Stock market news: The Indian stock market finished marginally up on Thursday, following a day of fluctuating trading. The Nifty 50 hovered just below its recent peak, and the Sensex also ended nearly unchanged. The market experienced a pullback primarily because of profit-taking at elevated levels, although the overall sentiment continued to be positive.
Sensex climbed 110.87 points or 0.13% to settle at 85,720.38. The Nifty 50 ended marginally higher by 10.25 points or 0.04% at 26,215.55.
Market outlook and key drivers
Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that the markets might remain within a certain range but show a slight upward trend as indices consolidate close to their all-time highs ahead of the release of the GDP and comments from central banks. The financial sector is likely to continue its leading position, although investors will be attentive to any signs of stress in unsecured loans or rural demand. Global interest rates, crude oil prices, and indications of potential rate cuts will impact whether the market can surpass its recent highs.
Trade Setup for Friday
Rupak De, Senior Technical Analyst at LKP Securities, noted that the index traded sideways following a positive start and concluded the day nearly unchanged. On Thursday, the Nifty 50 achieved a new all-time high after a 14-month period, but the breakout was subdued, leading the index to move sideways thereafter. Nevertheless, the short-term trend remains optimistic, with the index comfortably positioned above all significant moving averages. The RSI is exhibiting a bullish crossover, and the established pattern of higher tops and higher bottoms continues to confirm an ascending chart formation.
“On the lower side, support is positioned at 26,000; as long as this level holds, the index may aim for 26,440/26,580. Adopting a buy-on-dips strategy would be more effective, as some consolidation is anticipated in the near term following the recent sharp upward movement,” said De.
Stocks to buy today
Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).
Sumeet Bagadia’s stock picks
Escorts Kubota Ltd: Bagadia recommends buying Escorts Kubota shares at ₹3,850, with a stop-loss at ₹3,715, and a target share price of ₹4,120.
Sumeet Bagadia said that Escorts Kubota share price was trading at ₹3,850, stock is currently trading in an overall upward trajectory and is approaching a key horizontal resistance zone near its recent swing highs. The price structure suggests a potential ascending triangle formation, indicating sustained buying interest at higher lows while facing a consistent overhead barrier. The recent surge in price with strong volume reflects renewed bullish sentiment, bringing the stock close to a possible breakout zone.
“In conclusion, based on the technical analysis and current market conditions, Escorts Kubota presents a promising buying opportunity for those aiming for a 4,120 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Shriram Finance Ltd: Bagadia recommends buying Shriram Finance shares at ₹868, with a stop-loss at ₹838, and a target share price of ₹928.
Sumeet Bagadia said that Shriram Finance share price was trading at 868, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached its all-time high of 869.5. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
“In conclusion, based on the technical analysis and current market conditions, Shriram Finance share price presents a promising buying opportunity for those aiming for a 928 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
ICICI Bank Ltd: Ganesh Dongre recommends buying ICICI Bank shares at ₹1,390 with a stop-loss at ₹1,360, with a ICICI Bank share price target of ₹1,430.
Ganesh Dongre said that the stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹1,390 and has established a solid support base at ₹1,360. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
“The technical setup points to the potential for a price retracement toward the ₹1,430 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹1,360 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone,” said Dongre.
Oberoi Realty Ltd: Ganesh Dongre recommends buying Oberoi Realty shares at ₹1,660 with a stop-loss at ₹1,600, with a Oberoi Realty share price target of ₹1,735.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,660 and maintaining a strong support at ₹1,600. The technical setup indicates the potential for a price retracement towards the ₹1,735 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 ₹1,600 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Punjab National Bank (PNB): Ganesh Dongre recommends buying PNB shares at ₹124 with a stop-loss at ₹118, with a PNB share price target of ₹129.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹124 and maintaining a strong support at ₹118.
“The technical setup indicates the potential for a price retracement towards the ₹129 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 ₹118 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Cemindia Projects Ltd: Shiju Koothupalakkal recommends buying Cemindia Projects shares at ₹809 with a target price of ₹850 and a stop-loss of ₹790.
Shiju Koothupalakkal said that Cemindia Projects share price has overall indicated a rising channel pattern on the daily chart with recently taking support near the important 770 zone making a higher bottom formation and currently with a significant pullback has moved past the important 50EMA level at 805 zone to improve the bias and expect for further upward move in the coming sessions.
“The RSI is well placed with buy signal indication to anticipate for further rise having much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 850 keeping the stop loss of 790 level,” said Koothupalakkal.
Netweb Technologies India Ltd: Shiju Koothupalakkal recommends buying Netweb Technologies shares at ₹3,335 with a target price of ₹3,470 and a stop-loss of ₹3,270.
Shiju Koothupalakkal said that the stock after witnessing a short period of consolidation with support maintained near 3,250 level and currently has shown signs of improvement with volume participation improving and anticipating for another fresh round of momentum on the upside.
“The RSI is currently well positioned, consolidating and indicating a positive trend reversal to expect for further gains in the coming sessions. With the chart technically looking attractive, we suggest buying the stock for an upside target of 3,470 keeping the stop loss of 3,270 level,” said Koothupalakkal.
Coromandel International Ltd: Shiju Koothupalakkal recommends buying Coromandel International shares at ₹2,366 with a target price of ₹2,480 and a stop-loss of ₹2,320.
Shiju Koothupalakkal said that the stock has witnessed a decent pullback from the low made near 2,100 level and currently has indicated a breakout above the descending channel pattern on the daily chart at 2,295 zone to strengthen the trend and anticipate for further rise in the coming days.
“The RSI is on the rise gaining strength and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 2,480 keeping the stop loss of 2,320 level,” said Koothupalakkal.
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 making any investment decisions.