Stock market today: The benchmark Nifty-50 index ended 0.18% lower at 24,579.60 on Tuesday, as consolidation continued. The bank Nifty saw a sharp 0.63 correction to 53,661.00, while Auto and pharma were among other losers.
The FMCG, Metals Realty, among others, supported the benchmark, while in the broader indices, mid and small-cap stocks also gained 0.27-0.53%.
Trade Setup for Wednesday
In the short term, the trend is likely to remain weak for Nifty, with support being placed at 24,500, while on the higher end, resistances are placed at 24,700 and 24,850, as per Rupak De, Senior Technical Analyst at LKP Securities
Bank Nifty has immediate support at 53,200-53,500 levels, as per Bajaj Broking.
Global Markets and Trump Tariffs
“Domestic equities reversed early gains from strong macro data, ending lower on profit booking amid caution ahead of the GST Council meeting and F&O expiry, with banking stocks leading the decline. Sugar stocks rallied on relaxed ethanol norms, while export-oriented companies gained following dovish remarks by the US, renewing trade optimism. However, investors remain guarded, with a near-term focus on domestic consumption amid global uncertainty,” said 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; Parag Milk Foods Ltd., Balmer Lawrie & Company Ltd., State Bank of India, Radico Khaitan Ltd, Kotak Mahindra Bank Ltd., VA Tech Wabag Ltd., K.P.R. Mill Limited., and One 97 Communications Ltd (PAYTM)
Sumeet Bagadia’s stock picks
- Parag Milk Foods Ltd-Bagadia recommends buying PARAGMILK at ₹245 keeping Stoploss at ₹236 for a target price of ₹265
PARAGMILK witnessed a strong up-move in Tuesday’s session, from a technical perspective, the stock has managed to reclaim key moving averages. Currently, Parag Milk is trading comfortably above its key moving averages. This alignment of the shorter EMAs above the longer EMAs reaffirms a bullish undertone in the medium term. Importantly, the price rebound from the support zones around 220-225 has added strength to the ongoing uptrend.
2. Balmer Lawrie & Company Ltd-Bagadia recommends buying BALMLAWRIE at ₹233.5 keeping Stop loss at ₹225 for a target price of ₹250
BALMLAWRIE delivered a strong performance in Tuesday trading session, the sharp price rise, backed by healthy volumes indicates robust buying interest and a shift in market sentiment towards the positive side. substantial upward movement and a significant closing around ₹641.1. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors
Ganesh Dongre’s stocks to buy today
3. State Bank of India- Dongre recommends buying State Bank of India at ₹805 keeping Stoploss at ₹795 for a target price of ₹822
Stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹ 805 and has established a solid support base at ₹ 795. 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 ₹822 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 ₹ 795 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
4. Radico Khaitan Ltd– Dongre recommends buying RADICO at around ₹2897 keeping Stoploss at ₹2860 for a target of ₹2955.
Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 2897 and maintaining a strong support at ₹ 2860. The technical setup indicates the potential for a price retracement towards the ₹ 2955 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 ₹ 2860 offers a prudent approach to capturing the anticipated upside.
5. Kotak Mahindra Bank Ltd -Dongre recommends buying KOTAKBANK at around ₹1945 keeping Stop loss at ₹1925 for a target price of ₹1985.
Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1945 and maintaining a strong support at ₹ 1925. The technical setup indicates the potential for a price retracement towards the ₹ 1985 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 ₹ 1925 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
6. VA Tech Wabag Ltd – Koothupalakkal recommends buying VA TECH WABAG at ₹1510 for a target of ₹1600 keeping Stop loss at ₹1480.
The stock overall maintaining a positive trend has recently witnessed a short correction taking support near the ₹1454 level and indicating a pullback to improve the bias just to move past the important 200 period SMA at ₹1507 level and can expect for further rise in the coming days. The RSI has corrected and is currently well placed indicating a positive trend reversal to signal a buy. With the chart technically well positioned, we expect further gains and suggest buying the stock.
7. K.P.R. Mill Limited– Koothupalakkal recommends buying KPR MILLS at around ₹997 for a target price of ₹1050 keeping stoploss at ₹ 980.
The stock recently has witnessed a significant correction and has taken support near the 950 zone indicating a double bottom pattern and has recovered with a pullback with decent volume participation to improve the bias anticipating for further rise. The RSI is well positioned and has indicated a buy signal to carry on with the positive move further ahead. With the risk reward looking favourable and the chart technically looking good, we suggest buying the stock.
8. One 97 Communications Ltd (PAYTM) Koothupalakkal recommends buying PAYTM at ₹1257 for a target price of ₹1315 keeping Stop loss at ₹1230.
The stock has indicated a strong rising trend gaining strength with series of higher bottom formation on the daily chart and currently taking support near 1205 zone has indicated a fresh move to expect for another round of momentum in the coming sessions. The RSI is maintained strong and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock .