In the latest trading session, the Nifty 50 index concluded with a modest finish at 24,334.20, indicating a careful approach among investors. Meanwhile, the Bank Nifty fell by 0.55% to 55,087.15, pressured by declines in various sectors, particularly Consumer Durables and Energy. However, the Realty and Pharma sectors provided some much-needed support. Broader market indices also faced a decline, with most closing around 1-2% lower, as traders prepare for a trading holiday on Thursday.
Key Support and Resistance Levels
Looking ahead to Friday’s trading session, immediate support for the Nifty 50 is seen at 24,200, with a significant support range identified between 24,000 and 23,800. On the resistance front, 24,550 is recognized as a critical barrier, according to insights from Rajesh Bhosale, an Equity Technical Analyst at Angel One.
For the Bank Nifty, a strong resistance level is established at 56,000, while major support can be found at 54,450, as highlighted by Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta.
Global Market Trends and Upcoming Earnings
Market activity is expected to remain confined within a range, fueled by stock and sector-specific movements driven by upcoming Q4 earnings announcements. Noteworthy results slated for Thursday include Adani Enterprises, Adani Ports, Eternal, and Home First Finance, with additional results from Marico, IOB, and Godrej Properties expected on Friday, as noted by Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd.
Today’s Stock Recommendations
Sumeet Bagadia, Executive Director at Choice Broking, has put forth two stock recommendations for today, while Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggests three stocks. Additionally, Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, has also recommended three stocks.
Stock Picks by Sumeet Bagadia
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Bharti Hexacom Ltd (BHARTIHEXA)
- Buy at: ₹1,685
- Stop Loss: ₹1,625
- Target Price: ₹1,700
The stock has shown strong bullish momentum, recently breaking out from a consolidation phase and achieving an all-time high of ₹1,717, supported by robust trading volumes.
- HDFC Life Insurance Company Ltd (HDFCLIFE)
- Buy at: ₹745
- Stop Loss: ₹720
- Target Price: ₹790
HDFCLIFE is trending positively, having recently broken out from a consolidation zone with solid volume, approaching its 52-week high of ₹761.2.
Stock Picks by Ganesh Dongre
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Hindustan Unilever Ltd (HINDUNILVR)
- Buy at: ₹2,342
- Stop Loss: ₹2,300
- Target Price: ₹2,420
This stock is currently above key support levels and shows a consistent bullish trend, making it a viable buying opportunity.
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Indus Towers Ltd (INDUSTOWER)
- Buy at: ₹407
- Stop Loss: ₹398
- Target Price: ₹418
INDUSTOWER has demonstrated a bullish reversal pattern, suggesting potential gains for traders.
- Aditya Birla Capital Ltd (ABCAPITAL)
- Buy at: ₹197
- Stop Loss: ₹190
- Target Price: ₹207
Currently in an oversold zone, ABCAPITAL is showing signs of a recovery, making it an attractive entry point for investors.
Stock Recommendations by Shiju Koothupalakkal
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Apollo Tyres Ltd
- Buy at: ₹471.90
- Target Price: ₹495
- Stop Loss: ₹460
The stock has shown improved momentum with a bullish formation on the daily chart.
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Sobha Ltd
- Buy at: ₹1,322
- Target Price: ₹1,390
- Stop Loss: ₹1,294
Recently breaking out from a descending channel, Sobha Ltd is poised for upward movement.
- Indraprastha Gas Ltd
- Buy at: ₹192.59
- Target Price: ₹204
- Stop Loss: ₹188
This stock has recently shown a positive trend, indicating potential for gains ahead.
With careful consideration of these recommendations, investors can navigate the market dynamics effectively. Always remember to conduct thorough research or consult with financial advisors before making investment decisions.
