Stock market today: Trade setup for Nifty 50 to India-Pakistan tension; Eight stocks to buy or sell on Friday

Stock Market Today: The benchmark Nifty -50 index ended Wednesdays trading session flat at 24,334.20, reflecting caution among investors.  The Bank Nifty at 55,087.15 however ended 0.55% lower as did many other sectors led by Consumer durable and Energy, though support was provided by Realty and Pharma among few others. The broader indices also saw pressure ending almost 1-2% lower on Wednesday with Thursday being a trading holiday.

Trade Setup for Friday

Immediate intraday support for the Nifty 50 index lies at 24,200, followed by a strong support zone between 24000 and 23800. On the upside, 24550,  acts as a key resistance, as per Rajesh Bhosale, Equity Technical Analyst, Angel One.

On the upside, for Bank Nifty 56,000 will act as stiff hurdle for the index while on downside 54,450 will act as major support, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.

Global Markets and Q4 Results

We expect the market to trade in a range-bound manner with stock/sector specific action, driven by Q4 earnings announcements. Key results on Thursday include Adani Enterprise, Adani Ports, Eternal, Home First Finance, while Marico, IOB, Godrej Properties amongst others report their results on Friday, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stocks picks.

These include  Bharti Hexacom Ltd  (BHARTIHEXA), HDFC Life Insurance Company Ltd,  Hindustan Unilever Ltd , Indus Towers Ltd, Aditya Birla Capital Ltd, Apollo Tyres Ltd, Sobha Ltd and Indraprastha Gas Ltd

Sumeet Bagadia’s stock picks

1. Bharti Hexacom Ltd– Bagadia recommends buying Bharti Hexacom at ₹1685 keeping Stoploss at ₹1625 for a target price of ₹1700

BHARTIHEXA is currently trading at the levels of 1685, the stock has displayed a strong bullish momentum, marked by a significant price surge that led the stock to an all-time high of 1717. The stock recently broke out from a bullish consolidation phase, confirming the formation of a continuation pattern. This breakout was supported by healthy volume, indicating sustained buying interest, the stock is now firmly trending upward.

2. HDFC Life Insurance Company Ltd– Bagadia recommends buying HDFC Life Insurance at ₹745 keeping Stoploss at ₹720 for a target price of ₹790

HDFCLIFE is currently trading at the levels of 745, the stock is exhibiting a strong bullish trend, having broken out from a consolidation zone with robust volume. The stock has formed a series of higher highs and higher lows, indicating sustained upward momentum. A notable price action development is the breakout from a Rounding Bottom pattern, typically viewed as a bullish continuation formation. The stock is now trading close to its 52-week high of 761.2, suggesting renewed investor interest and confidence.

Ganesh Dongre’s stocks to buy today

3. Hindustan Unilever Ltd– Dongre recommends buying Hindustan Unilever (HINDUNILVR) at around ₹2342 keeping Stoploss at ₹2300 for a target price of ₹2420.

In the latest short-term technical analysis, HINDUNILVR has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹2342 and holding above a key support level at ₹2300. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically.

4. Indus Towers Ltd – Dongre recommends buying Indus Towers ay around ₹407 keeping stoploss at ₹398 for a target price of ₹418.

INDUSTOWER has exhibited a notable bullish reversal pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹407 and maintaining a strong support at ₹398. The technical setup indicates the potential for a price retracement towards the ₹418 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹398 offers a prudent approach to capturing the anticipated upside.

5. Aditya Birla Capital Ltd– Dongre recommends buying ABCAPITAL at around ₹197 keeping Stoploss at ₹190 for a target price of ₹207.

ABCAPITAL, the stock is currently trading at ₹197 and appears to be in an oversold zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential recovery move. The critical support level lies at ₹190, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹207 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.

Shiju Koothupalakkal’s intraday stocks for today

6. Apollo Tyres Ltd – Koothupalakkal recommends buying Apollo Tyres at ₹471.90 for a  Target price of ₹495 keeping Stoploss at ₹ 460.

The stock taking support near the important 100 period MA at 453 level has once again improved the bias with a bullish candle formation on the daily chart with significant volume participation witnessed and can anticipate for further rise in the coming sessions. The RSI has cooled off from the highly overbought zone recently and has once again indicated a positive trend reversal to signal a buy to expect for another fresh round of momentum. With the chart technically maintained strong, we suggest to buy the stock for an upside target of ₹495 level keeping the stop loss of ₹460 level.

7. Sobha Ltd– Koothupalakkal recommends buying SOBHA at around ₹1322 for a target price of ₹1390 keeping  Stop loss at ₹1294.

The stock has recently indicated a clear breakout above the descending channel on the daily chart and after a short period of correction has once again taken support near the important 50-EMA level at ₹1242 and indicating a decent pullback has improved the bias to anticipate for another round of upward move. The RSI is steadily on the rise signifying strength and has indicated much upside potential from current rate to carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹1390 level keeping the stop loss of ₹1294 level.

8. Indraprastha Gas Ltd– Koothupalakkal recommends buying Indraprastha Gas at ₹192.59 for a target price of ₹204 keeping Stop loss at ₹188

The stock has witnessed a decent pullback to move past the important 50-EMA level at 190, with huge volume participation visible to improve the bias, and can expect further gains in the coming sessions. With the RSI on the rise, exhibiting strength, and with much upside potential visible from the current rate, it can continue with the positive upward move. With the chart looking good, we suggest buying the stock for an upside target of ₹204, keeping the stop loss at the ₹188 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 taking any investment decisions.