Stock market today: Trade setup for Nifty 50 to global markets outlook, five stocks to buy or sell on Tuesday — Sept 24

Stock Market Today: The markets started a week on a strong note maintaining Friday's momentum . The benchmark Nifty 50 index and the S&P BSE Sensex scaled all time highs. The Nifty ended the day at 25,939.04, up 0.57% and not far from day's high of  25956.  The Sensex that ended at 84,928.61 with gains of 0.45% was also not far from all time highs of 84,980.53 scaled during the day.

Bank Nifty strengthened, ending with 0.56% gains at 54,105.80. Realty, auto, and energy were leading gainers during the day, and the broader indices also bounced back, posting gains between 0.8% and 1%.

Trade setup for Tuesday

After a decisive upside breakout on Friday, the market continued their upward journey on Monday and closed close to the days high. The short-term trend of Nifty continues to be positive. Nifty is now heading towards the upside target of 26250 (1.618% Fibonacci Extension) in the near term. Immediate support is at 25750, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically, the Bank Index is oscillating within a rising channel. In the short-term index might face a hurdle near 54500 levels and if sustains above  might test 55,000-55,500, level, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. On the downside, the breakout level of rounding bottom pattern near 53,350 and the Psychological level of 53,000 will serve as support points, added Yedve.

Global Market outlook

The Fed’s aggressive rate cut and dovish outlook triggered a rally both in global and domestic markets. Even FIIs have been strong buyers in the last few sessions, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services. Khemka added that he expects positive momentum to continue with index heavyweights continuing to outperform. We expect key events like the US GDP & Core PCE data, Fed Chair Powell's speech & monthly derivatives expiry will keep the markets busy.

Stocks to buy today

Market experts as Sumeet Bagadia, Executive Director at Choice Broking has recommended two stock picks for Monday, while Ganesh Dongre, Senior Manager of technical Research at Anand Rathi also has given another three picks.

These include Bajaj Auto Ltd, Apollo Hospitals Enterprise LTD , Gujarat State Petronet Ltd , Indus Towers Ltd and Intellect Design Arena Ltd. 

Sumeet Bagadia's stocks to buy today

1. Bajaj Auto Ltd. Sumeet Bagadia recommends buying Bajaj Auto at ₹12338.95 keeping Stoploss at ₹11900 with a target price of ₹12999

Bajaj Auto is presently trading at ₹12338.95 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action. A robust support level is situated at 11900 levels. This confluence of support factors enhances the stock's stability and resilience said Bagadia 

2. Apollo Hospitals Enterprise Ltd-  Sumeet Bagadia recommends buying Apollo Hospitals Enterprise Ltd at ₹7152.8 with a stoploss at ₹6900 for a target price of ₹7600

Apollo Hospitals daily chart analysis as per Bagadia offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price, said Bagadia

Ganesh Dongre, stocks to buy today

3. Gujarat State Petronet Ltd- Dongre recommends buying Gujarat State Petronet Ltd at ₹404 keeping Stoploss at ₹390 for a target price of ₹425

The stock found a substantial support level at Rs. 390, marking a crucial juncture in its recent trading. Presently, at Rs.404, the stock has demonstrated a definitive reversal in price action, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at Rs.390. The anticipated target for this trade is Rs.425, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock's anticipated rally in the weeks ahead..

4. Indus Towers Ltd - Dongre recommends Buying Indus Towers Ltd at ₹403 keeping Stop loss at ₹392 and a target price of ₹430.

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. 430. At present, the stock is maintaining a crucial support level at Rs.392. Given the current market price of Rs.403, 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. 430, said Dongre

5. Intellect Design Arena Ltd - Dongre recommends buying Intellect Design Arena Ltd at ₹980 keeping stop loss at ₹970 with a target price of ₹1020

On the daily chart of this stock, a breakout at the Rs. 980 price level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs. 970 is recommended. The target price for this strategy is Rs. 1020 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.