Stock market today: Trade setup for Nifty 50, US Fed meeting to gold, silver prices - 8 stocks to buy

Stock market news: The Indian stock market finished nearly flat today, with both Sensex and Nifty 50 declining after an early surge, influenced by profit-taking and mixed signals from global markets. The Sensex closed down 150 points at 84,628, while the Nifty 50 dropped 30 points to finish at 25,936, reversing earlier gains.

Markets opened lower due to lackluster cues from Asian indices but made an effort to recover before profit-taking occurred ahead of the FOMC interest rate decision and monthly derivative expiry. Significant news included ongoing selling by foreign institutional investors and a rotation among sectors, with metals, PSU banks, and certain real estate stocks showing gains, while financials and IT underperformed.

Abhinav Tiwari, Research Analyst at Bonanza, indicated that volatility is anticipated to increase in light of the FOMC policy. The domestic focus will stay on banking, metals, and real estate, as strong domestic institutional investor flows and favorable government initiatives could bolster indices, while foreign institutional investor flows and global risks may limit upside potential.

Trade Setup for Wednesday

Rupak De, a Senior Technical Analyst at LKP Securities, noted that the market experienced significant volatility on the monthly F&O expiry day on the NSE. Nevertheless, the overall chart configuration on the daily timeframe remains consistent, with the Nifty 50 trading above the 21EMA, which sustains a bullish outlook.

The RSI has entered a bullish crossover and is currently in a high momentum zone. In the near term, the index might see a solid rally as momentum increases above 26,000. On the upper side, resistance is identified at 26,300, while support is established at 25,850.

Global Markets, Q2 results, US-China trade talks to US Federal meet

Vinod Nair, the Head of Research at Geojit Investments, mentioned that the domestic market was unstable in negative territory and closed unchanged, pressured by profit-taking on monthly expiry and poor international cues. Nonetheless, the Metals sector advanced due to renewed optimism following China’s decision to reduce steel overcapacity and the potential advancement in US-China trade relations, while PSU banks outperformed in light of reports regarding a possible rise in FII holding limits.

Remarkably, there was buying interest at lower price points, indicating underlying investor confidence. Market sentiment is anticipated to be bolstered by diminishing global trade tensions and the expectation of an upgrade in domestic corporate earnings, which continue to demonstrate resilience.

Stocks to buy today

Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Indian Bank, JSW Steel Ltd, FSN E-Commerce Ventures Ltd (Nykaa), Fortis Healthcare Ltd, Max Financial Services Ltd, Jtekt India Ltd, Vaibhav Global Ltd, and Laurus Labs Ltd.

Sumeet Bagadia's stock picks

Indian Bank: Bagadia recommends buying Indian Bank share price at ₹853 keeping a stoploss at ₹823 with a Indian Bank share price target of ₹913.

Indian Bank share price was trading at 853, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 855.4, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action.

In conclusion, based on current technical conditions, Indian Bank share price offers a strong buying opportunity for short-term traders targeting 913, provided sound risk management measures are maintained.

JSW Steel Ltd: Bagadia recommends buying JSW Steel share price at ₹1,184 keeping a stoploss at ₹1,142 with a JSW Steel share price target of ₹1,268.

JSW Steel share price was trading at 1,184, the stock has registered a new all-time high with a strong gap-up opening in today’s session, indicating robust bullish momentum and rising investor confidence. The stock has been in a well-defined uptrend, breaking out of a prolonged consolidation range that acted as a strong base formation over the past few months. This breakout has been accompanied by healthy volumes, reinforcing the strength of the move and suggesting sustained buying interest.

In conclusion, based on current technical conditions, JSW Steel share price offers a strong buying opportunity for short-term traders targeting 1,268, provided sound risk management measures are maintained.

Ganesh Dongre's stocks to buy today

FSN E-Commerce Ventures Ltd (Nykaa): Ganesh Dongre recommends buying Nykaa share price at ₹258 with a stoploss at ₹252 with Nykaa share price target of ₹268.

Nykaa share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹258 and has established a solid support base at ₹252. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.

The technical setup points to the potential for a price retracement toward the ₹268 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹252 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone

Fortis Healthcare Ltd: Ganesh Dongre recommends buying Fortis Healthcare share price at ₹1,060 with a stoploss at ₹1,040 with Fortis Healthcare share price target of ₹1,100.

Fortis Healthcare share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,060 and maintaining a strong support at ₹1,040.

The technical setup indicates the potential for a price retracement towards the ₹1,100 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 ₹1,040 offers a prudent approach to capturing the anticipated upside.

Max Financial Services Ltd: Ganesh Dongre recommends buying Max Financial share price at ₹1,518 with a stoploss at ₹1,480 with Max Financial share price target of ₹1,570.

Max Financial share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,518 and maintaining a strong support at ₹1,480. The technical setup indicates the potential for a price retracement towards the ₹1,570 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 ₹1,480 offers a prudent approach to capturing the anticipated upside.

Shiju Koothupalakkal intraday stocks for today

Jtekt India Ltd: Shiju Koothupalakkal recommends buying Jtekt India share price at ₹159.25 with a Jtekt India share price target of ₹170 with a stop loss of ₹156.

Jtekt India share price has witnessed a decent correction from 188 zone and has stabilised near the 145 level, thereafter witnessing a recovery with currently having a bullish candle formation to move past the important 50EMA level at 154 zone to improve the bias expecting for further rise.

The RSI has cooled off significantly from the overbought zone and is currently well positioned indicating a positive trend reversal to signal a buy with much upside potential visible and can expect to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 170 keeping the stop loss of 156 level.

Vaibhav Global Ltd: Shiju Koothupalakkal recommends buying Vaibhav Global share price at ₹239.90 with a Vaibhav Global share price target of ₹254 with a stop loss of ₹234.

Vaibhav Global share price has indicated a higher bottom formation pattern on the daily chart and has picked up well taking support near the 217 level with bias improving and currently just moving past the important 200 period MA at 238 level has further brought conviction to anticipate for further rise in the coming days. The RSI is on the rise indicating strength and with much upside potential visible, can expect for further upward move. With the chart technically looking good, we suggest buying the stock for an upside target of 254 keeping the stop loss of 234 level.

Laurus Labs Ltd: Shiju Koothupalakkal recommends buying Laurus Labs share price at ₹959.65 with a Laurus Labs share price target of ₹1,010 with a stop loss of ₹940.

Laurus Labs share price has recently indicated a decent pick up from the important 50EMA zone at 850 level and currently has given a breakout above the previous peak level of 944 zone to further strengthen the trend expecting for further upward movement in the coming days. The RSI is on the rise and is maintained strong with upside potential visible 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 1010 keeping the stop loss of 940 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.