Stock market today: Trade setup for Nifty 50, Israel-Iran war to US Fed meeting; eight stocks to buy or sell on Thursday
As long as the Nifty is trading below 24,800, the weak sentiment is likely to continue, and 24,725 would be the immediate support zone for traders. Below this, the market could slip to 24,500, while above 24,900, the sentiment could change, and it could rally up to 25,000-25,100, as per Shrikant Chouhan, Head Equity Research, Kotak Securities.
Going ahead, only a sustained close above the 56,000 mark by Bank Nifty could pave the way for further upside of the indices, as per Bajaj Broking.
"The domestic market failed to maintain the opening gains as the continuing tensions in the Middle East & volatility in oil prices dragged down the overall sentiment. However, auto & consumer discretionary gained in expectations of a demand revival, said Vinod Nair, Head of Research, Geojit Investments Limited.
With the supportive base of the domestic macros, the long-term outlook remains intact, and investors are likely to be focused on high-quality large-cap stocks until greater clarity emerges. Investors will keep an eye on the U.S. Fed policy outcome; the prospect of higher inflation due to the tariff threat has lead the FOMC to keep the rates unchanged, added Nair.
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 AU Small Finance Bank Ltd., Authum Investment & Infrastructure Ltd., Bharat Forge Ltd., CESC Ltd., Cummins India Ltd., Vedant Fashions Ltd. (MANYAVAR), ACME Solar Holdings Ltd., and Swiggy Ltd. . AU Small Finance Bank Ltd.—Bagadia recommends buying AU Small Finance Bank or AUBANK at around ₹ 794.5, keeping Stoploss at ₹ 766 for a target price of ₹ 850
AUBANK is currently trading at 794.5, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of 798.5, with a key resistance level around 813. A breakout above this level could further accelerate buying interest. The exponential moving averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
2. Authum Investment & Infrastructure Ltd (AIIL)—Bagadia recommends buying Authum Investment & Infrastructure, or AIIL, at around ₹ 2541.1, keeping Stoploss at ₹ 2450 for a target price of ₹ 2750
AIIL is trading at 2541.1 and continues to exhibit strong bullish momentum, as reflected by its steadily rising price structure and consistent upward swing pattern. The stock recently approached its all-time high of 2590, and a breakout above this significant level could trigger renewed buying interest and further upside potential. Supporting the strength of the trend, the 20, 50, 100, and 200-day Exponential Moving Averages are all trending upwards, highlighting solid demand and positive sentiment across various timeframes.
3. Bharat Forge Ltd.—Dongre recommends buying BUY BHARATFORG at around ₹ 1295, keeping Stoploss at ₹ 1275 for a target price of ₹ 1330.
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1295 and maintaining strong support at ₹ 1275. The technical setup indicates the potential for a price retracement towards the ₹ 1330 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 ₹ 1275 offers a prudent approach to capturing the anticipated upside.
4. CESC Ltd.—Dongre recommends buying CESC at around ₹ 164, keeping stop-loss at ₹ 160 for a target price of ₹ 173
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 164 and maintaining strong support at ₹ 160. The technical setup indicates the potential for a price retracement towards the ₹ 173 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 ₹ 160 offers a prudent approach to capturing the anticipated upside.
5. Cummins India Ltd.—Dongre recommends buying CUMMINSIND at around ₹ 3277, keeping Stoploss at ₹ 3220 for a target price of ₹ 3400.
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 ₹ 3277 and holding above a key support level at ₹ 3220. 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 ₹ 3220 to manage downside risk. The target for this trade is set at ₹ 3400, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
6. Vedant Fashions Ltd (MANYAVAR)—Koothupalakkal recommends buying MANYAVAR at around ₹ 810 for a target price of ₹ 850, keeping stop-loss at ₹ 792
The stock after the significant erosion has been in consolidation for quite some time, with current indications of a positive candle formation moving past the 50EMA level at the ₹ 793 zone to improve the bias. The RSI is currently well positioned and has indicated a positive trend reversal to signal a buy with much upside potential visible from the current rate. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹ 850 level, keeping the stop loss at the ₹ 792 level.
7. ACME Solar Holdings Ltd.—Koothupalakkal recommends buying ACME SOLAR HOLDINGS at around ₹ 253.75 for a target price of ₹ 267, keeping Stop loss at ₹ 247
The stock has recently witnessed a decent rally, and after a short period of correction, it has indicated a higher bottom formation with a decent pullback from near the 50EMA level at ₹ 235 to improve the bias and anticipate a further rise in the coming sessions. The RSI has corrected from the overbought zone, and currently it has once again signaled a buy to expect further upward movement.
8. Swiggy Ltd.—Koothupalakkal recommends buying SWIGGY at around ₹ 365 for a target price of ₹ 384, keeping Stop loss at ₹ 357
The stock has indicated a decent recovery from the low made near the ₹ 304 level, and currently, with a flag pattern breakout, it has indicated a bullish candle accompanied by decent volume participation to anticipate a further rise in the coming sessions. The RSI has gained strength and has much upside potential to carry on with the positive move further ahead.
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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Even if the full set of proposed tariffs comes into effect, experts estimate the impact on India's GDP to be less than 0.2 per cent. This is a reminder of how small this challenge is in our overall economy." 5] Positive macro factors in India: Highlighting the strong and positive macro factors that may play a significant role on Dalal Street, Santosh Meena, Head of Research at Swastika Investmart, said, "The positive domestic factors — easing interest rate, inflation at record low and favourable monsoon, etc.- are expected to play a major role in the Indian stock market next week. These macro factors, coupled with the GST reforms, may trigger a bullish reversal in Indian equities, even as tariff-related headwinds persist globally." Speaking on the outlook of the Nifty 50 today, Santosh Meena said, "From a technical standpoint, the Nifty 50 index has established a strong base at the 24,350 level, forming a bullish engulfing candlestick pattern on the weekly chart. 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