Stock Market Today: Markets ended a volatile trading session on Tuesday with heavy cuts as benchmarks Nifty-50 The index closed 1.37% lower at 23,024.65, while the Sensex fell 1.6% at 75,838.36. Bank Nifty closed 1.58% lower at 48,570.90 as selling pressure continued in other major loss-making sectors including realty, energy and auto. Broader indices also fell more than 2%.
trade setup for wednesday
Nifty has been consolidating in the range of 23100 – 23500 for the last six trading sessions, but it has broken decisively on the downside. Jatin Gedia, Technical Research Analyst, Mirae Asset Sharekhan said Nifty is likely to move towards 22670, which is the 38.2% Fibonacci retracement level of the rise from March 2023 low of 16828 to September 2024 high of 26277. According to Gedea, on the upside, 23280 – 23320 is the immediate resistance zone.
Hrishikesh Yedve, AVP Technical & Derivatives Research, Asit C. Mehta, said that for Bank Nifty, the level of 48,680 will provide immediate support, while 49,920 will act as resistance.
Global markets’ third quarter results today
With extreme volatility, domestic markets witnessed significant declines today following Trump’s announcement of trade tariffs on neighboring countries on his inauguration day, adding to the uncertainty in global markets. According to research head Vinod Nair, the weak recovery in current third quarter earnings and the depreciation of the Indian rupee are likely to lead to further outflows from FIIs. Geojit Financial ServicesAdditionally, he said market sentiment is being weakened by expectations of a BOJ interest rate hike.
stocks worth buying today
Sumeet Bagadia, Executive Director, Choice Broking recommends two stock picks for today. Ganesh Dongre, senior manager, technical research, Anand Rathi, suggested three stocks.
Sumeet Bagadia’s stock recommendations today
- Hindustan Petroleum Corporation Limited (HPCL)- Bagadia has advised to buy HPCL at Rs. Place stoploss at 369.95 For target price of 357 396
HPCL is currently trading at 369.95, having recently bounced off a key support area. The stock has formed a bullish breaking candlestick pattern on the weekly time frame and is on the verge of breaking out of the falling trendline channel on the daily time frame. A breakout from this channel will further strengthen the reversal pattern. This potential breakout is supported by a significant increase in trading volumes, indicating strong buying interest from investors. In the short term, the stock appears poised to target 396.
2. Avaas Financiers Limited – Recommend to buy Bagadiya housing financiers But keep stoploss at 1700 For target price of 1641 1819
AAVAS is currently trading 1,700 and is on the verge of breaking out of a consolidation range on the daily charts. The significant increase in trading volumes supports this potential breakout, further strengthening the bullish outlook. If the stock remains above the critical level 1,720, it could potentially move towards the target 1,819.
Buy Ganesh Dongre shares today
3. Apollo Hospitals Enterprise Limited– Dongre recommends buying Apollo Hospital But keep stoploss at 6920 Rs 6780 for target 7200
Recent short-term trend analysis of the stock has revealed a notable bullish reversal pattern. This technical pattern suggests the possibility of a temporary retracement in the stock price, which could potentially reach around Rs 7200. Currently, the stock is holding important support level at Rs 6780, looking at the current market price of Rs 6920, a buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price in the hope of moving towards the set target of Rs 7200.
4. Poonawala Fincorp Limited– Dongre recommends buying Poonawala Fincorp But keep stoploss at 324 For target price of 310 345
We have seen major support in this stock around Rs. 310 Hence, at the current juncture, the stock has again seen reversed price action at Rs. 324 price level, which may continue its rally till the next resistance level of Rs. 345 Hence traders can buy and hold this stock at a target price of Rs 310 with a stop loss of Rs 310. 345 in the coming weeks.
5. Marico Limited– Dongre recommends buying marico But keep stoploss at 665 For target price of 650 685
Recent short-term trend analysis of the stock has revealed a notable bullish reversal pattern. This technical pattern suggests that there could be a temporary retracement in the stock price, possibly around Rs. 685. Currently, the stock is at an important support level 650.Given this scenario, the stock is likely to reach Rs 685 level in the near future. Traders are advised to consider taking a long position by setting a strategic stop loss 650 to manage risk effectively. The target price for this trade is 685.
Disclaimer: The views and recommendations given 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 decision.
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