The stock market kicked off the week on a high note, with the Nifty 50 index climbing 1.2% to close at 24,328.50. The Bank Nifty experienced a notable recovery, surging 1.41% to reach 55,432.80. Most sectors, including automobiles, metals, pharmaceuticals, and oil & gas, enjoyed significant gains, while only one sector ended in the red. Broader market indices also showed positive movement, with gains ranging from 0.9% to 1.6%.
Trade Outlook for Tuesday
Looking ahead, a decisive move above 24,400 for the Nifty could signal the end of a recent bearish trend, paving the way for potential gains toward the 24,600-24,800 resistance levels. Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, noted that immediate support is positioned at 24,050.
For the Bank Nifty, surpassing Monday’s high of 55,577 could trigger further upward momentum, possibly reaching targets of 56,200 and 56,800, according to insights from Bajaj Broking.
Global Market Trends and Q4 Earnings
With a steady influx of buying in Indian equities, market experts anticipate continued gradual growth, albeit with possible fluctuations due to geopolitical factors. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, highlighted that sector-specific actions would remain prominent as companies unveil their Q4 earnings. Key results to watch for include announcements from Bajaj Finance, Bajaj Finserv, Trent, BPCL, and Ambuja Cements on Tuesday.
Recommended Stocks for Today
Sumeet Bagadia, Executive Director at Choice Broking, has identified two stocks of interest today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager at Prabhudas Lilladher, have also shared their top stock picks, totaling several recommendations.
Sumeet Bagadia’s Stock Picks
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Tourism Finance Corporation of India Ltd: Bagadia suggests purchasing shares at ₹198.40, with a stop-loss at ₹191 and a target price of ₹212. After a phase of consolidation, the stock is showing a strong bullish trend, marked by a series of higher highs and lows.
- Paradeep Phosphates Ltd: He also recommends buying this stock at ₹148.94, with a stop-loss at ₹144 and a target of ₹159. Following an impressive performance that included an all-time high of ₹150.70, the stock is expected to maintain its upward momentum.
Ganesh Dongre’s Recommendations
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Tata Motors Ltd: Dongre advises buying at ₹668, with a stop-loss at ₹655 and a target of ₹685. The stock’s bullish trend indicates it may continue to rise.
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Tata Steel Ltd: He mentions a buy recommendation at ₹142, with a stop-loss at ₹135 and a target price of ₹153. The stock has shown signs of a bullish reversal, suggesting potential for further gains.
- Aditya Birla Capital Ltd: Recommended at ₹199 with a stop-loss at ₹194 and a target of ₹207. The stock is currently oversold, indicating a potential recovery.
Shiju Koothupalakkal’s Picks
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Garden Reach Shipbuilders & Engineers Ltd: Suggested at ₹1,749 for a target of ₹1,850, with a stop-loss at ₹1,715. The stock has regained strength, closing above the important 200-period moving average.
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Kaynes Technology India Ltd: Recommended to buy at ₹5,884 with a target price of ₹6,140, keeping a stop-loss at ₹5,770. The stock has shown consistent upward movement, indicating a favorable technical setup.
- TD Power Systems Ltd: Suggested for purchase at ₹430.75, with a target of ₹458 and a stop-loss at ₹420. The stock has regained strength following a brief correction, suggesting further upside potential.
By keeping an eye on these recommendations and market movements, investors can navigate the current landscape effectively.
