Stock market today: Trade setup for Nifty 50 to India-Pakistan conflict; Eight stocks to buy or sell on Tuesday

Stock Market Today: The markets started the new week on a strong note as the benchmark Nifty 50 index ended with gains of 1.2% at 24,328.50. The Bank Nifty rebounded well, gaining 1.41% to 55,432.80, while most other indices, auto, metals, pharma, oil & gas, recorded handsome gains. Only It ended in the Red. Broader indices also performed well, gaining 0.9-1.6%

Trade Setup for Tuesday

A sustainable move above 24400 for Nifty will not only negate the recent short-term bearish pattern, but also open sharp upside towards the next resistance of around 24600-24800 levels in the near term. Immediate support is placed at 24050 levels, as per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

A sustained move for Bank Nifty above Monday’s high of 55,577 could trigger further upside toward the 56,200 and 56,800 levels in the coming sessions, as per Bajaj Broking.

Global Markets and Q4 Results

With Indian equities witnessing sustained buying interest, we expect the gradual up-move in the market to continue with some volatility on the back of geo-political developments. Meanwhile, stock/sector specific action would continue on account of ongoing Q4 earnings announcements, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd. Key results on Tuesday include Bajaj Finance, Bajaj Finserv, Trent, BPCL, Ambuja Cements amongst others.

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 stocks picks.

These Include Tourism Finance Corporation of India Ltd, Paradeep Phosphates Ltd, Tata Motors Ltd,  Tata Steel Ltd, Aditya Birla Capital Ltd , Garden Reach Shipbuilders & Engineers Ltd, Kaynes Technology India Ltd and TD Power Systems Ltd. 

Sumeet Bagadia’s stock picks

1] Tourism Finance Corporation of India Ltd– Bagadia recommends buying Tourism Finance Corporation at ₹198.4 keeping Stoploss at ₹191 for a targer price of ₹212.

TFCILTD is currently trading at 198.40, exhibiting a strong bullish trend following a prolonged consolidation phase. The stock has been forming a sequence of higher highs and higher lows, reinforcing the strength of the ongoing uptrend. A recent breakout from the sideways range, accompanied by a significant surge in volume, highlights strong buying interest. A rounding bottom pattern appears to be developing, which is typically considered a bullish continuation formation.

2] Paradeep Phosphates Ltd-  Bagadia recommends buying Paradeep Phosphates at ₹148.94 keeping Stoploss at ₹144 for a target price of ₹159.

PARADEEP is currently trading at 148.94, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently the stock has also achieved an all-time high of 150.7. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. T

Ganesh Dongre’s stocks to buy today

3] Tata Motors Ltd– Dongre recommends buying Tata Motors at ₹668 keeping Stoploss at ₹655 for a target price of  685

In the latest short-term technical analysis, Tata Motors has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹668 and holding above a key support level at ₹655. 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 ₹655 to manage downside risk. 

4] Tata Steel Ltd– Dongre recommends buying Tata Steel at ₹142 keeping Stoploss at ₹135 and target price of ₹153

It has exhibited a notable bullish reversal pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹68 and maintaining a strong support at ₹135. The technical setup indicates the potential for a price retracement towards the ₹153 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 ₹135 offers a prudent approach to capturing the anticipated upside.

5] Aditya Birla Capital Ltd – Dongre recommends buying ABCAPITAL ₹199 keeping Stoploss at ₹194 for a target price of ₹207.

ABCAPITAL, the stock is currently trading at ₹199 and appears to be in an oversold zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential recovery move. The critical support level lies at ₹194, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹207 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.

Shiju Koothupalakkal’s intraday stocks for today

6] Garden Reach Shipbuilders & Engineers Ltd– Koothupalakkal recommends buying Garden Reach Shipbuilders at around ₹1749 for a Target price of ₹1850 keeping Stoploss at ₹1715

The stock has indicated a strong bounce back to close once again above the important 200 period MA at 1705 level with tremendous volume participation witnessed improving the bias and can anticipate further rise with parameters exhibiting strong uptrend. The RSI is well placed indicating a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 1850 keeping the stop loss of 1715 level.

7] Kaynes Technology India Ltd– Koothupalakkal recommends buying Kaynes Technology India at around ₹5884 for a target price of ₹6140 keeping  Stop loss at ₹5770

The stock has maintained a strong uptrend recently moving past the important 50EMA and 200 period MA and currently with a formation of higher bottom pattern taking support at 5470 levels has once again improved the bias to expect for further upward move. The RSI has indicated strength having 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 6140 level keeping the stop loss of 5770 level.

8] TD Power Systems Ltd – Koothupalakkal recommends buying TD Power System at around ₹430.75 for a target price of ₹458 keeping Stoploss at ₹420

The stock after a short period of correction has once again indicated revival with strength regained with a positive candle formation on the daily chart. The RSI is well positioned to signal a buy and has much upside potential visible. With the chart looking good, we suggest to buy the stock for an upside target of 458 keeping the stop loss of 420 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.