STOCK MARKET TODAY: For the second day in a row, Indian
stock market's domestic benchmark indices, Sensex and Nifty 50 index, dipped on
Wednesday. Weak global cues accompanied poor July-September quarterly results
and fears of inflation in sending investor sentiments of India's largest
lenders tumbling.
On Wednesday, BSE Sensex tanked 319 points to 81,501.36 whereas Nifty 50 closed at 24,971.30 with a drop of 86 points and 0.34 per cent. The cash market volumes on the NSE remained flat at ₹1.03 lakh crore. On its part, the Small-cap index ended in positive. And the advance-decline ratio moved up to 1:1.
Trade guide for the stock market
today:
Regarding Nifty outlook for today, Nagaraj Shetti, Senior Technical
Research Analyst, HDFC Securities states, "The trend on the lower side
remains weak with Choppy underneath. A move above 25200 shall witness some
sustainability, whereas any weakness below 24800-24700 shall induce sharp
momentum in the market on either side."
Bank Nifty started on a sour note, but some buying also came in briefly
before fading away. Hence, Bank Nifty finished the day flat to a negative note
at 51,801. On the technical front on a daily scale, the index formed a shooting
star candle. Short term will find strong resistance near 52,030. If the index
is able to hold there, it may test the higher ends of 52,500-52,800. On the
downside, 51,000 has offered very strong support where 100-Day Exponential
Moving Average or 100-DEMA lies. In case the index holds above 51,000, 'buy on
dips' strategy is advisable," said Hrishikesh Yedve, AVP Technical and
Derivatives Research, Asit C. Mehta
Q2 results today:
Almost 35 heavyweight Dalal Street stocks declared they would announce
Q2 results 2024 on Thursday. These listed entities include Infosys, Wipro, Axis
Bank, Nestle, LTI Mindtree, Havells India, etc.
Stocks to buy today:
Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, are of the view that investors should buy the following five stocks today, namely, CAMS, Siemens AG, DLF, EI Hotel, and Titan Company.
Stock picks of the day by Sumeet Bagadia:
1] CAMS: Buy at ₹4836.55, target ₹5150, stop loss ₹4685.
CAMS Industries has recently been able to show strong breakout from the
key resistance zone of 4700-4500 on the daily chart by consolidating the move
with higher highs and lower lows. This breakout is well-supported by a major
increase in trading volume, which spells good bullish sentiment.
2] Siemens: Buy at ₹7986.30, target ₹8550, stop loss ₹7700.
However, SIEMENS is currently trading at ₹7,986.3 and still in an
uptrend as indicated by more significant higher and lower highs in the long
term. Recent trading saw the stock hit a lifetime high of ₹8,129.9 after a
clear breakout from rounding bottom structure. This confirms the uptrend even
when significantly supported by volume increase. Closing above recent highs,
the stock may reach an interim target of ₹8,550.
Intraday trading stocks by Ganesh Dongre:
3] DLF: Buy at ₹885, target ₹910, stop loss ₹855.
Stock finds good support at Rs.855. Infact, this point is very crucial
during the stock's recent trading. At Rs.885, the stock has a clear
price-action reversal that will ignite a probable continuation of its upward
momentum. Buyers who want to capture this opportunity can buy and hold the
stock at Rs.885 with an appropriate stop loss of Rs.855. The target for this
trade would be Rs.910, which would act as the next big resistance. This
strategy puts traders in an advantageous position to capture the stock's
probable rally in the coming weeks.
4) EI Hotel: Buy at ₹424, target ₹436, stop-loss ₹415.
An important reversal pattern, bullish in nature, has now emerged in the
stock's short-term trend analysis. The technical pattern reflects a likely and
shallow retracement in the counter's price up to Rs. 436. Currently, the stock
holds on to a support at a critical level of Rs 415. As the current market
price is at ₹ 424, a buying opportunity has now brightened. This would mean
investors buy the counter at this price with the expectation that the counter
will move upward to the identified target of Rs. 436.
5] Titan Company: Buy at ₹3470, Target ₹3580, Stop Loss ₹3400.
On its daily chart, it has broken out so well at ₹3470. Its
complementing action is coming from the form of its Relative Strength Index,
which continues to maintain its upper slope, showing increasing buying
momentum. Here are the technical indicators that make it suitable for buying on
dips when the stock comes at this lower price point. Stop Loss ₹ 3400 for risk
management purposes, in case it would be taken. Target Price could be around ₹
3580 for a few weeks, which says that there's an upside since it is moving up.
The views and recommendations here are of individual analysts. Not ICFM's views. We do request investors to consult qualified experts before an investment decision.
