Stock market today: Benchmark stock indices Sensex and Nifty 50 experienced their fourth consecutive decline on Wednesday, driven by profit-taking in the banking, auto, and capital goods sectors and foreign fund outflows. Anxiety over US H-1B visa fees continued to impact investor sentiment.
The Sensex fell by 386.47 points or 0.47%, closing at 81,715.63. At one point during the day, it plummeted by 494.26 points or 0.60%, reaching 81,607.84. The Nifty 50 decreased by 112.60 points or 0.45%, settling at 25,056.90.
Trade Setup for Thursday
As per Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 has been persistently holding below the 21 EMA on the hourly chart, indicating a dominant bearish trend in the short term. Additionally, every time the index nears the 21 EMA, there is an emergence of selling pressure.
On the downside, the 25,000–25,050 range is anticipated to serve as significant support for the headline index. Nonetheless, a significant drop below 25,000 could lead to a deeper correction in the near future. Until that occurs, the market is expected to remain within a range over the upcoming days.
Global Markets and India–US trade talks
Vinod Nair, the Head of Research at Geojit Investments, mentioned that profit-taking has been noticed in Indian markets following the GST reforms, as investors reassess valuations and expectations for Q2 earnings. Information Technology stocks lagged due to increased H-1B visa fees, while US trade comments during ongoing negotiations and weak global signals are causing a more cautious attitude among investors.
The relatively high valuations in India, combined with a slowdown in earnings growth, are leading foreign institutional investors to reduce their holdings. However, structural reforms and domestic growth factors are maintaining a positive underlying trend. The current challenges seem temporary, with expectations that these pressures will ease over time, according to Nair. He said that the US Fed minutes also stopped the speculation about the 50 bps rate cut as the Fed chair Jerome Powell ruled out any aggressive US Fed rate cut in the near-term.
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: ASK Automotive Ltd, Syrma SGS Technology Ltd, Reliance Industries Ltd, Escorts Kubota Ltd, Voltas Ltd, HBL Engineering Ltd, Kopran Ltd, and CarTrade Tech Ltd.
Sumeet Bagadia’s stock picks
- ASK Automotive Ltd: Bagadia recommends buying ASK Automotive share price at ₹564 keeping a stoploss at ₹544 with a ASK Automotive share price target of ₹600.
ASK Automotive share price was positioned at 564 levels, delivered a powerful move in Wednesday trading session. Technically, the stock has staged a decisive breakout after consolidating for several weeks. The surge has propelled the stock comfortably above all its major exponential moving averages. This alignment, where shorter-term averages are positioned above longer-term averages, continues to affirm the bullish structure. Over the past one month, ASK Auto has demonstrated a steady uptrend, moving from around 450 levels to over 580 levels currently.
Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 68.37 levels. Investors may a good opportunity for swing traders with a short-term target of ₹600+ in mind, and a strict stop-loss under ₹544.
2. Syrma SGS Technology Ltd: Bagadia recommends buying Syrma share price at ₹863 keeping a stoploss at ₹830 with a Syrma share price target of ₹925.
Syrma share price was positioned at 863 levels, delivered a powerful move in Wednesday trading session. On the technical front, Syrma share price is witnessing a strong bullish structure. The stock has been trading well above all its major exponential moving averages. This alignment of shorter EMAs trending above longer EMAs highlights sustained momentum and a structurally positive setup.
Ganesh Dongre’s stocks to buy today
3. Reliance Industries Ltd (RIL): Ganesh Dongre recommends buying RIL share price at ₹1,384 with a stoploss at ₹1,356 with RIL share price target of ₹1,415.
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.
RIL share price was trading at ₹1,384, while holding above a key support zone at Rs1,356, which has proven to be a strong demand level. Based on the current setup, a move towards the next resistance level at ₹1,415 appears likely.
With a favourable risk-reward profile, buying at current levels may be considered, keeping ₹1,356 as a crucial support and ₹1,415 as the potential short-term target.
4. Escorts Kubota Ltd: Ganesh Dongre recommends buying Escorts Kubota share price at ₹3,698 with a stoploss at ₹3,650 with Escorts Kubota share price target of ₹3,800.
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 ₹3,800.
Escorts Kubota share price was trading at ₹3,698, having established a strong support base at ₹3,650. This level has held firm in recent sessions, underscoring its importance as a key demand zone.
Given the favourable Escorts Kubota share price structure and proximity to support, a buying opportunity is developing at current levels. Traders and investors may consider entering positions around ₹3,698, anticipating a potential upside towards ₹3,800, while keeping a close watch on ₹3,650 as the immediate support.
5. Voltas Ltd: Ganesh Dongre recommends buying Voltas share price at ₹1,372 with a stoploss at ₹1,355 with Voltas share price target of ₹1,405.
A recent short-term analysis of the Voltas share price 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 ₹1,405 level, supported by improving price action.
Voltas share price was trading at ₹1,372, while holding above a key support zone at ₹1,355, 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 ₹1,372. Traders and short-term investors may consider initiating long positions, targeting ₹1,405, with ₹1,350 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
6. HBL Engineering Ltd: Shiju Koothupalakkal recommends buying HBL Engineering share price at ₹829 with a HBL Engineering share price target of ₹880 with a stop loss of ₹812.
HBL Engineering share price after witnessing a short period of correction, has found support near the upper band of the rising channel pattern on the daily chart and with a positive candle formation has improved the bias with significant volume participation visible to anticipate for further rise in the coming sessions. The RSI has corrected well from the highly overbought zone and is currently well positioned indicating a revival and can carry on with the positive move further ahead. With the chart technically well placed, we suggest buying the stock for an upside target of 880 keeping the stop loss at the 812 level.
7. Kopran Ltd: Shiju Koothupalakkal recommends buying Kopran share price at ₹182.76 with a Kopran share price target of ₹195 with a stop loss of ₹178.
Kopran share price has indicated a higher bottom formation pattern taking support near the important 50EMA at 172 level on the daily chart and has witnessed a decent pullback to improve the bias to expect for further upward movement in the coming sessions. The RSI has indicated 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 195 keeping the stop loss at the 178 level.
8. CarTrade Tech Ltd: Shiju Koothupalakkal recommends buying CarTrade Tech share price at ₹2,493 with a CarTrade Tech share price target of ₹2,630 with a stop loss of ₹2,440.
CarTrade Tech share price has recently witnessed a strong appreciation maintaining the strong bias intact and after a short dip, has once again regained from the 50EMA at 2,222 level with rising volume participation to expect for another fresh round of upward move in the coming sessions. The RSI after correcting from the overbought zone is currently well placed and has indicated a buy signal and can carry on with the positive move further ahead. With the chart technically well placed, we suggest buying the stock for an upside target of 2,630 keeping the stop loss at the 2,440 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.