Buy or sell stocks for today: Domestic equity benchmarks Sensex and Nifty 50 powered by a rally in banking and power stocks amid a largely firm trend in global markets. Traders said the market mostly traded range-bound without any major trigger and persistent foreign capital outflows.
The Nifty 50 index rose 0.07 per cent to 24,998.45, while the S&P BSE Sensex added 0.18 per cent to 81,611.41. The indexes rose about 0.6 per cent each earlier in the session. In the broader market, while the BSE midcap gauge slipped 0.36 per cent, smallcap index rose 0.43 per cent.
Shares of Tata Group companies rose to 15 per cent, with Tata Investment Corporation, Tata Chemicals, and Tata Teleservices among the major gainers. India's largest IT services firm, Tata Consultancy Services (TCS), reported a 4.99 per cent increase in the net profit at ₹11,909 crore during the July-September quarter, held back by a narrowing of profit margin.
In global markets, Wall Street's main indexes were slightly lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the US economy and the path for interest rates.
Also Read: Bandhan Bank share price today
The closely watched consumer price index rose 0.2 per cent monthly and 2.4 per cent annually in September, slightly higher than most economists estimated. The core figure, which excludes volatile food and energy prices, rose 3.3 per cent year-over-year versus an estimate of 3.2 per cent.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “Nifty finds consolidation near the 25,000 zone to slightly ease out the sentiment, with bias still maintained with a cautious approach sustaining above the 24,900 zone."
For Bank Nifty, the Prabhudas Lilladher expert said, “Bank Nifty has witnessed a decent pullback once again and has moved past the important 100-period MA at 51,200 zones to slightly improve the bias. A further decisive breach above 52,000 levels shall bring conviction for further upward movement.”
Regarding stocks investors can buy, Vaishali Parekh recommended three intraday stocks for today: Granules India, Balkrishna Industries, and BEL.
For today's outlook on the Nifty 50, Parekh said, “The index would need to breach above the 25,300 zone to improve the bias and, thereafter, anticipate a further rise with conviction. One can focus on defence stocks like GRSE, Mazagon Dock, BDL, Cochin Shipyard, and HAL, which look promising with improved bias and significant volume participation witnessed.”
The support for the day is seen at 24,850 levels, while the resistance would be at 25,200 levels. On Bank Nifty, Vaishali Parekh said, "Bank Nifty would have the daily range of 51,200-52,000 levels.
1.Granules India: Buy Granules India at ₹578 at a target price of ₹602 with a stop loss of ₹566.
2.Balkrishna Industries: Buy Balkrishna Industries at ₹3,059 at a target price of ₹3,170 with a stop loss of ₹3,000.
3.Bharat Electronics Ltd (BEL): Buy BEL at ₹286.90 at a target price of ₹302 with a stop loss of ₹280.
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.
