underlying trend and sustained upward momentum.
Given the current technical setup, Tatva Chintan share price looks well-positioned to extend gains towards 1,650 in the near term. Any minor retracement towards 1,515-1,500 should be considered a buy-on-dips opportunity, as long as the stop loss of 1,475 is maintained.
Ganesh Dongre’s stocks to buy today
Oberoi Realty Ltd: Ganesh Dongre recommends buying Oberoi Realty share price at ₹1,780 with a stoploss at ₹1,750 with Oberoi Realty share price target of ₹1,860.
Oberoi Realty 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 ₹1,780 and has established a solid support base at ₹1,750. 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 ₹1,860 level in the near term.
Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹1,750 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.
Punjab National Bank (PNB): Ganesh Dongre recommends buying PNB share price at ₹123 with a stoploss at ₹116 with PNB share price target of ₹128.
PNB share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹123 and maintaining a strong support at ₹116. The technical setup indicates the potential for a price retracement towards the ₹128 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 ₹116 offers a prudent approach to capturing the anticipated upside.
Indian Energy Exchange Ltd (IEX): Ganesh Dongre recommends buying IEX share price at ₹138 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 ₹138 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
Gokul Agro Resources Ltd: Shiju Koothupalakkal recommends buying Gokul Agro Resources share price at ₹175.80 with a Gokul Agro Resources share price target of ₹187 with a stop loss of ₹171.
Gokul Agro Resources share price has indicated a higher low formation taking support near the important 100 period MA at 167 zone and with a positive candle formation on the daily chart with decent volume participation has improved the bias to anticipate for further rise in the coming days. The RSI has recovered from the oversold zone signalling a buy and has much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 187 keeping the stop loss of 171 level.
Baazar Style Retail Ltd: Shiju Koothupalakkal recommends buying Baazar Style Retail share price at ₹333 with a Baazar Style Retail share price target of ₹354 with a stop loss of ₹325.
Baazar Style Retail share price has overall been in a rising trend with higher lows pattern on the daily chart with currently taking support near the important 100 period MA at 315 level, improving the bias accompanied with significant volume participation and picking up momentum to improve the bias expecting for further upward move in the coming sessions. The RSI is well positioned and indicating a positive trend reversal, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 354 keeping the stop loss of 325 level.
GNG Electronics Ltd: Shiju Koothupalakkal recommends buying GNG Electronics share price at ₹346.65 with a GNG Electronics share price target of ₹364 with a stop loss of ₹338.
GNG Electronics share price has recently picked up momentum from 320 zone and has moved past the important 50EMA at 337 zone with volume participation on the rise to improve the bias and can anticipate for further rise in the coming sessions. The RSI is currently on the rise with strength visible and indicating a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 364 keeping the stop loss of 338 level.