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Get today’s stock market outlook with Nifty 50 trade setup, TCS Q2 results highlights, gold price trends, and 8 expert-recommended stocks to buy or sell
Stock market news: Benchmark indices Sensex and Nifty 50 ended lower on Wednesday, ending their four-day upward trend due to selling pressure in major stocks like Reliance Industries and HDFC Bank.
In a day marked by volatility, the 30-share BSE Sensex fell by 153.09 points or 0.19 percent, closing at 81,773.66. Throughout the day, it reached a peak of 82,257.74 and fell to a low of 81,646.08, swinging 611.66 points. The Nifty 50 decreased by 62.15 points or 0.25% to finish at 25,046.15.
Analysts noted that profit-taking in the auto, real estate, and banking sectors contributed to the markets’ decline. The drop in the market was primarily attributed to weak global trends and pressures in certain domestic sectors. Although IT stocks remained stable, declines in real estate and banking sectors pulled the market down.
Previous gains diminished as mixed earnings results and caution regarding crucial economic data and policy updates made investors wary, according to experts.
Trade Setup for Thursday
As per Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 seems to be undergoing consolidation in a downward trend after a significant rise from the 24,600 mark. It has retraced approximately to the 38.20% Fibonacci level from the previous increase between 24,587 and 25,220, indicating a correction within an ongoing rally. The current upward trend is expected to remain valid as long as the index holds above 24,970;
Global Markets to TCS Q2 earnings
Vinod Nair, Head of Research at Geojit Investments, noted that national indices experienced a turbulent trading session, moderated by profit-taking following a significant market rally. Investor sentiment was cautious ahead of the Q2 earnings season, leading market participants to reconsider valuations and growth outlooks. Sector performance varied, with IT stocks gaining due to strong demand and appealing valuations, while the Auto, Banking, and FMCG sectors faced selling pressure.
Increased global uncertainties and the ongoing US government shutdown propelled gold prices to an all-time high, indicating heightened risk aversion among investors. The focus now shifts to the September FOMC minutes for insights into the Fed’s future policy direction.
Moving forward, although global factors will continue to be important, market attention is expected to turn towards domestic earnings, macroeconomic indicators, and the approaching festive season, according to Nair.
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 seven intraday stocks for today: Global Health Ltd, CESC Ltd, Tata Elxsi Ltd, State Bank of India, Bharti Airtel Ltd, V-Mart Retail Ltd, Zydus Wellness Ltd, and VA Tech Wabag Ltd.
Sumeet Bagadia’s stock picks
Global Health Ltd (Medanta): Bagadia recommends buying Global Health share price at ₹1,386.40 keeping a stoploss at ₹1,339 with a Global Health share price target of ₹1,480.
Medanta share price was trading at ₹1,386.40, maintaining a strong bullish structure as it continues to form a higher high and higher low pattern on the daily chart, indicating sustained positive momentum. The stock is also moving within a channel range pattern, suggesting a well-defined consolidation zone before a potential breakout.
In conclusion, Medanta share price presents a favorable buying opportunity at current levels, supported by a strong technical setup. Traders can consider buying around ₹1,386.40 with a stop-loss at ₹1,339 for a target of ₹1,480, maintaining disciplined risk management.
CESC Ltd: Bagadia recommends buying CESC share price at ₹166.19 keeping a stoploss at ₹161 with a CESC share price target of ₹176.
CESC share price was trading at ₹166.19, displaying a steady upside movement after witnessing a clear shift in momentum from its recent swing low levels. The stock has shown resilience by taking strong support near its 200-day EMA from the downside, which signifies the presence of active buying interest and a strong accumulation zone at lower levels.
In conclusion, CESC presents a promising buying opportunity at current levels, with a protective stop-loss at 161 and potential for further gains toward ₹176, supported by improving technical indicators and a robust trend setup.
Ganesh Dongre’s stocks to buy today
Tata Elxsi Ltd: Ganesh Dongre recommends buying Tata Elxsi share price at ₹5,450 with a stoploss at ₹5,300 with Tata Elxsi share price target of ₹5,700.
