By Soumya Ranjan Today’s stock market: The recent swing high of 25670 may be reached by the Nifty after testing 25150. Experts say that while 24700 continues to be a strong support, immediate support is at 24850, which is the low for the last two sessions.
Stock market today: The benchmark Nifty 50 index ended Thursday’s trading session at 25,083.75, up 0.13%, continuing its winning streak for the fourth straight session. Pharma Realty led gains for many other sectors, while FMCG and auto were among the major losers. The Bank Nifty ended the day 0.10% higher at 55,755.45. Mid- and small-cap stocks also saw a decline of up to 0.38% in the larger indices.
Friday’s Trade Setup
The recent swing high of 25670 may be reached by the Nifty after testing 25150. According to Angel One Equity Technical Analyst Rajesh Bhosale, 24700 is still a strong support level, while 24850, the low of the previous two sessions, offers immediate support.
According to Bajaj Broking, the key support levels for the Bank Nifty are 54,800 and 55,000.
Jackson Hole Symposium
In Jackson Hole, Wyoming, central bankers and economists from all over the world are assembling for the Fed’s economic symposium. Important policy announcements have been made during the esteemed event in the Grand Teton Mountains. Powell’s speech is scheduled for this morning at 10:00 AM New York time.
“The Fed is being put in a tough spot, with pressures to cut interest rates as inflation rises and the labor market decelerates — both of those metrics moving in the opposite direction from the Fed’s dual mandate,” said Bret Kenwell, a US investment analyst at eToro, in reference to the possible outcome of Fed Chair Jerome Powell’s speech today.
Nowadays, global markets
Indian stocks had a mixed finish as investors booked profits following a recent rally and expressed apprehension about the premium valuation as a result of the muted Q1 earnings. Vinod Nair, Head of Research, Geojit Investments Limited and Syrma SGS Technology Ltd., stated that stability might be possible in the near future due to India’s record-high composite PMI in August, which showed robust growth in both manufacturing and services, especially in business activity.
The fiscal concerns surrounding the rationalization of the GST have caused investors to remain cautious ahead of Friday’s Jackson Hole symposium and rising domestic bond yields. Nair was added.
Stocks to buy today
The following eight intraday stocks were suggested by market experts: Caplin Point Laboratories Ltd., Landmark Cars Ltd., Patanjali Foods Ltd., ICICI Bank Ltd., Bombay Dyeing & Manufacturing Company Ltd., Swan Energy Ltd., and Syrma SGS Technology Ltd. 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.
Stock recommendations by Sumeet Bagadia
1. For a target price of ₹2370, Caplin Point Laboratories Ltd-Bagadia advises purchasing CAPLIPOINT at about ₹2210 and maintaining a stop loss at ₹2130.
After a protracted period of consolidation, CAPLIPOINT is currently trading at 2210 and is demonstrating a steady recovery. The stock is making an effort to create higher highs and higher lows on the daily chart. As the stock approaches breaking above the crucial resistance zone around 2220, which, if decisively crossed, may create space for additional upward momentum, the recent price action shows increasing bullish strength.
2. Landmark Cars Ltd-Bagadia recommends buying LANDMARK at ₹572, keeping Stoploss at ₹555, and Target at ₹615.
After a protracted decline earlier in the year, LANDMARK has been in a strong uptrend and is currently trading at ₹572. A cup and handle pattern, a bullish continuation formation that frequently indicates additional upside potential, has recently been formed by the stock. If sustained buying interest persists, the price action suggests a potential breakout from the neckline around 565, which is currently being tested.
Ganesh Dongre’s stocks to buy today
3. Patanjali Foods Ltd—Dongre recommends buying PATANJALI at ₹1808, keeping stop loss at ₹1780 for a target price of ₹1860.
A bullish reversal pattern suggests a temporary price retracement to Rs. 1860. Currently maintaining Rs. 1780, a buying opportunity exists for investors to consider purchasing the stock at its current price.
4. ICICI Bank Ltd-Dongre recommends buying ICICIBANK at around ₹1446, keeping Stoploss at ₹1414 for a target price of rS 1475
Around Rs. 1414, we have observed a significant support for this stock. Therefore, traders can purchase and hold this stock with a stop loss of Rs. 1414 for the target price of Rs. 1475 in the coming weeks as the stock has once again shown a reversal price action formation at the Rs. 1446 price level. This stock may continue to rally until its next resistance level of Rs. 1475.
5. Castrol India Ltd—Dongre recommends buying CASTROLIND at ₹208, keeping the stop loss at ₹203 for a target price of ₹218
A noteworthy bullish reversal pattern has surfaced in the stock’s most recent short-term trend analysis. This technical pattern indicates that the price of the stock may experience a brief retracement, perhaps to about Rs. 218. At Rs. 203, the stock is currently holding a critical support level.
Shiju Koothupalakkal intraday stocks for today
6. Bombay Dyeing & Manufacturing Company Ltd: Koothupalakkal recommends buying BOMBAY DYEING at around ₹173.80 for a target price of ₹185. Keeping Stop loss: 169
The stock has recently experienced a respectable decline, gaining support in the ₹158 region. It is currently showing a bullish candle to strengthen the bias and anticipates a further increase in the upcoming sessions. The RSI is in a good position and has signaled a reversal of the positive trend, indicating a buy with plenty of potential to continue the upward trend. Technically, the chart appears appealing, so we advise purchasing the stock.
7. Swan Energy Ltd—Koothupalakkal recommends buying SWAN ENERGY at around ₹461 for a target price of ₹485, keeping the stop loss at ₹450
The stock has shown strong support near the ₹410 level and has moved past the 50EMA level at the ₹450 zone, with significant volume participation, indicating a buy and a positive move ahead.
8. Syrma SGS Technology Ltd – Koothupalakkal recommends buying SYRMA SGS TECH at around ₹744.95 for a target price of ₹787, keeping the stop loss at ₹728.
The stock has experienced a strong run-up and has taken support near the 50EMA zone at the 650 level. The RSI has cooled off from overbought zones, signaling a buy with upside potential. The chart looks good, suggesting further positive moves.
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.
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