Stock market today: Trade setup for Nifty 50 to Q4 Results; Seven stocks to buy or sell on Wednesday — 16 April 2025

Stock Market Today: Thanks to encouraging global cues, the benchmark Nifty 50 index started the holiday-shortened week strongly, rising 2.19% to 23,328.55. The Bank Nifty gained 2.7% to end at 52,379.50, while most other sectors led by realty, auto, ended with gains. The broader markets also gained with both midcap and smallcap indices rising nearly 3% each.

Trade Setup for Wednesday

The Nifty has decisively reclaimed levels above its 20, 50, and 100-day EMAs, and the next significant resistance level for the Nifty appears to be around 23869,. On the downside, the 22900-23000 zone is likely to provide immediate support for the index said Nandish Shah - Deputy Vice President, HDFC Securities.

The breakout level of 52,000 will now act as immediate support for Bank Nifty  and as long as the index sustains above this, it has the potential to rally towards 52,700-52,800 levels, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.

Global Markets and Q4 Results

The focus will be on the key Q4 earnings announcements including those from ICICI Lombard, ICICI Prudential today and Wipro, Angel One tomorrow. We expect positive momentum to continue in the market, on hopes of global trade settlements and softening in US reciprocal tariffs. Meanwhile stock/sector specific action could be seen on the back of quarterly results and insights from management commentary, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

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.

These include AU Small Finance Bank Ltd, Torrent Power Ltd,  Astral Ltd, Alembic Pharmaceuticals Ltd, Dabur India Ltd, Welspun Corp Ltd and Bharat Heavy Electricals Ltd (BHEL)

Sumeet Bagadia's stock picks

1] AU Small Finance Bank: Bagadia recommends buying AU Small Finance Bank at ₹576  keeping Stoploss at ₹557 for a target price of ₹618.

AUBANK is currently trading at the levels of 576, 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 570 level, indicating renewed buying interest. The pattern suggests a shift in sentiment from bearish to neutral-to-bullish. 

2] Torrent Power: Bagadia recommends buying Torrent Power at ₹1623.60 keeping Stoploss at ₹1566 for a target price of ₹1738

TORNTPOWER is currently trading at ₹1623.60 and is demonstrating strong bullish momentum, as reflected by the consistent formation of higher highs and higher lows on the chart. The stock has recently broken out of a rangebound phase, confirmed by a robust bullish candle on the daily chart, signaling a clear shift in market sentiment and reinforcing the prevailing uptrend.

Ganesh Dongre's stocks to buy today

3] Astral: Dongre recommends buying  ASTRAL at ₹1295 sloploss at ₹1260 for a target price of ₹1340

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.1340. At present, the stock is maintaining a crucial support level at Rs.1260. Given the current market price of Rs. 1295, 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. 1340

4] Alembic Pharmaceuticals: Dongre recommends buying Alembic Pharmaceuticals at ₹845 keeping Stoploss at ₹825 for a target price of ₹880.

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.880. At present, the stock is maintaining a crucial support level at Rs.825. Given the current market price of Rs. 845, 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. 880

5] Dabur India: Dongre recommends buying DABUR at ₹473 keeping Stoploss at ₹463 for a target price of ₹490

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.490. At present, the stock is maintaining a crucial support level at Rs.463. Given the current market price of Rs.473, 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. 490

Shiju Koothupalakkal's intraday stocks for today

6] Welspun Corp: Shiju recommends buying Welspun Corp at around ₹783 for a target price of ₹850 keeping Stoploss at ₹755

The stock after taking support near the important 200 period MA at 730 level has recovered strongly to move past the 100 period MA at 780 level to improve the bias indicating strength and further rise is anticipated. The RSI has indicated a positive trend reversal and is currently well placed having immense upside potential to carry on with the positive move further ahead. With the chart looking good, we suggest to buy the stock for an upside target of 850 keeping the stop loss of 755 level.

7] Bharat Heavy Electricals Ltd (BHEL) recommends buying Bharat Heavy Electricals Ltd (BHEL) at around ₹221.80 for a Target price of ₹235 keeping Stop loss at ₹216

The stock has been in consolidation for quite some time with currently having a positive candle formation on the daily chart closing on a strong note indicating strength and has scope for further upward move. The RSI is steadily on the rise and with a positive trend reversal indicated to signal a buy, we anticipate a significant upside move in the coming sessions. With the chart technically looking attractive, we suggest to buy the stock for an upside target of 235 level keeping the stop loss of 216 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.