A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels. This confluence of technical indicators increases the likelihood of a near-term price retracement.
Tata Elxsi share price was trading at ₹5,450, while holding above a key support zone at ₹5,300, which has proven to be a strong demand level. Based on the current setup, a move towards the next resistance level at ₹5,700 appears likely.
With a favourable risk-reward profile, buying at current levels may be considered, keeping ₹5,300 as a crucial support and ₹5,700 as the potential short-term target.
State Bank of India (SBI): Ganesh Dongre recommends buying SBI share price at ₹858 with a stoploss at ₹840 with SBI share price target of ₹880.
In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around ₹880
SBI share price was trading at ₹858, having established a strong support base at ₹840. This level has held firm in recent sessions, underscoring its importance as a key demand zone.
Given the favourable price structure and proximity to support, a buying opportunity is developing at current levels. Traders and investors may consider entering positions around ₹858, anticipating a potential upside towards ₹880, while keeping a close watch on ₹840 as the immediate support.
Bharti Airtel Ltd: Ganesh Dongre recommends buying Bharti Airtel share price at ₹1,939 with a stoploss at ₹1,910 with Bharti Airtel share price target of ₹1,980.
A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the ₹1,980 level, supported by improving price action.
Bharti Airtel was trading at ₹1,939, while holding above a key support zone at ₹1,910, which has acted as a reliable floor in recent sessions. This support level reinforces the bullish bias and provides a favourable base for a potential upward move.
Given the current market structure and positive technical setup, a buying opportunity is emerging around ₹1,939. Traders and short-term investors may consider initiating long positions, targeting ₹1,980, with ₹1,910 acting as an important downside support.
The confluence of the bullish reversal pattern and sustained support at lower levels suggests a constructive risk-reward ratio in the current scenario.Bharti Airtel was trading at ₹1,939, while holding above a key support zone at ₹1,910, which has acted as a reliable floor in recent sessions. This support level reinforces the bullish bias and provides a favourable base for a potential upward move.
Given the current market structure and positive technical setup, a buying opportunity is emerging around ₹1,939. Traders and short-term investors may consider initiating long positions, targeting ₹1,980, with ₹1,910 acting as an important downside support.
The confluence of the bullish reversal pattern and sustained support at lower levels suggests a constructive risk-reward ratio in the current scenario.Bharti Airtel was trading at ₹1,939, while holding above a key support zone at ₹1,910, which has acted as a reliable floor in recent sessions. This support level reinforces the bullish bias and provides a favourable base for a potential upward move.
Given the current market structure and positive technical setup, a buying opportunity is emerging around ₹1,939. Traders and short-term investors may consider initiating long positions, targeting ₹1,980, with ₹1,910 acting as an important downside support.
The confluence of the bullish reversal pattern and sustained support at lower levels suggests a constructive risk-reward ratio in the current scenario.
Shiju Koothupalakkal intraday stocks for today
V-Mart Retail Ltd: Shiju Koothupalakkal recommends buying V-Mart Retail share price at ₹836 with a V-Mart Retail share price target of ₹885 with a stop loss of ₹820.
The stock recently has witnessed a strong spurt moving past the important 200 period SMA and 100 period SMA at 800 zone to strengthen the trend and thereafter, with a flag pattern formation on the daily chart has once again indicated a decent rise with volume participation visible to anticipate for another fresh round of upward move.
“With the chart technically looking attractive, we suggest buying the stock for upside target of 885 keeping the stop loss at 820 level,” said Koothupalakkal.
Zydus Wellness Ltd: Shiju Koothupalakkal recommends buying Zydus Wellness share price at ₹459 with a Zydus Wellness share price target of ₹487 with a stop loss of ₹448.
The stock after the robust move witnessed in the last month has corrected well from the 530 zone to show signs of taking support near the 445 level and has indicated a pullback with a positive candle formation on the daily chart moving past the important 50EMA at 453 level to improve the bias and anticipate for further rise in the coming sessions. The RSI has corrected well from the highly overbought zone and is currently well placed 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 487 keeping the stop loss of 448 level,” said Shiju.
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