Stock market today: Trade setup for Nifty 50 to Q1 results today, five stocks to buy or sell on Thursday — July 25

Stock market today: Following weak global market cues after lacklustre earnings from US tech behemoths Tesla and Alphabet, the Indian stock market ended lower for the fourth straight session. The Nifty 50 index slipped 40 points and closed at the 24,438 mark, the BSE Sensex shed 280 points and closed at 80,148, while the Bank Nifty index finished 348 points at 51,429. Cash market volumes fell 19 percent to ₹1.37 lakh crore. The broad market indices ended positively, even as the advance-decline ratio rose sharply to 3.26:1.

Trade setup for Thursday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend for Nifty today continues to be weak. Further weakness from here could find lower supports around 24,270-24,100, and one may expect the emergence of buying from the lows. Immediate hurdles to be watched around 24,580."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a negative note and remained under pressure in the first half. However, the index recovered in the second half, mitigating some losses. As a result, Bank Nifty settled the day on a negative note at 51,317 levels. Technically, the index on a daily scale has retested its previous breakout from the rounding bottom pattern and managed to close above it. Moreover, the index has respected the 50-DEMA support, which is near 50,950. A short-term relief rally cannot be ruled out as long as the index holds above the 51,000-50,950 levels. However, sustaining below 50,950 will trigger fresh weakness for the Bank Nifty."

On the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "We anticipate the market to quickly discount the budget and shift its focus to the trajectory of corporate earnings growth, which has remained marginally below our expectations so far in 1QFY25. Thus, we expect the market to consolidate in the near term."

Q1 results today

A total of 74 listed will declare their Q1 results 2024 on Thursday. Those 74 listed companies include Adani Green Energy, Nestle India, DLF, Tech Mahindra, Adani Green Solutions, Ashok Leyland, Canara Bank, AU Small Finance Bank, Laurus Labs, Cyient, PNB Housing Finance, Chalet Hotels, Jyothy Labs, etc.

Stocks to buy today

Regarding intraday stocks for today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended these five buy or sell stocks: Tech Mahindra, Mahanagar Gas Ltd or MGL, DLF, IndiGo, and Jindal Steel.

Sumeet Bagadia's stock recommendations today

1] Tech Mahindra: Buy at ₹1533.30, target ₹1650, stop loss ₹1475.

Tech Mahindra share has formed a strong bullish candle on its daily chart, indicating substantial buying interest while trading near its all-time highs. After a strong upward movement, the stock has entered a consolidation phase after reaching its peak. It has notably found support near the short-term (20-day) Exponential Moving Average (EMA), suggesting a period of stability in its price action.

2] MGL: Buy at ₹1751, target ₹1890, stop loss ₹1680.

MGL share price is currently trading at ₹1751, has broken out of its recent sideways trading range. This breakout suggests a shift in momentum towards a potential bullish trend. The price action indicates that MGL is moving beyond the consolidation phase, which typically signifies renewed buying interest and potential upward movement in the stock.

Ganesh Dongre's shares to buy today

3] DLF: Buy at ₹818, target ₹850, stop loss ₹805.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹850. So, holding the support level of ₹805, this stock can bounce toward ₹850 in the short term. Hence, the trader can go along with a stop loss of ₹805 for the target price of ₹850.

4] IndiGo: Buy at ₹4358, target ₹4600, stop loss ₹4275.

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 ₹4600. The stock is currently maintaining a crucial support level at ₹4275. Given the current market price of ₹4358, 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 ₹4600.

5] Jindal Steel: Buy at ₹972, target ₹1010, stop loss ₹940.

The stock has seen strong support at ₹940 in the short term. Technically, retrenchment could be possible until ₹1010. So, holding the support level of ₹942, this stock can bounce toward ₹1010 in the short term. Hence, the trader can use a stop loss of ₹940 for the target price of ₹1010.

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