Stock market today: Trade setup for Nifty 50 to Q4 Results; Eight stocks to buy or sell on Thursday — 24 April 2025
Stock Market Today: Helped by positive Global cues, the benchmark Nifty-50 idex ended 0.63% higher at 24,319.35. Bank Nifty however ended 0.5% lower at 55,370.05. However, most other sectors led by IT and Auto gained, and so did broader indices, with mid and small caps rising up to 1.18%.
Trade Setup for Thursday
Immediate resistance for the Nifty is seen at 24545, which happens to be 61.8% retracement of the entire fall seen from 26277(All Time High) to 21743(7th April 2025 Low). Support for the Nifty has shifted upwards to 24072, as per Nandish Shah – Deputy Vice President, HDFC Securities
The key support base for the Bank Nifty is placed at 54,000-53,500 levels as per Bajaj Broking.
Global Markets and Q4 Results
The Indian equity market sustained its positive momentum, driven by better outcome from the latest set of IT results and optimistic forward-looking comments. However, profit booking was visible in financials after the recent sharp rally. While US-China trade tensions appear to be easing, a rally in US tech stocks has further bolstered overall global market sentiment. The mixed domestic Q4 earnings and uptick in crude prices, along with the recent outperformance of the domestic market, can trigger some consolidation in the near term., said 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 two stocks picks
Sumeet Bagadia’s stock picks
- AU Small Finance Bank Ltd– Bagadia recommends buying AU Small Finance Bank at ₹665.45 keeping Stoploss at ₹640 for a target price of ₹710
AUBANK is currently trading at the levels of 665.45, the chart shows a signs of a potential trend reversal after a prolonged downtrend, supported by the formation of a rounded base pattern. The stock has managed to break above key consolidation resistance near the 640 level, indicating renewed buying interest. The pattern suggests a shift in sentiment from bearish to neutral-to-bullish
2. Home First Finance Company India Ltd– Bagadia recommends buying Home First Finance Company at ₹1301.1 keeping Stoploss at ₹1250 for a target price of ₹1380
HOMEFIRST is currently trading at the levels of 1301.1, exhibiting a strong bullish trend as it breaks out from a prolonged consolidation phase. The stock has rallied significantly over the past few sessions, supported by strong volume activity, indicating sustained buying interest. A breakout from a Rounding Bottom pattern formation appears evident on the daily chart, often considered a continuation pattern in an uptrend.
Ganesh Dongre’s stocks to buy today
3. Bajaj Finance Ltd– Dongre recommends buying BAJFINANCE at ₹9320 keeping Stoploss at ₹9150 for a target price of ₹9600
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.9600. At present, the stock is maintaining a crucial support level at Rs.760. Given the current market price of Rs. 9320, 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.9600
4. Canara Bank – Dongre recommends buying Canara Bank at ₹99 keeping Stoploss at ₹95 for a target price of ₹105.
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.105. At present, the stock is maintaining a crucial support level at ₹95. Given the current market price of Rs. 99, 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. 105
5. Punjab National Bank – Dongre recommends buying Punjab National Bank at ₹103 keeping Stoploss at ₹97 for a target price of ₹108
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.108. At present, the stock is maintaining a crucial support level at Rs.97. Given the current market price of Rs. 103, 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. 108
Shiju Koothupalakkal’s intraday stocks for today
6. Maruti Suzuki India Ltd – Koothupalakkal recommends buying Maruti Suzuki at around ₹11907 for a target price of ₹12500 keeping Stop loss at ₹11700
The stock has exhibited decent volume participation and a positive bullish candle formation on the daily chart to move past the important 50EMA at 11807 level to improve the bias and further rise is anticipated in the coming sessions. The RSI has steadily recovered from the oversold zone and currently, is well positioned gaining strength and has immense upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of 12500 keeping the stop loss of 11700 level.
7. GlaxoSmithKline Pharmaceuticals Ltd – Koothupalakkal recommends buying GlaxoSmithKline Pharmaceuticals at around ₹2846 for a target price of ₹3000 keeping Stoploss at ₹2790
The stock after the short period of profit booking witnessed, has once again indicated an optimistic move with a positive candle with decent volume participation to improve the bias and can expect for further upward move in the coming sessions. The RSI is well placed and having much upside potential visible, it can once again regain for another fresh round of momentum. With the chart technically maintained strong, we suggest to buy the stock for an upside target of 3000 level keeping the stop loss of 2790 level.
8. Godrej Consumer Products Ltd– Koothupalakkal recommends buying Godrej Consumer at around ₹1268 for a Target price of ₹1330 keeping Stop loss at ₹1240
The stock after witnessing a consolidation phase for quite some time has indicated a breakout with a bullish candle formation visible on the daily chart to breach above the important 200 period MA at 1253 level improving the bias. Further upward movement can be expected with the RSI indicating strength and can continue with the upward rise in the coming sessions. With the chart looking good, we suggest to buy the stock for an upside target of 1330 keeping the stop loss of 1240 level.
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 making any investment decisions.
