The stock market experienced a slight downturn today, with the Nifty 50 Index closing at 24,246.70, down by 0.34%. Similarly, the Bank Nifty dropped by 0.3%, settling at 55,201.40. This decline was reflected across most sectoral indices, particularly in the Realty and FMCG sectors. As the broader market ended nearly unchanged, investors are bracing for potential shifts in the coming days.

Trade Insights for Friday

According to Rupak De, Senior Technical Analyst at LKP Securities, if the Nifty 50 sustains below 22,300, a minor correction could arise. On the downside, projections suggest a decline towards 21,900, while resistance levels are anticipated at 24,300 and 24,500. Additionally, Bajaj Broking has identified a key support range for the Nifty 50 between 54,000 and 53,500.

Global Market Influences and Q4 Earnings

After a remarkable 12% rally over the last ten trading sessions, the Indian market is likely to consolidate but maintain a positive outlook. The driving forces behind this market stabilization will be global trends and the upcoming Q4 corporate earnings reports. Notable earnings to keep an eye on include those from major players such as Reliance, Maruti, Hindustan Zinc, and Cholamandalam Investment.

Recommended Stocks to Buy

Sumeet Bagadia, Executive Director at Choice Broking, has identified several promising stocks for today. Additionally, Ganesh Dongre from Anand Rathi and Shiju Koothupalakkal from Prabhudas Lilladher have also provided their stock recommendations. Here are their picks:

• Dr. Reddy’s Laboratories Ltd: Suggested buy at ₹1200.50 with a target of ₹1284 and a stop loss at ₹1158. The stock is showing bullish momentum with a strong trend reversal pattern, indicating increased buying interest.

• Adani Energy Solutions Ltd: Recommended at ₹961.70 for a target of ₹1029, with a stop loss set at ₹928. The stock is experiencing a bullish trend, supported by a breakout from its previous downtrend.

• Titagarh Rail Systems Ltd: Buy at ₹813 with a target of ₹855 and a stop loss at ₹790. The stock is currently on a strong upward trajectory, making it an attractive buying opportunity.

• NMDC Ltd: Suggested buy at ₹68 with a target of ₹73 and a stop loss at ₹65. The stock is demonstrating a bullish reversal pattern, indicating potential for further gains.

• Sun Pharmaceutical Industries Ltd: Buy at ₹1795 for a target of ₹1845, with a stop loss at ₹1760. The stock appears to be in an oversold zone, signaling a possible recovery move.

Additional Intraday Picks

Shiju Koothupalakkal has also recommended stocks for intraday trading:

• Shipping Corporation of India Ltd: Buy at ₹181 targeting ₹192, with a stop loss at ₹177. The stock has shown bullish signals after a consolidation phase.

• Inox Wind Ltd: Buy at ₹180 with a target of ₹190 and a stop loss at ₹176. There’s a clear breakout indicating a continuation of the upward trend.

• Elecon Engineering Company Ltd: Recommended at ₹540 for a target of ₹570, with a stop loss at ₹527. The stock is showing promising signs of growth after breaching key resistance levels.

Conclusion

As the market navigates through consolidation, these stock recommendations could provide valuable opportunities for traders and investors alike. Keep an eye on market developments and corporate earnings, as they will be pivotal in shaping future trends.