The stock market kicked off the week with the Nifty-50 index showing robust performance, appreciating by 0.47% to close at 24,461.15. In contrast, the Bank Nifty fell by 0.30%, ending at 54,919.50. However, sectors such as automobiles, oil and gas, and fast-moving consumer goods (FMCG) saw notable gains, contributing to an overall rise in broader market indices, which gained more than 1%.
Trade Insights for Tuesday
The Nifty index is currently trading within a confined range of 24,200 to 25,500. It has established solid support between 24,200 and 24,250, while resistance lies around 24,500 to 24,550. Technical Analyst Vatsal Bhuva from LKP Securities maintains a bullish outlook as long as the Nifty remains above 24,200. A decisive move past 24,550 would solidify this positive trend.
For the Bank Nifty, a sustained rally beyond the recent peak of 56,098 could propel it toward the 56,800 mark in the upcoming weeks. Key support is identified between 54,000 and 53,500, as noted by Bajaj Broking.
Global Influences and Q4 Earnings
Looking ahead, experts expect the markets to maintain a positive bias while keeping an eye on global cues, particularly geopolitical developments and the ongoing India-Pakistan situation. Earnings reports from several companies, including Godrej Consumer, BSE, and HPCL, will likely influence sector-specific movements, according to Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd.
Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, has identified two stocks for today’s trading. Alongside, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, have provided additional stock picks. Here’s what they suggest:
Sumeet Bagadia’s Top Picks
-
Inox Wind Ltd
- Buy at around ₹173.08
- Target Price: ₹186
- Stop Loss: ₹167
- This stock is showing signs of a potential bullish reversal, supported by increased trading volumes. A move above ₹177 could signal further upward momentum.
- Indian Bank
- Buy at ₹576.50
- Target Price: ₹617
- Stop Loss: ₹556
- With a strong bullish trend and noticeable trading volume, this stock may soon break its recent high, indicating sustained upward movement.
Ganesh Dongre’s Suggestions
-
BSE Ltd
- Buy at ₹6450
- Target Price: ₹6650
- Stop Loss: ₹6350
- BSE has demonstrated consistent bullish trends, making it a favorable buying opportunity.
-
Narayana Hrudayalaya Ltd
- Buy at ₹1778
- Target Price: ₹1825
- Stop Loss: ₹1740
- This stock shows a bullish reversal pattern, indicating the potential for a price increase.
- Computer Age Management Services Ltd (CAMS)
- Buy at ₹3810
- Target Price: ₹3910
- Stop Loss: ₹3740
- CAMS appears to be oversold, with bullish signals suggesting a possible recovery.
Shiju Koothupalakkal’s Recommendations
-
Housing & Urban Development Corporation Ltd (HUDCO)
- Buy at ₹228.79
- Target Price: ₹240
- Stop Loss: ₹224
- After a breakout, HUDCO indicates potential for further gains.
-
Bharat Dynamics Ltd
- Buy at ₹1563
- Target Price: ₹1650
- Stop Loss: ₹1530
- The stock has broken above a rising trendline, suggesting bullish prospects.
- Castrol India Ltd
- Buy at ₹203.96
- Target Price: ₹215
- Stop Loss: ₹199
- Castrol is showing a positive trend reversal, indicating possible gains ahead.
By following these insights and stock recommendations, investors can navigate the market more effectively. Always consider your risk tolerance and investment strategy when making trading decisions.
