Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell ahead of RBI Monetary Policy

Stock Market Today: The consolidation in the markets continued as the benchmark Nifty 50 index and the S&P BSE Sensex, at 23,603.35 and 78,058.16, respectively, ended 0.39% and 0.27% lower on Thursday. The Bank Nifty, at 50,382.10, managed to end 0.08% higher. However, most other sectors, with the exception of IT, ended lower, with Really, FMCG, and Auto being key losers. Broader markets also ended 0.3% and 1.26% lower.

Trade Setup for Friday

The Nifty’s near-term uptrend remains intact. Current weakness could end around 23500-23450 levels in the short term, and one may expect an upside bounce from the lows soon. A decisive move above the hurdle of 23800 could open another round of upside bounce in the market, as per Nagraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Immediate support for the Bank Nifty is placed near 50,000 levels. Thus, the index is expected to consolidate in the 50,000-50,600 range in the short term, said Asit C Mehta Investment Intermediates Ltd.

Q3 Results Today to RBI Monetary Policy

Following the recent dip, market participants now await the outcome of the scheduled MPC meeting for further direction. While the anticipated 25 basis point rate cut appears to be priced in, the committee’s stance on growth and inflation will be closely watched. Additionally, corporate earnings and global cues are likely to keep volatility elevated. Given this backdrop, we maintain our focus on stock selection and trade management, with a positive bias,  Ajit Mishra – SVP, Research, Religare Broking 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.

Sumeet Bagadia’s stock recommendations today

1] Jagsonpal Pharmaceuticals Ltd – Bagadia recommends buying Jagsonpal Pharma ₹273.5 Stoploss at ₹260 for a target price of ₹ 295

Jagsonpal showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹273.5. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend. Notably, the trading volume during upward price movements has been substantial, reinforcing the rally’s strength. The recent sessions have seen JAGSNPHARM stabilizing near its all-time highs, indicating that the stock is consolidating and potentially preparing for another breakout.

2] Kaveri Seed Company Ltd– Bagadia recommends buying Kaveri Seed at ₹985.35, keeping Stoploss at ₹950 for a target price of ₹1060

Kaveri Seed showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹985.35. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge

Ganesh Dongre’s stocks to buy today

3] CIPLA Ltd – Dongre recommends buying Cipla at ₹1472 , keeping Stoploss at ₹1445 for a target price of ₹1500

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’s price, potentially reaching around Rs. 1500. At present, the stock is maintaining a crucial support level at Rs.1445. Given the current market price of Rs.1472, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 1500.

4] Infosys Ltd: Dongre recommends buying Infosys at ₹1918 keeping Stoploss at ₹1900 for a target price of ₹1950

We have seen a major support in this stock around Rs. 1890 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1918 price level, which may continue its rally till its next resistance level of Rs.1900 so traders can buy and hold this stock with a stop loss of Rs.1890 for the target price of Rs. 1900 in the upcoming weeks.

5] HDFC Life Insurance Company Ltd– Dongre recommends buying HDFC Life at ₹633 keeping Stoploss at ₹655 for a target price of ₹615

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 655 Currently, the stock is holding a crucial support level at Rs.615.

Given this scenario, there is potential for the stock to rebound towards the Rs.655 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.615 to manage risk effectively. The target price for this trade is Rs.695, reflecting the anticipated upward movement based on the identified technical

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.