Stock market today: Trade setup for Nifty 50 to global markets; five stocks to buy or sell on Friday — Oct 11

Stock Market Today: The Nifty -50 index, continuing its consolidation phase, ended at 24,998.45 with marginal gains of 0.07%. The S&P BSE Sensex also ended with 0.18% gains at 81,611.41.

The Bank Nifty gained 1.07% to 51,530.90 and was well supported by metal, and energy sectors posting decent gains. It was the Pharma and IT, that  saw sharp declines. Broader indices failed to build on early momentum and closed on a mixed note.

Trade setup for Friday

The current market texture is non-directional, said Shrikant Chouhan, Head of Equity Research, Kotak Securities, who feels that for the traders now, 25130 for Nifty and 82000 for Sensex would be the key breakout level. Above the same, the market could bounce back to 25260-25300 levels for Nifty and 82300-82500 levels for the Sensex

Bank Nifty witnessed a pullback to the key hourly moving averages (51700 – 51800) zone. Jatin Gedia – Technical Research Analyst at Sharekhan expects the pullback to continue on the upside and towards 52000 – 52400

Global market amidst Iran-Israel war

Asian equities mostly rose on Thursday triggered by earlier gains in the US stocks . European shares slipped on Thursday, with technology and mining stocks leading losses, as investor awaited for the US inflation., which along with Initial Jobless Claims data is expected to decide the course to be taken by Federal Reserve’s deciding its future monetary policy.

Sddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd expects the market to consolidate in a range with stock-specific action. With TCS Q2 result late today, IT sector is likely to be in focus as it will set the pace for other companies. 

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for Thursday. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas for today.

Sumeet Bagadia’s stocks to buy today

1. Apar Industries Ltd – Bagadia recommends buying Apar Industries  at ₹10649.7 keeping Stoploss at ₹10250  for a target price of ₹11350

Apar Industrie is currently trading at 10649.7 and remains in an uptrend, as observed by the series of higher highs and higher lows formed over time. The stock has recently touched an all-time high of 10720, indicating it is still in an uptrend, supported by a significant increase in volume. If the stock manages to close above its key resistance level of 10700, it could reach a short-term target of 11350

2. Gujarat Fluorochemicals Ltd – Bagadia Recommends buying Gujarat Fluorochemicals at ₹4659.75 keeping Stoploss at ₹4488 with a Target price of ₹4900

Gujarat Fluorochemicals is presently trading at ₹4659.75 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action. A robust support level is situated at 4488 levels. This confluence of support factors enhances the stock’s stability and resilience.

Ganesh Dongre’s stocks to buy today

3.  Clean Science and Technology Ltd – Dongre recommends buying Clean Science and Technology  at ₹1520 with Stoploss at ₹1485 for a target price of ₹1595

The stock having a substantial support at Rs.1485, marking a crucial juncture in its recent trading. Presently, at Rs.1520, the stock has demonstrated a definitive reversal in price action, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at Rs.1485. The anticipated target for this trade is Rs.1595, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock’s anticipated rally in the weeks ahead..

4. GAIL (INDIA) Ltd – Dongre recommends buying GAIL a ₹226 with Stoploss at ₹218 for a target of ₹235.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 235. At present, the stock is maintaining a crucial support level at Rs.218. Given the current market price of Rs.226, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 235.

5 Mahindra & Mahindra Ltd –  Dongre recommends buying  Mahindra & Mahindra at ₹3200 stop loss at ₹3140 with a target price of ₹3330

On the daily chart of this stock, a breakout at the Rs.3200 price level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs. 3140 is recommended. The target price for this strategy is Rs. 3330 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

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