Stock Market Today: Nifty 50 index has continued to consolidate as the index ended on Thursday, 10th October, with a marginally positive close of 0.07% at 24,998.45. The S&P BSE Sensex ended with 0.18% gains at 81,611.41.
The Bank Nifty surged 1.07% at 51,530.90, supported well by
metal and energy sectors even though pharma and IT turned sharply down. Broader
indices couldn't capitalise on initial momentum and ended the session on a
mixed note.
Trade setup for Friday:
The market texture is non-directional at the moment, said Shrikant Chouhan, Head of Equity Research, Kotak Securities, who feels 25,130 for Nifty and 82,000 for Sensex would be the key breakout levels. Above the same, the market could bounce back to 25,260-25,300 levels for the Nifty and 82,300-82,500 levels for the Sensex.
Bank Nifty did experience a pullback toward key hourly
moving averages (51,700 – 51,800). "The pullback would continue on an
upbeat note and towards 52,000 – 52,400," said Jatin Gedia, Technical
Research Analyst, Sharekhan. Global market amidst Iran-Israel war
Asian equities rose mostly on Friday following overnight strength in US equities. European shares declined on Thursday amid as technology and mining stocks led the decline as investors prepared to take in US inflation data, a figure in which, along with initial jobless claims, a reading is expected to determine the course of action the US Federal Reserve is likely to take in terms of its monetary policy going forward.
Siddhartha Khemka, Head-Research, Wealth Management, Motilal Oswal Financial Services Ltd believes that the market would consolidate in a range with stock-specific action.
Stock recommendations today:
Sumeet Bagadia, Executive Director at Choice Broking, has suggested two stock recommendations for Friday. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas for today.
The list includes Apar Industries Ltd, Gujarat
Fluorochemicals Ltd, Clean Science and Technology Ltd, GAIL (India) Ltd and
Mahindra & Mahindra Ltd.
Buy stocks today by Sumeet Bagadia:
1. Apar Industries Ltd - Buy at ₹10,649.7. Put a stop loss at ₹10,250. Target ₹11,350.
Apar Industries is trading at 10,649.7 and continues in an uptrend as there are a series of higher highs and higher lows created over time. The stock has recently made an all-time high of 10,720, hence it remains in uptrend which is supported by a major volume increase. The stock has an upward potential towards 11,350 at a short-term standpoint if able to close above its key resistance of 10,700.
2. Gujarat Fluorochemicals Ltd - Bagadia feels one should buy Gujarat Fluorochemicals at ₹4,659.75 with stop loss at ₹4,488 for a target price of ₹4,900.
Gujarat Fluorochemicals is trading at 4,659.75 levels
currently. On the daily chart, the stock has made a very strong bullish
momentum candle, which says it has regained strength in its price action. A
strong support lies at 4,488 levels. This should multiply the steadiness and
stability quotient of the stock.
Stocks to buy today-Ganesh Dongre:
3. Clean Science and Technology Ltd - Dongre recommends buying the stock of Clean Science and Technology at Rs 1,520 with a stop loss at Rs 1,485 for a target price at Rs 1,595.
The stock of Clean Science and Technology has immense
support at the levels of Rs 1,485. This
is an essential breakdown point in the recent trading of the company. At the current price of Rs 1,520, the stock
has shown outright reversal in its price action, and there is quite some
likelihood that this stock would continue with its present upward moves. Trades
looking to capitalize on this would buy and hold the stock, placing a
conservative stop loss at ₹1,485. The expected target of the trade is at
₹1,595, which happens to be the next big resistance level that the stock sees.
This places the traders very well positioned to ride the expected rally in the
coming weeks.
4. GAIL (India) Ltd - Dongre suggests buying GAIL at ₹226 with a stop loss at ₹218 for a target of ₹235.
Short-term trend analysis is taken recently reveals the
important bullish reversal pattern emerging in the stock. This technical
pattern expects that the price of the stock might give a temporary retracement
up to a level of ₹235. Current very important support level continues to be
prevalent in the stock at around ₹218. At ₹226, which is the market price now,
it's a buying opportunity. The research house is suggesting that investors
might buy at this prevailing price and could expect a rise towards the
identified target of ₹235.
5. Mahindra & Mahindra Ltd - Dongre recommends a BUY on Mahindra & Mahindra at ₹3,200 with a stop loss of ₹3,140 and target price of ₹3,330.
On the daily chart of the stock, a breakout at the ₹3,200 price level has been observed, which may lead towards an upward trend. This breakout is well supported by the RSI that continues in the upward direction as also, the series of buying momentum keeps building up. From technical indications, an opportunity to buy on dips and enter a stock at a lower price point materializes. Risk Management: At the ₹3,140 stops per share. The target price for this strategy stands at ₹3,330 in the next week, indicating that the stock may go some amount higher, as it keeps moving upStock Market Today: The Nifty 50 index consolidated further in its current phase to close at a marginal gain of 0.07% at 24,998.45 on Thursday, October 10. The S&P BSE Sensex too closed at 0.18% gains at 81,611.41.
