The Indian stock market displayed a mix of performance on Wednesday, with the Nifty-50 index closing with a slight gain of 0.14% at 24,414.40. Meanwhile, the Bank Nifty rose by 0.63%, reaching 54,610.90. Key sectors such as auto, real estate, and metals saw positive movements, while pharmaceutical and FMCG stocks lagged behind. Broader indices also recovered, marking gains exceeding 1%.
Trade Insights for Thursday
Looking ahead, traders should watch for the Nifty-50’s immediate breakout level at 24,500. A successful move beyond this point could push the index up to 24,600-24,650. Conversely, if the index falls below 24,300, selling pressure may intensify, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
For the Bank Nifty, analysts anticipate a period of consolidation between 53,500 and 56,000, with critical support identified in the 54,000-53,500 range, as highlighted by Bajaj Broking.
Global Market Trends and Earnings Reports
Investors are keeping a close eye on several factors, including key geopolitical events and corporate earnings from the U.S. These developments could lead to short-term market consolidation. Additionally, significant earnings reports are expected on Thursday from renowned companies such as L&T, Britannia, Titan, Pidilite, Biocon, Bharat Forge, Union Bank, and Canara Bank, according to Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd.
Recommended Stocks for Today
Sumeet Bagadia, Executive Director at Choice Broking, has identified two promising stocks for today’s trading. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has suggested three stocks, while Shiju Koothupalakkal, Senior Manager at Prabhudas Lilladher, has also provided two stock recommendations.
Here’s a quick overview of the stocks to consider:
- Tata Steel Ltd
- Cholamandalam Investment and Finance Company Ltd
- Bharat Heavy Electricals Ltd
- Federal Bank Ltd
- Tech Mahindra Ltd
- Kaynes Technology India Ltd
- NOCIL Ltd
Sumeet Bagadia’s Stock Picks
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Tata Steel Ltd: Bagadia advises buying at ₹146, with a stop-loss at ₹140 and a target price of ₹158. The stock is showing strong upward momentum after a rebound and is currently trading above its 200-day EMA, indicating a sustained bullish trend.
- Cholamandalam Investment and Finance Company Ltd: Recommended buying at ₹1,574.50, with a stop-loss at ₹1,519 and a target of ₹1,685. The stock is displaying a robust bullish trend and has recently formed a bullish engulfing pattern, suggesting a potential breakout.
Ganesh Dongre’s Recommendations
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Bharat Heavy Electricals Ltd (BHEL): Dongre recommends purchasing at ₹225, setting a stop-loss at ₹220 and targeting ₹235. The stock shows consistent bullish behavior, indicating potential for further gains.
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Federal Bank Ltd: Suggested buy at ₹190, with a stop-loss at ₹185 and a target price of ₹200. The stock has exhibited a bullish reversal pattern, indicating a favorable environment for short-term traders.
- Tech Mahindra Ltd: Buy at ₹1,495, with a stop-loss at ₹1,470 and a target of ₹1,545. The stock appears to be in an oversold zone, suggesting a likely recovery.
Shiju Koothupalakkal’s Intraday Picks
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Kaynes Technology India Ltd: Recommended at ₹5,842, targeting ₹6,070 with a stop-loss at ₹5,750. The stock has shown strength after a recent rally and is positioned for further upward movement.
- NOCIL Ltd: Suggested buy at around ₹184, targeting ₹193 with a stop-loss at ₹180. The stock has rebounded strongly from support, showing bullish signs and significant volume participation.
Investors are encouraged to monitor these stocks closely as they navigate the current market landscape, focusing on potential opportunities for growth.
