Market Overview
After recent upside recoveries, the Indian stock market experienced choppy movement on Thursday. The Nifty 50 index lost 48 points, closing at 19,395, while the BSE Sensex dropped 143 points, closing at 64,832. The Bank Nifty index finished 24 points higher at 43,683. The small-cap index decreased by 0.27%, while the mid-cap index marginally increased.
Analyst Perspectives
Siddhartha Khemka, Motilal Oswal:
Nifty is in consolidation mode.
Ongoing recovery expected; dips considered buying opportunities.
Nagaraj Shetti, HDFC Securities:
The daily chart shows smaller degrees higher tops and bottoms.
Support at 19,250 levels; possibility of consolidation before an upside breakout.
Vaishali Parekh, Prabhudas Lilladher:
Bank Nifty consolidating nearly 43,700.
A break above 44,000 is needed for a stronger trend.
Intraday Stock Recommendations
Sumeet Bagadia’s Picks:
Maruti Suzuki Indian Ltd (MSIL)
Buy at: ₹10,400
Target: ₹10,800
Stop Loss: ₹10,200
Technical Landscape: Trading above key EMA levels, RSI at 49, indicating potential for further growth.
Larsen & Turbo (LT)
Buy at: ₹3,024.85
Target: ₹3,150
Stop Loss: ₹2,950
Technical Analysis: Respected support levels, RSI at 58, moving above important moving averages.
Ganesh Dongre’s Picks:
Tata Power
Buy at: ₹248
Target: ₹260
Stop Loss: ₹242
Short-Term Trend: Bullish reversal pattern, potential bounce towards ₹260.
Bharat Forge
Buy at: ₹1,032
Target: ₹1,070
Stop Loss: ₹1,010
Bullish Reversal: Short-term bullish reversal pattern, potential move towards ₹1,070.
Rajesh Sinha’s Picks:
PI Industries
Buy at: ₹3,645 to ₹3,648
Target: ₹4,016
Stop Loss: ₹3,385
Technical Setup: Rising wedge pattern, bullish candlestick pattern, potential upward movement.
FDC
Buy at: ₹385 to ₹386
Target: ₹420
Stop Loss: ₹361
Breakout: Breaking out of a falling parallel channel, uptrend indicated by various technical factors.
Conclusion
The stock market’s recent choppy movement has led analysts to provide a mix of cautious optimism and strategic buying suggestions. Investors are advised to consider technical indicators, support levels, and breakout patterns while making trading decisions. It’s essential to monitor the mentioned levels, stay informed about market dynamics, and have risk management strategies in place. As with any day trading, it is crucial for investors to exercise due diligence and adapt to real-time market conditions.
