Stock Market Today: The heightened Israel-Iran conflict meant that the benchmark Nifty-50 index continued its correction, ending 0.56% lower at 24,971.90 on Monday. Bank Nifty also lost 0.34% to end at 56,059.35. Most sectors led by IT, auto, and FMCG saw a decline, while metals and consumer durables stood among the gainers. On the positive side, in the broader indices, the mid and small caps ended 0.36-0.7% higher.
Trade Setup for Tuesday
Nifty managed to close above the support level of 24,850, and Indian equities may continue to offer buying opportunities as long as the Nifty sustains above this level. On the higher side, if it moves above 25,000, it may head towards 25,350 in the short term, said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty’s immediate bias remains positive above 55,400 levels, said Bajaj Broking.
Global Markets and Israel-Iran war
Brent crude prices rose nearly 2% to hit a five-month high level on Monday, as the Iranian Parliament reportedly approved the closure of the Strait of Hormuz. Overall, Indian equities are expected to remain in consolidation mode, with investors closely tracking developments on the global geopolitical front. While we anticipate momentum to continue in defence and upstream oil companies, banking and financial stocks are likely to be in favor on account of RBI policy support and liquidity-boosting measures, said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
However, the geopolitical tension is expected to ease after US President Donald Trump asked for a ceasefire between Israel and Iran.
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 stock picks.
These include Bharat Electronics Ltd., Max Financial Services Ltd., One 97 Communications Ltd (PAYTM), Axis Bank Ltd., Alembic Pharmaceuticals Ltd, Paras Defence and Space Technologies Ltd, Himatsingka Seide Ltd., and Bharat Heavy Electricals Ltd.
Sumeet Bagadia’s stock picks
- Bharat Electronics Ltd (BEL)—Bagadia recommends buying BEL at around ₹420.9, keeping stop loss at ₹406 for a target price of ₹452
Bharat Electronics Ltd. (BEL) is currently trading at ₹420.9, exhibiting strong bullish momentum supported by a well-structured upward trend. The stock is nearing its all-time high of ₹422.4, and a breakout above this level could trigger fresh buying interest, potentially leading to further upside. The bullish sentiment is reinforced by the upward slope of the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), all of which the stock is currently trading above.
2. Max Financial Services Ltd.—Bagadia recommends buying Max Financial Services Ltd., or MFSL, at around ₹1599.9, keeping the stop loss at around ₹1540 for a target price of ₹1712
MFSL is currently trading at 1599.9, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. Notably, the 3rd Elliott Wave appears to have formed, aligning with the recent higher high structure and suggesting the potential for continued upside as part of the wave cycle. MFSL recently reached its all-time high of 1619.2, and a decisive breakout above this level could further accelerate buying interest.
Ganesh Dongre’s stocks to buy today
3. One 97 Communications Ltd. (PAYTM)—Dongre recommends buying PAYTM at around ₹883, keeping Stoploss at ₹860 for a target price of ₹910.
A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short-term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels. This confluence of technical indicators increases the likelihood of a near-term price retracement.
4. Axis Bank Ltd.—Dongre recommends buying AXISBANK at around ₹1212, keeping Stop Loss at ₹1190 for a target price of ₹1250
In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around Rs.1250.
5. Alembic Pharmaceuticals Ltd.—Dongre recommends buying Alembic Pharmaceuticals Ltd., or APLLTD, at around ₹938, keeping Stoploss at ₹910, for a target price of ₹970.
A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the Rs.970 level, supported by improving price action.
Shiju Koothupalakkal intraday stocks for today
6. Paras Defence and Space Technologies Ltd.—Koothupalakkal recommends buying PARAS DEFENCE at around ₹1734 for a target price of ₹1820, keeping Stop loss at ₹1700
The stock has indicated a bullish candle formation with decent volume participation witnessed after the consolidation phase to improve the bias, and we can expect a further rise in the coming sessions. The RSI has indicated a positive trend reversal to signal a buy with strength indicated and can carry on with the positive move further ahead. With the chart technically looking strong, we suggest buying the stock.
7. Himatsingka Seide Ltd.—Koothupalakkal recommends buying HIMATSINGKA SEIDE at around ₹146 for a target price of ₹154, keeping stop loss at ₹143
The stock has taken support near the ₹135 zone once again and has indicated a significant pullback with a series of positive candle formations on the daily chart to improve the bias and can gain further in the coming days. The RSI is well placed and has indicated a positive trend reversal to signal a buy after witnessing a short period of correction, and with much upside potential visible, it can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
8. Bharat Heavy Electricals Ltd., or BHEL-Koothupalakkal, recommends buying Bharat Heavy Electricals Ltd., or BHEL, at around ₹253.80 for a target price of ₹266, keeping the stop loss at ₹250
The stock has shown good support near the Rs245 zone and has once again picked up from the base of the ascending channel pattern to indicate a revival improving the bias, and we can expect a further upward move in the coming sessions. The RSI has corrected from the overbought zone and is currently well placed, signaling a buy with much upside potential visible. With the chart looking good, we suggest buying the stock.
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.
