Stock market news: The domestic benchmark indices wrapped up Monday’s session on a positive note, with the Nifty 50 increasing by 0.66% to close at 25,966, and the Sensex rising by 0.67% to 84,779. The midcap and smallcap indices also joined in the upswing, gaining 1% and 0.93% respectively.
The main catalyst for today’s positive close was a renewed sense of optimism regarding possible rate cuts from the US Federal Reserve, following inflation data from the US that was softer than expected. Furthermore, advancements in trade discussions between the US and both China and India, along with promising demand for the upcoming festive season and a revival of domestic private sector capital expenditure, bolstered investor confidence.
Among the notable gainers were Reliance Industries, SBI Life Insurance, Bharti Airtel, and Tata Steel, while Kotak Mahindra Bank, Infosys, and Adani Ports were among those that lagged.
Abhinav Tiwari, Research Analyst at Bonanza, commented that the rally on Monday illustrates how responsive the Indian markets are to US monetary policies and trade updates. The broad-based increase, despite mixed performances across various sectors, indicates strong investor sentiment. The return of FIIs as net buyers and the robust performance in sectors linked to capital expenditure suggest ongoing optimism.
Trade Setup for Tuesday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that Nifty 50 began Monday’s session strongly but mostly traded sideways as it approached the NSE F&O expiry. The market sentiment remains positive as the index holds above the breakout level. The current configuration appears to support a potential rally in the index, with expected dips likely to attract buyers.
On the downside, support is identified at 25,700, and slipping below this point may indicate emerging weakness. Conversely, resistance is anticipated at 26,000; a clear move or close above this threshold could initiate a rally towards 26,500 in the near term.
Global Markets, Q2 results, US-China trade talks to US Federal meet
Vinod Nair, the Head of Research at Geojit Investments, stated that the domestic market experienced a widespread recovery due to advancements in the US-China trade discussions. At the same time, gold prices fell as interest in safe-haven assets diminished. The weaker-than-anticipated US CPI data rekindled expectations for a FED rate cut this week, enhancing investor confidence. The alleviation of global challenges, alongside substantial domestic reforms, provided indications for domestic earnings growth and supported the current premium valuations.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Ltd, (SBI), Ltd (HUL), Ltd, Ltd, India Ltd, Ltd, and Ltd.
Sumeet Bagadia’s stock picks
Laurus Labs Ltd: Bagadia recommends buying Laurus Labs share price at ₹940 keeping a stoploss at ₹907 with a Laurus Labs share price target of ₹1,006.
Laurus Labs was trading at ₹940 and continues to exhibit strong bullish momentum, supported by a steadily rising price structure and consistent upward swing formation. The stock is now approached its all-time high of 955.95, which stands as a crucial resistance level. A decisive breakout above this zone could attract renewed buying interest and potentially open the door to further upside.
In conclusion, based on current technical conditions, Laurus Labs offers a strong buying opportunity for short-term traders targeting 1,006, provided sound risk management measures are maintained.
State Bank of India (SBI): Bagadia recommends buying SBI share price at ₹923 keeping a stoploss at ₹890 with a SBI share price target of ₹990.
SBI was trading at 923, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a all-time high of 928. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
In conclusion, based on the technical analysis and current market conditions, SBI share price presents a promising buying opportunity for those aiming for a 990 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Hindustan Unilever Ltd (HUL): Ganesh Dongre recommends buying HUL share price at ₹2,513 with a stoploss at ₹2,450 with HUL share price target of ₹2,650.
HUL share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹2,513 and has established a solid support base at ₹2,450. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹2,650 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹2,450 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone
KFin Technologies Ltd: Ganesh Dongre recommends buying KFin Technologies share price at ₹1,168 with a stoploss at ₹1,145 with KFin Technologies share price target of ₹1,200.
KFin Technologies share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,168 and maintaining a strong support at ₹1,145. The technical setup indicates the potential for a price retracement towards the ₹1,200 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 ₹1,145 offers a prudent approach to capturing the anticipated upside.
ICICI Bank Ltd: Ganesh Dongre recommends buying ICICI Bank share price at ₹1,378 with a stoploss at ₹1,350 with ICICI Bank share price target of ₹1,430.
ICICI Bank share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,378 and maintaining a strong support at ₹1,350. The technical setup indicates the potential for a price retracement towards the ₹1,430 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 ₹1,378 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Netweb Technologies India Ltd: Shiju Koothupalakkal recommends buying Netweb Technologies share price at ₹3,895 with a Netweb Technologies share price target of ₹4,070 with a stop loss of ₹3,810.
Netweb Technologies share price after witnessing the strong run up, has taken a breather and slipped with some profit booking seen to stabilise near the 3730 zone and currently has indicated a positive candle formation on the daily chart with significant volume participation visible and can anticipate for further rise in the coming days.
The RSI after having corrected from the overbought zone is currently well positioned and has indicated a positive trend reversal to signal a buy with much upside potential visible and can expect to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 4,070 keeping the stop loss of 3,810 level.
Eternal Ltd : Shiju Koothupalakkal recommends buying Eternal share price at ₹333.70 with a Eternal share price target of ₹355 with a stop loss of ₹326.
Eternal share price has maintained the strong uptrend and currently after a short period of correction has taken support near the important 50EMA at 325 zone and the lower band of the ascending channel pattern on the daily chart and with a decent pullback visible has improved the bias to anticipate for further rise in the coming days.
The RSI after having corrected from the overbought zone is currently well positioned and has shown signs of a positive trend reversal to expect for further upward move. With the chart technically looking good, we suggest buying the stock for an upside target of 355 keeping the stop loss of 326 level.
Welspun Corp Ltd : Shiju Koothupalakkal recommends buying Welspun Corp share price at ₹873 with a Welspun Corp share price target of ₹920 with a stop loss of ₹855.
Welspun Corp share price has consolidated near the important 200 period MA at 836 zone with currently indicating a strong bullish candle formation with significant volume participation moving past the 50EMA at 863 level to improve the bias and can expect for further rise in the coming sessions.
The RSI is well placed and has picked up quite well indicating strength and with upside potential visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 920 keeping the stop loss of 855 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 making any investment decisions.