Stock Market Today: Trade setup for Nifty 50, global markets brace for Israel-Iran conflict; 5 stocks to buy or sell on Wednesday

Stock Market Today: Ending a one-day winning streak, the benchmark Nifty-50 index and S&P BSE Sensex fell 0.11-0.13% on Tuesday to close at 24,194.50 and 80,004.06, respectively. Bank Nifty closed almost flat at 52,191.50, while Auto and Pharma indices fell the most. Most others held the fort with IT and FMCG indices posting maximum gains. Broader indices showed a similar trend, with smallcaps gaining about 1%.

trade setup for wednesday

Nifty’s consolidation after the rebound is happening as expected. A decisive move beyond the 24,350 barrier will require broad participation from all veteran sectors. Ajit Mishra, SVP, Research, Religare Broking Ltd., said traders are advised to remain selective while using the dips to accumulate quality stocks as long as Nifty remains above 23,800 levels.

Bank Nifty also consolidated, and any fall towards the support zone 52,000 – 51,800 levels should be considered a buying opportunity, said Jatin Gedia, Technical Research Analyst, Sharekhan. On the upside, the immediate barrier zone is placed at 52,600 – 52,800.

Israel-Iran war, Adani shares in focus!

While higher tariffs on China proposed by US President-elect Donald Trump and caution ahead of monthly expiry were attributed as reasons for Tuesday’s profit booking, Adani Group shares remained under pressure. Global markets are closely monitoring the developments in the Russia-Ukraine and Israel-Iran conflicts.

With state elections ending in 2024, the government will focus on executing and completing the budget plans. Research head Vinod Nair said the inflation outlook has improved on expectations of stronger agricultural production, which will provide support to the central bank and the stock market as food inflation eases. Geojit Financial Services,

stocks worth buying today

Sumeet Bagadia, Executive Director, Choice Broking recommends two stock picks for today. Ganesh Dongre, senior manager, technical research, Anand Rathi, suggests three stock ideas.

Buy Sumeet Bagadia’s shares today

1. ADF Foods Limited– Recommend to buy Bagadiya ADF Foods But Place stoploss at 323.95 For target price of 311 345

ADF Foods is currently trading 323.95. After a short decline and a period of sideways consolidation, the stock recently broke the neckline level 315 and is moving rapidly upward with ample volume… there are expectations for further growth, potentially reaching 345 level. On the downside, ample support is evident nearby 311.

2. Jagsanpal Pharmaceuticals Limited

Bagadia has advised to buy Jagsanpal Pharmaceuticals But Place stoploss at 696.2 For target price of 670 740

Jagsanpal Pharmaceuticals’ daily chart analysis presents a favorable view for the next week, indicating continued progress higher. Specifically, the stock has produced a notable higher-high and higher-low pattern, and the company’s recent upward swing has effectively breached the neckline, setting a new weekly high. This success indicates the potential for significant subsequent growth in the stock price.

Buy Ganesh Dongre shares today

3. Cipla Limited – Dongre recommends buying Cipla Limited But With stoploss at 1,492 1,475 and target price 1,535.

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 1,535. The stock currently holds important support levels at Rs 1,475. Considering the current market price of Rs 1,492, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price, expecting growth towards the set target. 1,535.

4. ICICI Bank Limited – Dongre recommends buying ICICI Bank But Keep stoploss at 1,305 For target price of 1,285 1,335

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 price, which could potentially reach around Rs 1,335. Currently, the stock is holding the important support level at Rs 1,285. Looking at the current market price of Rs 1,305, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price in the hope of moving towards the set target of Rs 1,335.

5. Shree Renuka Sugars Limited– Dongre recommends buying Srirenuka Sugar But with stoploss at 42 For target price of 40 46.

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 46. ​​The stock holds important support level at Rs 40. Given the current market price of 42, A buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price, expecting growth towards the set target. 46

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.