The Indian stock market showcased a steady performance on Tuesday, with the Nifty-50 index ending the day up by 0.17% at 24,167.25. The Bank Nifty outshone other indices, climbing 0.62% to reach 55,647.20. The day’s gains were primarily driven by the real estate and fast-moving consumer goods (FMCG) sectors, while IT and oil & gas sectors faced losses. Broader market indices also reflected positive trends with gains of nearly half a percent.
Nifty-50 Trade Setup for Wednesday
Looking ahead, the Nifty-50 index is expected to find support around 24,100 and 24,000. Resistance levels are projected between 24,250 and 24,350. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, a drop below 24,000 could shift market sentiment. For the Bank Nifty, resistance is anticipated at 56,000, while support is set at 54,470, as noted by Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.
Global Market Influences and Q4 Earnings
Market analysts predict a continued upward momentum, driven by the potential for a Bilateral Trade Agreement between India and the US, ongoing foreign institutional investor (FII) buying, and supportive policies from the Reserve Bank of India. Market participants will also keep an eye on corporate earnings, with major announcements expected from companies like LTI Mindtree, TATA Consumer, and Bajaj Housing.
Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, has highlighted two stock picks for today, while Ganesh Dongre from Anand Rathi has suggested three stocks. Shiju Koothupalakkal of Prabhudas Lilladher has also provided two recommendations. Here’s a quick overview of the suggested stocks:
- Mahindra & Mahindra Ltd
- ITC Ltd
- Hindustan Unilever Ltd
- Biocon Ltd
- HEG Ltd
- Colgate Palmolive (India) Ltd
- SJVN Ltd
- NHPC Ltd
Sumeet Bagadia’s Top Picks
-
Mahindra & Mahindra Ltd
- Buy at: ₹2817.1
- Target Price: ₹3014
- Stop Loss: ₹2718
Bagadia sees strong upward momentum and a bullish candlestick pattern on the daily chart, indicating a positive outlook.
- ITC Ltd
- Buy at: ₹433.6
- Target Price: ₹464
- Stop Loss: ₹418
With consistent higher highs and increased trading volume, ITC shows strong bullish momentum, signaling a potential trend reversal.
Ganesh Dongre’s Stock Insights
-
Hindustan Unilever Ltd
- Buy at: ₹2400
- Target Price: ₹2460
- Stop Loss: ₹2370
The stock is exhibiting a strong bullish pattern, suggesting a possible price retracement towards the target level.
-
Biocon Ltd
- Buy at: ₹334
- Target Price: ₹348
- Stop Loss: ₹325
A bullish reversal pattern indicates a buying opportunity as the stock maintains a crucial support level.
- HEG Ltd
- Buy at: ₹480
- Target Price: ₹520
- Stop Loss: ₹458
Currently in the oversold zone, HEG shows potential for a price recovery towards the identified target.
Shiju Koothupalakkal’s Picks
-
Colgate Palmolive (India) Ltd
- Buy at: ₹2658
- Target Price: ₹2800
- Stop Loss: ₹2600
Positive candle formations and rising RSI suggest a strong upward trend.
-
SJVN Ltd
- Buy at: ₹99
- Target Price: ₹105
- Stop Loss: ₹97.50
A breakout above the descending channel indicates a favorable trend, calling for a buy.
- NHPC Ltd
- Buy at: ₹89.88
- Target Price: ₹95
- Stop Loss: ₹88
The stock has shown significant gains recently, with strong technical indicators suggesting further potential for growth.
As the market anticipates further developments, investors are encouraged to stay informed and consider these recommendations for potential gains in the coming sessions.
