Stock market today: Trade setup for Nifty 50, global markets to Israel-Iran news; eight stocks to buy or sell on Friday
Stock Market Today: The benchmark Nifty-50 index ended 0.08% lower on Thursday at 24,793.25, as consolidation in the market continues. While Bank Nifty at 55,577.45 ended 0.45% lower, most other sectors, led by Metals, Realty, and Oil & Gas, ended lower. In the broader markets, deep cuts of up to 2% were seen by mid- and small-cap indices.
"The Nifty witnessed a lacklustre expiry on the NSE, as the index remained within a narrow range throughout the session, indicating indecisiveness ahead of any directional move. This negative sentiment is likely to persist as long as the index remains below 24,850. On the downside, support is seen at 24,550, as per Rupak De, Senior Technical Analyst at LKP Securities.
As per Bajaj Broking, a sustained breakout and close above the 56,000 psychological mark are crucial for further upside for Bank Nifty.
Indian equities exhibited volatility as markets tracked intensified attacks between Iran and Israel, cautious commentary from US Fed, and the looming deadline for levy of US reciprocal tariffs, said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Overall, Khemka expects the market to remain in consolidation mode, following the global market cues and developments on the geopolitical front, while there could be heightened volatility in case of further escalation in the Israel-Iran conflict.
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, Technical Research at Prabhudas Lilladher, has given three stock picks.
These include Wipro Ltd, Eicher Motors Ltd, AXIS Bank Ltd., Federal Bank Ltd., Tata Chemicals Ltd., Sterlite Technologies Ltd., Aegis Logistics Ltd., and MTAR Technologies Ltd.
1. Wipro Ltd.—Bagadia recommends Buy WIPRO at around ₹ 265.60, keeping Stoploss at ₹ 256 for a target price of ₹ 285
WIPRO is currently trading at ₹ 265.60 and continues to exhibit strong bullish momentum, as reflected by its steadily rising price structure and consistent upward swing pattern. On the daily timeframe, the stock has formed a bullish candlestick and is nearing a breakout from its recent consolidation phase. A decisive move above the ₹ 270 resistance level would further validate the ongoing reversal pattern and signal a potential continuation of the uptrend.
2. Eicher Motors Ltd.—Bagadia recommends buying EICHERMOT at around ₹ 5493.5, keeping Stoploss at ₹ 5300 for a target price of ₹ 5880
EICHERMOT is currently trading at ₹ 5,493.5, having rebounded from a key support level. The stock has formed a bullish candlestick pattern on the daily timeframe and has successfully broken out of a consolidation zone, surpassing the major resistance level at ₹ 5,480. This breakout confirms a potential trend reversal, further validated by a significant surge in trading volumes, indicating strong buying interest.
3. AXIS Bank Ltd.—Dongre recommends buying Axis Bank at ₹ 1218, keeping stop-loss at ₹ 1190 for a target price of ₹ 1250.
A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short-term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels.
4. Federal Bank Ltd.-Dongre recommends buying Federal Bank or FEDERALBNK at around ₹ 203, keeping Stoploss at ₹ 197 for a target price of ₹ 215
In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around ₹ 215.5.
5. Tata Chemicals Ltd.—Dongre recommends buying Tata Chemicals, or TATACHEM, at around ₹ 910, keeping Stoploss at ₹ 890 for a target price of ₹ 945.
A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the Rs.945 level, supported by improving price action.
6. Sterlite Technologies Ltd.—Koothupalakkal recommends buying Sterlite Technologies at around ₹ 107 for a target price of ₹ 116, keeping a stop loss ₹ 104.
The stock, after witnessing the decent spurt recently, has once again triggered a fresh round of momentum with huge volume participation visible at the fag end of the session to anticipate a further rise in the coming sessions. The stock has maintained above the important 200-period MA at the 102 level, and with positive bias sustained, we can expect further gains. With the chart technically looking strong, we suggest buying the stock for an upside target of ₹ 116, keeping the stop loss at the the ₹ 104 level.
7. Aegis Logistics Ltd.—Koothupalakkal recommends buying AEGIS LOGISTICS at around ₹ 800 for a target at ₹ 840, keeping Stop loss: 782
The stock has indicated a spurt with a bullish candle formation on the daily chart after the consolidation period near the 200-period MA at the ₹ 785 level and has improved the bias to expect further upward movement in the coming sessions. The RSI has indicated a positive trend reversal to signal a buy after remaining flat for quite some time, and with much upside potential visible, it can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
8. MTAR Technologies Ltd.—Koothupalakkal recommends buying MTAR TECH at around ₹ 1719 for a target price of ₹ 1800, keeping stop loss at ₹ 1684
The stock has recently witnessed a decent pullback, with the current candle once again indicating a positive bullish candle with huge volume participation visible to improve the bias and expect further rise. The RSI has corrected from the overbought zone and is currently well placed with upside potential visible and will continue with the positive move in the coming sessions. With the chart looking good, we suggest buying the stock for an upside target of the ₹ 1800 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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