Stock market today: Nifty 50 to Q2 results today, experts recommend four stocks to buy or sell on Tuesday — Oct 22
- Stocks market today: Experts have recommended buying these four shares — Suven Pharmaceuticals, Indigo Paints, Mahindra and Mahindra Financial Services, and Torrent Pharmaceuticals.
Stock market today: The Indian stock market benchmark indices, the Sensex and Nifty 50, ended lower on Monday, October 21, as investors resorted to profit booking at higher levels.
The Sensex fell 73.48 points, or 0.09%, to close at 81,151.27, while the Nifty 50 settled 72.95 points, or 0.29%, lower at 24,781.10. The volatility index, INDIA VIX, surge by 6.42%, settling at 13.88, indicating a rise in market volatility.
Trade guide for the stock market today
On the outlook for market today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., said, “On the daily chart, the Nifty formed a bearish candle, which indicates weakness. However, the index managed to hold the neckline support of the head and shoulder pattern and close above the 24,700 level. On the upside, the 21-Days Exponential Moving Average (21-DEMA) around 25,120 will be the major hurdle for the index, followed by 25,240. If index sustains below 24,700, then further weakness could be possible.”
On Bank Nifty outlook, Yedve added, "Bank Nifty began positively, but after an initial shoot up, the index saw a profit booking, closing lower at 51,963. Technically, on a daily scale, the index formed a bearish candle but managed to close just above the 21-Day Exponential Moving Average (21-DEMA) support, which is placed near 51,915. On the downside, the 100-DEMA support is positioned near 51,090, with last week’s low near 51,000. Thus, 51,000-51,100 will offers good support for Bank Nifty in short term. As long as the index holds above 51,000, a "buy on dips" strategy is advisable.”
On the technical outlook for Nifty today, Rupak De, Senior Technical Analyst, LKP Securities said, “Nifty remained volatile throughout the day as traders were uncertain about the market direction. On the higher end, it found resistance at the 50EMA on the daily timeframe. Additionally, the index failed to move beyond 25000, which led to selling pressure that pushed it down to 24700. If Nifty falls below 24700, the selling pressure may intensify. However, if it holds above 24700, a smart recovery toward 25050 could be expected.”
Q2 results today
Around 66 companies will be declaring their Q2 results 2024 on Tuesday. The listed companies include Zomato, Bajaj Finance, Adani Green Energy, Varun Beverages, One 97 Communications (Paytm), Indus Towers, Coforge and others.
Stocks to buy today
Regarding shares to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended buying these four stocks: Suven Pharmaceuticals, Indigo Paints, Mahindra and Mahindra Financial Services, Torrent Pharmaceuticals.
Sumeet Bagadia's stock recommendations today
- Suven Pharmaceuticals: Buy at ₹1,276.8, target ₹1,350, stop loss ₹1,230.
Suven Pharmaceuticals has recently experienced a significant breakthrough above the crucial resistance zone ranging from ₹1,220 to ₹1,250 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by Higher High & Higher Low Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.
Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in Suven Pharmaceuticals price action.
In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for Suven Pharmaceuticals. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.
Considering the above analysis, we recommend Suven Pharmaceuticals in cash at the current market price (CMP) of ₹1276.8, setting a target of ₹1,350, and implementing a stop loss at ₹1,230.
2. Indigo Paints: Buy at ₹1,654.15, target ₹1,750, stop loss ₹1,595.
Indigo Paints stock has given a breakout from rectangle channel, underscoring sustained bullish momentum. Notably, it recently reached a fresh 52 weeks high of ₹1,669. The stock is trading above its 20-Day EMA, 50-Day EMA, and 200-Day EMA, indicating strong support from short-term and long-term trends. Indigo Paints shares hold the potential for further appreciation. Having broken through a key resistance level, if the trend continues and higher levels are breached, the stock could potentially reach a target of ₹1,750.
On the downside, immediate support is located at ₹1,600. The Relative Strength Index (RSI) is currently at 73.83 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at ₹1,595 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, Indigo Paints presents a promising buying opportunity for those aiming for a ₹1,750 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre's day trading stocks
3. Mahindra and Mahindra Financial Services: Buy at ₹289, target ₹297, stop loss ₹283.
In the recent short-term trend analysis of the Mahindra and Mahindra Financial Services 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 ₹297. At present, the stock is maintaining a crucial support level at ₹283. Given the current market price of ₹289, 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 ₹297.
4. Torrent Pharma: Buy at ₹3,385, target ₹3,480, stop loss ₹3,350.
In the recent short-term trend analysis of the Torrent Pharma 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 ₹3,480. At present, the stock is maintaining a crucial support level at ₹3,350. Given the current market price of ₹3,385, 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 ₹3,480.
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 taking any investment decision.
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