Stock market today: Despite the rally in the US stock market following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies, the Indian stock market ended lower for the third straight session on Thursday. The Nifty 50 index lost 221 points and closed at the 24,749 mark, the BSE Sensex shed 494 points and closed at 81,006, while the Nifty Bank index finished 512 points lower at 51,288. Baring IT, all sectors ended in red with Realty, Consumer Durables & Auto declining the most. The IT sector witnessed buying due to positive earnings from HCL Tech and the upcoming results from Infosys.
Speaking on the outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The Nifty 50 index slipped into sharp weakness on Thursday and formed a long bear candle. This could be a precursor to a sharp fall in the 50-stock index. A breach of 24,694 could take the Nifty down to the 24,367 mark, while 24,920 could be a resistance on the move."
On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, said, "Bank Nifty opened on a positive note but failed to surpass the high of the shooting star candle, leading to profit booking and closing negatively at 51,289. Technically, the index has formed a big bearish candle on a daily scale, indicating weakness. On the downside, the 100-day Exponential Moving Average (100-DEMA) is near 51,050 levels. Thus, 51,000-51,050 will support Bank Nifty in the short term. If the index sustains below 51,000, further weakness could be expected."
Around 44 Dalal Street heavyweights have set their Q2FY25 results date on 18th October 2024. These 44 listed companies include Jio Financial Services Limited, Hindustan Zinc, ICICI Lombard, Tata Consumer Products, Oberoi Realty, L&T Finance, Tejas Networks, ZEEL, etc.
Regarding shares to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended buying these five shares: Gujarat Fluorochemicals, Tech Mahindra, ICICI Lombard, Ambuja Cements, and LT.
1] Gujarat Fluorochemicals: Buy at ₹4680.55, target ₹5000, stop loss ₹4545.
Gujarat Fluorochemicals is trading at ₹4,680.55 and remains in a well-defined uptrend, characterized by a consistent series of higher and lower lows over time. The stock recently hit an all-time high of ₹4,880.90, following a decisive breakout from a Bullish Flag Pattern, which indicates that the uptrend is still intact. Increased trading volumes further support this bullish momentum, highlighting strong buying interest. If the stock closes above its recent highs, it could reach a short-term target of ₹5,000.
2] Tech Mahindra: Buy at ₹1699, target ₹1777, stop loss ₹1640.
Tech Mahindra's share price is currently ₹1699. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1650 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹1777 levels. On the downside, substantial support is evident near ₹1640.
3] ICICI Lombard: Buy at ₹2035, target ₹2120, stop loss ₹2035.
A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹2120. The stock is currently maintaining a crucial support level at ₹1980. Given the current market price of ₹2035, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹2120.
4] Ambuja Cements: Buy at ₹570, target ₹590, stop loss ₹560.
A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around Rs.660. The stock is currently maintaining a crucial support level at ₹560. A buying opportunity is emerging, given the current market price of ₹570. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹590.
5] LT: Buy at ₹3565, target ₹3650, stop loss ₹3500.
A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹3650. The stock is currently maintaining a crucial support level at ₹3500. Given the current market price of ₹3565, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹3650.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decision.
