On Monday, the stock market experienced a welcome uptick, with the Nifty-50 index closing at 22,508.75, marking a 0.5% gain. The Bank Nifty also saw positive movement, climbing 0.61% to settle at 48,354.15. Key sectors driving this momentum included metals, automobiles, and pharmaceuticals, while FMCG and real estate faced declines. Broader indices reflected a similar trend, gaining 0.5%.
Trade Outlook for Tuesday
For the Nifty to regain a bullish stance, it needs to break through the 22700 resistance level in the upcoming days, targeting 23000 next. Conversely, support is positioned between 22245 and 22300. A fall below 22245 may bring the swing low support at 21964 into play, according to Devarsh Vakil, Head of Prime Research at HDFC Securities.
The Nifty Bank index has shown a pattern of fluctuating gains, suggesting possible intraday corrections. Immediate support is noted at 48,150, with a more substantial cushion at 48,000, as per insights from Om Mehra, Technical Analyst at SAMCO Securities.
Global Market Dynamics
The participation of domestic investors appears to be waning, primarily due to uncertainties surrounding tariffs. This could lead to a limited trading range in the short term. A sustained bullish momentum will largely hinge on signals of earnings growth, while improving domestic economic indicators hint at potential recovery. Experts, including Vinod Nair, Head of Research at Geojit Financial Services, emphasize that attention is focused on the forthcoming meetings of the Federal Reserve and Bank of Japan, with expectations leaning towards maintaining current economic policies amidst inflation concerns.
Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, has put forth two stock recommendations for today. Meanwhile, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has identified three stocks, and Shiju Koothupalakkal, Senior Manager at Prabhudas Lilladher, has provided three suggestions as well. Notable picks include:
- Vijaya Diagnostic Centre Ltd
- Coromandel International Ltd
- Indian Railway Finance Corporation Ltd (IRFC)
- Container Corporation of India Ltd (CONCOR)
- The Ramco Cements Ltd
- Godrej Consumer Products Ltd
- Mahindra & Mahindra Ltd
- ICICI Lombard General Insurance Company Ltd
Sumeet Bagadia’s Picks
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Vijaya Diagnostic Centre Ltd: Recommended at ₹1072.7 with a stop-loss of ₹1030 and a target of ₹1150. The stock is on a strong upward trajectory, maintaining its position above key exponential moving averages and showing signs of continued bullish momentum.
- Coromandel International Ltd: Suggested at ₹1900.05 with a stop-loss at ₹1830 and a target price of ₹2030. The stock has demonstrated significant buying interest, leading to consecutive gains and potential for further upside.
Ganesh Dongre’s Recommendations
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Indian Railway Finance Corporation Ltd (IRFC): Buy at ₹118, set stop-loss at ₹110, aiming for ₹128. Technical analysis indicates an oversold condition and a bullish reversal pattern, indicating a good buying opportunity.
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Container Corporation of India Ltd (CONCOR): Suggested buy at ₹643, with a stop-loss at ₹630 and a target of ₹660. The stock shows a bullish reversal pattern with a crucial support level at ₹630.
- The Ramco Cements Ltd: Buy at ₹830, stop-loss at ₹815, targeting ₹860. The stock is showing signs of a bullish reversal and maintaining a strong support level.
Shiju Koothupalakkal’s Intraday Picks
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Godrej Consumer Products Ltd: Recommended at ₹1052 for a target of ₹1120, with a stop-loss at ₹1025. The stock has recently shown a significant pullback, indicating a favorable risk-reward ratio.
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Mahindra & Mahindra Ltd: Suggested buy at ₹2705, targeting ₹2820 with a stop-loss of ₹2650. A positive trend is emerging based on recent price actions, suggesting potential for further gains.
- ICICI Lombard General Insurance Company Ltd: Recommended at ₹1725, with a target of ₹1810 and a stop-loss at ₹1680. The stock has bounced back from a consolidation phase, showing bullish signs.
As always, investors should conduct their own research and consider market conditions before making any decisions.
