Stock Market Today: Consolidation Phase and Market Performance
The consolidation phase in the markets continued on Wednesday as benchmark Nifty 50 Index and the S&P BSE Sensex ended 0.04-0.05% lower at 22,932.90 and 75,939.18, respectively. The Bank Nifty saw a sharp recovery of almost a per cent to end at 49,570.10. The Oil & Gas, realty, and metals sectors outperformed, while IT and pharma were the losers. The broader markets also rebounded, with mid- and small-caps rising 1.5%-2.3%.
Trade Setup for Thursday
The support level of 22,800 remains intact for Nifty 50, and due to an improvement in broader market performance, the index has a good chance to extend the pullback towards the next resistance at 23,235, according to Vinay Rajani, Senior Technical & Derivative Analyst, HDFC Securities.
The Nifty Bank index is still placed below the 49,650 hurdle. Sustaining above 49,650 could lead to a fresh move towards 50,000 levels, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.
Global Markets Today
Geopolitical developments were in focus as the US and Russia held a high-level meeting in Riyadh, agreeing to work towards ending the Russia-Ukraine war and establishing better diplomatic and economic ties.
“We expect the market to continue trading in a range-bound manner, tracking the global market cues, Trump’s tariff policies, and political developments in the Russia-Ukraine war,” 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 three stock picks.
These include:
- Camlin Fine Sciences Ltd
- Bajaj Healthcare Ltd
- Aurobindo Pharma Ltd
- IndusInd Bank Ltd
- KFin Technologies Ltd
- Chalet Hotels Ltd
- VA TECH WABAG Ltd
- Torrent Power Ltd
Sumeet Bagadia’s Stock Picks
1. Camlin Fine Sciences Ltd
- Buy at ₹151.38
- Stop loss: ₹143
- Target price: ₹159
Camlin Fine Sciences is currently trading at ₹151.35, reflecting a strong upward trajectory. The stock has exhibited a consistent pattern of higher highs and higher lows, underscoring sustained bullish momentum. Notably, it recently reached a fresh 52-week high of ₹152.8, trading significantly above its 20-day EMA, 50-day EMA, and 200-day EMA.
2. Bajaj Healthcare Ltd
- Buy at ₹688
- Stop loss: ₹660
- Target price: ₹735
Bajaj Healthcare has demonstrated strong technical support levels, indicating bullish sentiment. The stock’s movement above key EMAs suggests positive momentum and the potential for further upside gains.
