Stock market news: The Indian stock market on Tuesday saw a flat closing for the Nifty 50 index, while the Bank Nifty ended on a positive note, indicating a mixed but cautiously optimistic market mood. The Nifty 50 closed around the 25,763 mark, showing limited movement and reflecting investors’ cautious stance amid ongoing consolidation following strong gains last month. Meanwhile, the Bank Nifty demonstrated resilience, rising by 0.56%, primarily driven by PSU banks.
As stated by Abhinav Tiwari, Research Analyst at Bonanza, the outlook for the market appears cautiously optimistic as investors look for new drivers from forthcoming corporate earnings, important policy decisions, and global economic indicators. Continued inflows from foreign institutional investors and advancements in trade agreements could offer directional support, while domestic elections and geopolitical issues are crucial factors to monitor. In summary, the market is set for a gradual recovery, concentrating on specific stock opportunities amid a phase of consolidation.
Trade Setup for Tuesday
Amruta Shinde, a Technical and Derivative Analyst at Choice Equity Broking Private Ltd, noted that the Nifty 50 opened slightly unchanged during Monday’s trading session but exhibited an upward trend throughout the day, demonstrating consistent buying interest at lower price points. Immediate resistance is observed at 25,850, with additional resistance levels at 25,900 and 26,000. On the support side, levels at 25,600 and 25,650 are identified, which could serve as potential accumulation zones for positional traders.
Global Markets, Q2 results, US-China trade talks to US Fed cut interest rates
Vinod Nair, the Head of Research at Geojit Investments Ltd, stated that the domestic market finished with a slight gain as profit-taking was evident at higher levels due to the lack of new domestic catalysts. Meanwhile, the broader market outshone as quarterly earnings motivated investors to adopt a short- to medium-term perspective.
The PSU Banking index remained a favoured choice among investors, driven by strong earnings and improving asset quality. Conversely, IT stocks saw a decline as expectations for a US Fed rate cut diminished, while a trade truce between the US and China reduced the demand for safe haven assets.
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: Allied Blenders and Distillers Ltd, Bajaj Consumer Care Ltd, Infosys Ltd, Bajaj Finance Ltd, NTPC Ltd, Banco Products (India) Ltd, PI Industries Ltd, and Anant Raj Ltd.
Sumeet Bagadia’s stock picks
Allied Blenders and Distillers Ltd: Bagadia recommends buying Allied Blenders share price at ₹683 keeping a stoploss at ₹660 with a Allied Blenders share price target of ₹740.
Allied Blenders share price is trading at 683, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. With robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum. The stock is well-positioned above its 20, 50, 100, and 200-day EMAs, all trending upward, which confirms sustained strength across multiple timeframes and reflects solid underlying demand.
In conclusion, based on the technical analysis and current market conditions, Allied Blenders share price presents a promising buying opportunity for those aiming for a 740 target, provided that appropriate risk management strategies are in place.
Bajaj Consumer Care Ltd: Bagadia recommends buying Bajaj Consumer share price at ₹286 keeping a stoploss at ₹275 with a Bajaj Consumer share price target of ₹310.
Bajaj Consumer Care share price is currently trading at 286, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of 290. 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, Bajaj Consumer Care presents a promising buying opportunity for those aiming for a 310 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Infosys Ltd: Ganesh Dongre recommends buying Infosys share price at ₹1,486 with a stoploss at ₹1,465 with Infosys share price target of ₹1,530.
Infosys 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 ₹1,486 and has established a solid support base at ₹1,465. 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 ₹1,530 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹1,465 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
Bajaj Finance Ltd: Ganesh Dongre recommends buying Bajaj Finance share price at ₹1,045 with a stoploss at ₹1,020 with Bajaj Finance share price target of ₹1,090.
Bajaj Finance has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,045 and maintaining a strong support at ₹1,020. The technical setup indicates the potential for a price retracement towards the ₹1,090 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 ₹1,020 offers a prudent approach to capturing the anticipated upside.
NTPC Ltd: Ganesh Dongre recommends buying NTPC share price at ₹335 with a stoploss at ₹330 with NTPC share price target of ₹345.
NTPC share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹335 and maintaining a strong support at ₹330. The technical setup indicates the potential for a price retracement towards the ₹345 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 ₹330 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Banco Products (India) Ltd: Shiju Koothupalakkal recommends buying Banco Products share price at ₹733.25 with a Banco Products share price target of ₹770 with a stop loss of ₹715.
Banco Products share price has witnessed a decent correction from 880 level and has shown stability near the 710-720 zone with currently indicating a positive candle formation on the daily chart moving past the important 50EMA at 720 level to improve the bias to anticipate for further rise in the coming days.
The RSI is well placed after correcting from the highly overbought zone with consolidation seen and signalling 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 770 keeping the stop loss of 715 level.
PI Industries Ltd: Shiju Koothupalakkal recommends buying PI Industries share price at ₹3,685 with a PI Industries share price target of ₹3,820 with a stop loss of ₹3,610.
PI Industries share price has been consolidating for quite some time maintaining above the good support zone at 3,480 level, with currently having a strong bullish candle formation has moved past the important 50EMA level at 3,660 zone to improve the bias expecting for further upward movement in the coming sessions. The RSI is on the rise indicating strength and can carry on with the positive move further ahead with upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 3,820 keeping the stop loss of 3,610 level.
Anant Raj Ltd: Shiju Koothupalakkal recommends buying Anant Raj share price at ₹650 with a Anant Raj share price target of ₹690 with a stop loss of ₹635.
Anant Raj share price after correcting quite significantly has stabilised near the important 50EMA zone near 615 level and has steadily witnessed a gradual pick up with improvement in the bias and volume participation on the rise to anticipate for further rise in the coming days. The RSI has cooled off from the overbought zone and is currently well positioned indicating a positive trend reversal to signal a buy and with much 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 690 keeping the stop loss of 635 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.
