Stock market today: Trade setup for Nifty 50, global markets, to Q1 results today; Eight stocks to buy or sell on Friday
For the short term, immediate support for the Nifty is seen at 24,882. On the upside, unless 25255 is taken out decisively, traders should take a cautious stance, said Nandish Shah - Deputy Vice President, HDFC Securities.
For Bank Nifty, immediate support is seen in the 56,000–55,700 zone, as per Bajaj Broking.
In summary, Thursday's session painted a cautionary picture, and strong domestic earnings from banks couldn't offset widespread disappointment in IT and continued global trade concerns. With earnings and geopolitics in focus, investors will be watching for clarity on trade deals and recovery cues from tech fundamentals,' said Vikram Kasat, Head - Advisory, PL Capital.
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: Eternal Ltd , Fortis Healthcare Ltd., Glenmark Pharmaceuticals Ltd., Tata Chemicals Ltd., Zydus Wellness Ltd., Surya Roshni Ltd., and Welspun Living Ltd.
1. Eternal Ltd-Bagadia recommends buying ETERNAL at around ₹ 313.15, keeping Stop Loss at ₹ 302 for a target price of ₹ 336
ETERNAL is currently trading at ₹ 313.15 and has recently reached a new all-time high at 314.45, underscoring its strong bullish momentum. The stock continues to maintain an upward price structure marked by higher highs and higher lows, indicating sustained buying interest. The breakout to a new high reflects a shift in sentiment and robust demand.
2. Fortis Healthcare Ltd—Bagadia recommends buying FORTIS at around ₹ 846.55, keeping Stop Loss at ₹ 817 for a target price at ₹ 906
FORTIS is currently trading at ₹ 846.55 and is exhibiting strong signs of recovery, backed by a consistent formation of higher highs and higher lows. The stock has posted bullish candlesticks for four consecutive sessions and recently touched a fresh all-time high of ₹ 849, reflecting sustained upward momentum and the potential emergence of a long-term trend continuation. Rising volumes further reinforce the bullish sentiment, indicating heightened investor participation.
3. Glenmark Pharmaceuticals Ltd—Dongre recommends buying GLENMARK at around ₹ 2143, keeping the stop loss at ₹ 2100 for a target price of ₹ 2200
Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 2143 and maintaining strong support at ₹ 2100. The technical setup indicates the potential for a price retracement towards the ₹ 2200 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 ₹ 2100 offers a prudent approach to capturing the anticipated upside.
4. TVS Motor Company Ltd—Dongre recommends buying TVSMOTOR at ₹ 2800, keeping the stop loss at ₹ 2760 for a target price of ₹ 2885.
Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 2800 and maintaining strong support at ₹ 2760. The technical setup indicates the potential for a price retracement towards the ₹ 2885 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 ₹ 2760 offers a prudent approach to capturing the anticipated upside.
5. Tata Chemicals Ltd—Dongre recommends buying TATACHEM at ₹ 948, keeping stop loss at ₹ 930 for a target price of ₹ 985
In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 948 and holding above a key support level at ₹ 930. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 930 to manage downside risk. The target for this trade is set at ₹ 985, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
6. Zydus Wellness Ltd—Koothupalakkal recommends buying ZYDUS WELLNESS at around ₹ 2138 for a target price of ₹ 2220, keeping the stop loss at ₹ 2100
The stock with a positive candle formation on the daily chart has been in a rising trend with bias getting better, and we can anticipate a further rise with volume participation visibly looking significant. The RSI is well positioned, indicating a buy signal, and with much upside potential visible, it 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 the 2220 level, keeping the stop loss of 2100 level.
7. Surya Roshni Ltd-Koothupalakkal recommends buying SURYA ROSHNI at around ₹ 347, keeping target price of ₹ 365, and keeping a stop loss of ₹ 338
The stock with a higher bottom formation has indicated a strong spurt in the last two sessions, taking support near the important 50EMA zone at ₹ 324 levels, and with gaining strength, we can anticipate a further rise. The RSI, after correcting from the overbought zone, is currently well placed, indicating a positive trend reversal to signal a buy, and can carry on with the positive move further ahead in the coming sessions. With the chart technically looking attractive, we suggest buying the stock.
8. Welspun Living Ltd-Koothupalakkal recommends buying WELSPUN LIVING at around ₹ 141 for a target price of ₹ 152, keeping Stop loss at Rs137
The stock has been in consolidation for quite some time, with the current indication of a bullish candle with rising volume participation. This has improved the bias, and we can expect a continuation of the positive move further ahead. The RSI has indicated strength, which is currently well poised for further upward movement with much upside potential visible. With the chart technically looking good, we suggest buying the stock.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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