Stock market today: Trade setup for Nifty 50 to Israel-Iran news; eight stocks to buy or sell on Wednesday

Stock market today: The benchmark Nifty-50 index ended with 0.29% gains at the 25,044.35 level on Tuesday. The Bank Nifty at 56,461.90 gained 0.72%, while metals led gains for other indices. In the broader markets, the mid- and small-caps also ended with gains of close to 0.7%. 

Trade Setup for Wednesday

Nifty is in continuation of a short-term consolidation trend. The 20-day EMA has now moved up to 24618, which is expected to serve as immediate support, while the 24900-25000 band is likely to continue acting as a resistance zone for the Nifty, as per Devarsh Vakil, Head of Prime Research, HDFC Securities.

For the Bank Nifty, until a clean breakout occurs above 56,850, the trend may remain choppy and sideways, with support near 55,700, as per Om Mehra, Technical Research Analyst, SAMCO Securities.

Global Markets and Israel-Iran news

“Initial gains in the domestic market, driven by the ceasefire announcement, were short-lived as renewed geopolitical tensions in the Middle East unsettled investor sentiment. Adding to the uncertainty was heightened volatility due to expiry day dynamics. Although the market attempted to break out of its recent consolidation range, persistent global risks continue to impede momentum. Going forward, the sustainability of an uptrend will hinge on the strength of domestic earnings, with optimism surrounding the upcoming Q1 results supported by favorable domestic macroeconomics, as per Vinod Nair, Head of Research, Geojit Investments Limited.

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, while Shiju Koothupalakkal, Senior Manager, Technical Research at Prabhudas Lilladher, has given three stock picks.

These include India Glycols Ltd, Indian Metals & Ferro Alloys Ltd, Larsen & Toubro Ltd, Rashtriya Chemicals and Fertilizers Ltd, Jindal Steel & Power Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Carysil Ltd., and Gujarat Industries Power Company Ltd

Sumeet Bagadia’s stock picks

1. India Glycols Ltd.-Bagadia recommends buying India Glycols, or INDIAGLYCO, at around ₹1981, keeping Stoploss at ₹1910 for a target price of ₹2121.

INDIAGLYCO showcases a strong bullish momentum; the stock has now broken out of a long consolidation phase and is displaying strong price structure, firmly above all key exponential moving averages. The stock formed a bullish candle with a wide trading range and closed near the higher end, suggesting strong intraday demand. INDIAGLYCO had been trading sideways between ₹1800 and ₹1800– ₹1900 for a month before staging a powerful breakout.

2. Indian Metals & Ferro Alloys Ltd. (IMFA)—Bagadia recommends buying IMFA  at ₹776, keeping Stoploss at ₹750 for a target price of ₹830

IMFA is currently positioned at ₹776 levels and has shown robust upward momentum. The stock’s showing an impressive turnaround on the charts, as the stock gears up for a fresh upside rally following a strong breakout from its earlier congestion zone. After spending weeks in a sideways-to-corrective phase, the counter has decisively crossed over multiple critical moving averages, indicating renewed bullish momentum.

Ganesh Dongre’s stocks to buy today

3. Larsen & Toubro Ltd.—Dongre recommends buying Larsen & Toubro, or LT, at around ₹3610, keeping stop-loss at ₹ 3570 for a target price of ₹3700

Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 3610 and maintaining strong support at ₹ 3570. The technical setup indicates the potential for a price retracement towards the ₹ 3700 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 3570 offers a prudent approach to capturing the anticipated upside.

4. Rashtriya Chemicals and Fertilizers Ltd., or RCF-Dongre, recommends buying RCF at around ₹157, keeping Stoploss at ₹150 for a target price of ₹165

Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 157 and maintaining strong support at ₹ 150. The technical setup indicates the potential for a price retracement towards the ₹ 165 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 150 offers a prudent approach to capturing the anticipated upside.

5. Jindal Steel & Power Ltd.—Dongre recommends buying Jindal Steel & Power, or JINDALSTEL, at around ₹925, keeping Stoploss at ₹ 900 for a target price of ₹950.

In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 925 and holding above a key support level at ₹ 900. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 900 to manage downside risk. The target for this trade is set at ₹ 950, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.

Shiju Koothupalakkal intraday stocks for today

6. GlaxoSmithKline Pharmaceuticals Ltd.—Koothupalakkal recommends buying GlaxoSmithKline Pharmaceuticals, or GLAXO, at around ₹3229 for a target price of ₹3400, keeping the stop loss at ₹3175

The stock has witnessed a short period of correction, currently indicating a significant revival with decent volume participation visible to improve the bias and anticipate further rise in the coming sessions. The RSI, after correcting from the highly overbought zone, is currently well placed and indicates a positive trend reversal to signal a buy with much upside potential visible from the current rate. With the chart technically looking good, we suggest buying the stock.

7. Carysil Ltd.—Koothupalakkal recommends buying  CARYSIL at around ₹887 for a target price of ₹935, keeping Stop loss at ₹870.

The stock has maintained the strong uptrend, and currently, after a small correction, has once again regained strength with a bullish candle taking support near the ₹845 zone to indicate a higher bottom formation on the daily chart, and we can anticipate a further upward move in the coming sessions. The RSI is well positioned, cooling off from the overbought zone and indicating strength has scope for further positive moves. With the chart technically looking attractive, we suggest buying the stock for an upside target of ₹935, keeping the stop loss at the ₹870 level. 

8. Gujarat Industries Power Company Ltd.—Koothupalakkal recommends buying Gujarat Industries Power Company Ltd., or GIPCL, at around ₹196.40 for a target price of ₹208, keeping the stop loss at ₹192

The stock has indicated a series of higher bottoms with higher top formation patterns on the daily chart, currently indicating a revival from the ₹190 zone to move past the 50EMA at the ₹194 level to improve the bias, anticipating a further rise in the coming sessions. The RSI has indicated a positive trend reversal to signal a buy with much upside potential visible from the current level and can carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an upside target of ₹208 level, keeping the stop loss at ₹192 level.

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