Stock market today: Trade setup for Nifty 50 to India-Pakistan news; Eight stocks to buy or sell on Wednesday

Stock Market Today: Profit-booking weighed on the Benchmark indices on Tuesday as Nifty-50 Index at 24,578.35 ended 1.39% lower. The Bank Nifty also corrected 0.8% to 54,940.80, while Auto, IT, FMCG stood among key losers though Pharma showed resilience and was a key gainer. In the broader markets mid and small caps also gained up to 0.8%

Trade Setup for Tuesday

The short-term uptrend remains intact and the Nifty is expected to show bounce back from near the crucial supports of around 24500-24400 levels in the next few sessions. Immediate resistance is placed at 24800 levels, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities 

Bajaj Broking expects  the Bank Nifty to head towards 56,400 levels in the short term, while support for the short-term point of view is placed at 54,500- 54,000

Global Markets and Q4 Results

Overall, while Tuesday’s dip marks a natural breather after the sharp gains on Monday, investor focus remains on evolving geopolitical signals, institutional flows, and upcoming macro data. Investors will closely watch the India inflation data, along with the U.S. CPI data., said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given two stock picks.

Sumeet Bagadia’s stock picks

1. Schaeffler India Ltd– Bagadia recommends buying Schaeffler India at ₹3951.9 keeping Stoploss at ₹3813 for a target price of ₹4230

Schaeffler India is currently trading at ₹3,951.90 after rebounding from a key support zone. A bullish candlestick formed on the daily chart indicates a potential trend reversal and growing buying interest. A decisive move above the immediate resistance level of ₹4,000 could confirm the bullish momentum and pave the way for an upside target of ₹4,230.\

2. Nippon Life India Asset Management Ltd- Bagadia recommends buying Nippon Life at around ₹704.90 keeping Stoploss at ₹680 for a target price of ₹ 755

NAM INDIA is currently trading at ₹704.90 and is exhibiting strong bullish momentum. The stock has decisively rebounded from lower levels, forming a classic higher high–higher low structure, and has recently broken above its prior swing high, indicating a sustained uptrend. A strong bullish candlestick formation on the daily chart further confirms the ongoing rally. Notably, a breakout above the immediate resistance level of ₹720 could potentially open the path for a near-term move towards ₹755

Ganesh Dongre’s stocks to buy today 

3. Cholamandalam Investment and Finance Company Ltd– Dongre recommends buying Cholamandalam Investment (CHOLAFIN) at around ₹1580 keeping Stoploss at ₹1545 for  target price of ₹1640

In the latest short-term technical analysis, CHOLAFIN has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 1580 and holding above a key support level at ₹ 1545. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 1545 to manage downside risk. The target for this trade is set at ₹ 1640, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.

4, Canara Bank– Dongre recommends buying Canara Bank at around ₹105 with Stoploss at around ₹98  for a target price of ₹112

CANBK has exhibited a notable bullish reversal pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 105 and maintaining a strong support at ₹ 98. The technical setup indicates the potential for a price retracement towards the ₹ 112 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 98 offers a prudent approach to capturing the anticipated upside.

5. NTPC Ltd – Dongre recommends buying NTPC at ₹342 keeping Stoploss at ₹330 for a target price of RS 365.

NTPC , the stock is currently trading at ₹ 342 and appears to be in an oversold zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential recovery move. The critical support level lies at ₹ 330, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹ 365 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.

Shiju Koothupalakkal’s intraday stocks for today

6. Jamna Auto Industries Ltd-  Koothupalakkal recommends Buying JAMNA AUTO at around ₹86.54 for a target price of ₹91 keeping Stoploss at ₹85

The stock after indicating a higher bottom formation on the daily chart has witnessed a decent revival to move past the important 100 period MA at ₹84.40 level and has scope for further rise in the coming sessions. The RSI after cooling off from the highly overbought zone is currently well placed and has once again indicated a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹91 level keeping the stop loss of ₹85 level.

7. Kalyan Jewellers India Ltd– Koothupalakkal recommends buying KALYAN JEWELLERS  at around ₹554 for a target price of ₹575 keeping  Stop loss at ₹542

The stock has indicated a strong pick up from the significant 50EMA level at ₹512 zone and currently has indicated a breakout above the previous peak level of ₹544 to improve the bias and expect for further rise. The RSI has indicated strength and is well placed signaling a buy to anticipate for another fresh round of upward move. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹575 level keeping the stop loss of ₹542 level.

8. Garden Reach Shipbuilders & Engineers Ltd– Koothupalakkal recommends buying Garden Reach Shipbuilders (GRSE) at around ₹1914 for a target price of ₹2040   keeping Stop loss at ₹1870

The stock has witnessed a strong recovery with significant volume participation taking support near ₹1740 level indicating a series of higher bottom formation on the daily chart and once again with improving bias is anticipated to rise further. The RSI has once again indicated a positive trend reversal to signal a buy with further upside potential visible. With the chart looking good, we suggest to buy the stock for an upside target of ₹2040 keeping the stop loss of ₹1870 level.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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