By Soumya Ranjan Today’s stock market: The Nifty-50 index’s immediate resistance zone would be 24,750. According to analysts, a successful breakout above 24,750 could move the market towards 24,850–24,900, with 24,600 and 24,500 serving as important support zones.
Today’s stock market: On Wednesday, the benchmark Nifty-50 index rose 0.55% to 24,715.05 levels, driven by anticipation for the GST Council meeting. While IT was one of the major losers, metals and pharmaceuticals were other major winners, and the Bank Nifty gained 0.76% at 54,067.55. The small- and mid-cap stocks increased by 0.65 to 0.9%.
Thursday’s Trade Setup
The Nifty-50 index’s immediate resistance zone would be 24,750. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, a successful breakout above 24,750 could drive the market towards 24,850–24,900, with 24,600 and 24,500 serving as important support zones. Bank Nifty has immediate support at 53,500-53,300 level, as per Bajaj Broking.
Trump Tariffs and International Markets
In anticipation of possible rate rationalization, which could help important industries like consumer durables, hotels, cement, and automobiles, among others, investors are still concentrating on the outcome of the two-day GST Council meeting. Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd., stated, “In general, we anticipate that the Indian markets will continue to be range-bound, following global cues and sector-specific developments, with policy decisions from the GST Council acting as the immediate catalyst.”
Update on the GST Council meeting
Following the GST Council meeting, Finance Minister Nirmala Sitharaman announced two new GST slabs: 5% and 18%, along with the rationalization of indirect taxes. In addition, there will be a special 40% slab. According to the Finance Minister, the new GST rates will go into effect on September 22.
A GST rate reduction on 396 items that would benefit the average person was approved by the GST Council on Wednesday, which was presided over by Finance Minister Nirmala Sitharaman.
Stocks to buy today
Market experts Sugandha Sachdeva, the founder of SS WealthStreet; Ganesh Dongre, senior manager of technical research at Anand Rathi; Shiju Koothupalakkal, senior manager of technical research at Prabhudas Lilladher; and Sumeet Bagadia, executive director at Choice Broking, suggested the following nine intraday stocks to purchase today: Himatsingka Seide Ltd., Poonawalla Fincorp Ltd., Indus Towers Ltd., Bank of India, S.J.S. Enterprises Ltd., InterGlobe Aviation Ltd., Newgen Software Technologies Ltd., and L&T Finance Ltd.
Sumeet Bagadia’s stock picks
- L&T Finance Ltd – Bagadia recommends buying L&T Finance at around ₹227 keeping Stoploss at ₹219 for a target price of ₹244
LTF’s daily chart shows a clear uptrend with consistent higher highs and higher lows, and it is currently trading at 227. Strong bullish momentum is evident in the stock’s recent breakout from its consolidation zone and formation of a new all-time high at 228.17. Rising volumes support this bullish structure, demonstrating the strength of the price action.
2. S.J.S. Enterprises Ltd – Bagadia recommends buying SJS at ₹1416 keeping Stoploss at ₹1365 for a target price of ₹1515
With a recent strong rally, SJS is currently showing a short-term uptrend and is trading at 1416. In recent sessions, the price structure has been forming a series of higher highs and lowers. Large bullish candles and higher volumes accompany the rise, suggesting strong buying pressure. The 20, 50, 100, and 200-day Exponential Moving Averages are all rising, indicating strong demand and optimistic sentiment over a range of timeframes, which supports the trend’s strength.
Ganesh Dongre’s stocks to buy today
3. InterGlobe Aviation Ltd -Dongre recommends buying InterGlobe Aviation or INDIGO at ₹5740 keeping Stoploss at ₹5600 for a target price of ₹5950.
The stock’s short-term trend analysis shows a bullish engulfing candlestick pattern and an oversold Relative Strength Index (RSI), suggesting a potential near-term price retracement, indicating a shift in momentum from selling pressure to buying interest.
4. Newgen Software Technologies Ltd– Dongre recommends buying NEWGEN at around ₹907 with stoploss at ₹880 for a target of ₹950
The stock has displayed indications of a possible bullish retracement in the most recent short-term trend analysis, which is bolstered by new technical indicators. With a short-term target of about Rs. 950, a reversal pattern on the chart raises the prospect of an upward move.
The stock has built a solid support base at Rs. 880 and is now trading at Rs. 907. The fact that this level has remained stable in recent sessions highlights how crucial it is as a demand zone.
5. Bank of India – Dongre recommends buying BANKINDIA at ₹113 keeping Stoploss at ₹108 for a target price of ₹118.
A bullish reversal pattern has emerged on the chart, suggesting a potential short-term price recovery, according to a recent short-term analysis of the stock. With improving price action, this formation points to the possibility of a move towards the Rs. 118 level. At Rs. 113, the stock is presently trading above a crucial support level at Rs. 108, which has served as a dependable floor in recent sessions. This support level offers a solid foundation for a possible upward move and strengthens the bullish bias.
Shiju Koothupalakkal intraday stocks for today
6. Himatsingka Seide Ltd -Koothupalakkalrecommends buying HIMATSINGKA SEIDE at around ₹123.50keeping target of ₹134 and Stoploss at ₹120
Following a sharp correction, the stock has shown indications of a respectable pullback, as evidenced by a positive candle formation and high volume participation. The stock has taken support close to the ₹115 zone, and the bias has improved, indicating that it will continue to rise in the upcoming sessions. In order to indicate a buy with significant upside potential from the current rate, the RSI has recovered from the oversold zone. Since the chart is technically sound, we advise purchasing the stock.
7. Poonawalla Fincorp Ltd-Koothupalakkalrecommends buying POONAWALLA at ₹442.90 for a target price of ₹467keeping Stop loss at ₹430
A bullish candle formation has formed to move past the significant 50EMA at the ₹439 level, improving the bias and indicating further upward movement in the upcoming sessions. The stock has shown a higher bottom pattern on the daily chart, taking support near the 100 period SMA at the ₹422 level. The RSI is in a good position to signal a buy and continue the upward trend in the future by indicating a positive trend reversal. We advise purchasing the stock because the chart appears to be in good technical condition.
8. Relaxo Footwears Ltd-Koothupalakkalrecommends buying RELAXO FOOTWEARSat ₹499for a target price of ₹530 keeping Stop loss at ₹490
The stock is showing a symmetrical triangular pattern on the daily chart, with a positive candle formation and a decisive move above the ₹505 zone indicating a breakout, indicating a strong trend and potential for upward movement.
Sugandha Sachdeva’s stock picks
9. Indus Towers Ltd- Sachdeva recommends buying Indus Towers at RS 324 keeping Stoploss at ₹304 for a target price of ₹365
On the daily charts, the ₹312 level has emerged as a crucial support zone, and Indus Towers shares are currently trying to establish a base around this level. The stock recovered significantly from this region in the previous session, and volumes increased significantly as well, indicating accumulation at lower levels.
Disclaimer: The opinions and suggestions expressed above are not those of Times of Dalal Street, but rather those of specific analysts or brokerage firms. Before making any investment decisions, we encourage investors to consult with qualified professionals.
[…] lower GST rates for the following items as part of the GST Reform: View the complete list here Today’s stock market: Nifty 50 trade setup, GST Council meeting on Trump tariffs, and 9 stock… Stock market today: Nifty 50 trade setup, Trump tariffs on global markets; eight stocks to buy […]