Stock market today: The Indian stock market’s key indices, Sensex and Nifty 50, are anticipated to open lower on Wednesday due to mixed global signals amid concerns regarding the US-Iran conflict.
The trends on Gift Nifty suggest a weak beginning for the Indian benchmark index. The Gift Nifty was trading around the 24,303 mark, showing a discount of nearly 90 points compared to the previous close of Nifty futures.
On Tuesday, the Indian stock market finished on a positive note driven by improved risk sentiment, with the Nifty 50 closing above the 24,200 level.
The Sensex climbed by 639.82 points, or 0.82%, concluding at 78,205.98, while the Nifty 50 increased by 233.55 points, or 0.97%, to settle at 24,261.60.
US-Israel-Iran War
Israel does not aspire for a perpetual conflict with Iran and will work in tandem with the United States to determine the appropriate time to cease hostilities, stated Foreign Minister Gideon Saar. The conflict involving the US and Israel against Iran has spread throughout the Middle East, with Iranian attacks targeting neighboring countries like the United Arab Emirates, while Israel confronts Hezbollah in Lebanon and conducts operations against Iran.
Crude Oil Prices
Crude oil prices stabilized after a decline of more than 11% overnight, following news about an IEA proposal for the release of reserves. The price of Brent crude oil climbed 0.91% to $88.60 per barrel, while US West Texas Intermediate (WTI) crude futures increased by 0.55% to $83.91.
Gold rate today
Gold prices increased as a drop in oil prices eased concerns about inflation, while investors looked forward to a variety of US economic data this week to assess the Federal Reserve’s monetary policy direction. The spot price of gold climbed 0.4% to $5,213.99 per ounce, whereas US gold futures for April delivery declined by 0.4% to $5,221.80. Meanwhile, spot silver prices rose by 0.6% to reach $88.89 per ounce.
Trade Setup for Wednesday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the Nifty 50 showed a solid recovery, concluding the day with gains following a day of volatility. Nevertheless, the index seems to be nearing a resistance zone, with the 24,300–24,350 range potentially serving as a point where sellers might re-enter the market. In general, the trend of selling on rallies is expected to continue. On the lower side, immediate support is located at 24,150; If this level is breached, it could lead to renewed selling pressure. Should the index fall below 24,150, it may further decline towards 23,800.
Geopolitical de-escalation, crude oil prices, and India VIX
Vinod Nair, the Head of Research at Geojit Investments Ltd, noted that Dalal Street reflected the positive shift in global sentiment following a significant drop in crude oil prices, prompted by remarks from Trump suggesting a potential conclusion to the conflict. However, the high levels of the India VIX still indicate persistent uncertainty within the market.
Nair highlighted that the broader markets outshone the benchmark indices, with the majority of sectors trading positively. Fertilizer stocks rose after the government prioritized gas distribution to that sector, while oil and gas stocks experienced a slight downturn due to the reduction in gas allocation. In the short term, markets are expected to remain volatile, with investors closely watching for indications of geopolitical easing.
Stocks to buy today
Regarding stocks to buy today, market experts—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, recommended these eight intraday stocks for today: Can Fin Homes Ltd, Emcure Pharmaceuticals Ltd, Cipla Ltd, Bajaj Finserv Ltd, Vedanta Ltd, Syrma SGS Technology Ltd, Ashok Leyland Ltd, and Zydus Lifesciences Ltd.
Sumeet Bagadia’s stock picks
Can Fin Homes: Bagadia recommends buying Can Fin Homes share price at ₹855 keeping a stoploss at ₹825 with a Can Fin Homes share price target of ₹915.
Sumeet Bagadia, said that Can Fin Homes shares are trading at ₹855, the stock has recently witnessed a sharp correction from higher levels but is now showing signs of stabilization near the recent support zone. Price action indicates the formation of a potential base after the decline, with the latest rebound suggesting that buyers are gradually stepping in at lower levels.
“Based on the technical analysis and current market conditions, Can Fin Homes presents a promising buying opportunity for those aiming for a 915 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Emcure Pharmaceuticals: Bagadia recommends buying Emcure Pharmaceuticals share price at ₹1,568 keeping a stoploss at ₹1,515 with a Emcure Pharmaceuticals share price target of ₹1,675.
Emcure Pharmaceuticals was trading at ₹1,568, the stock has recently reached its all-time high of ₹1,585 after giving a breakout from a consolidation phase. This bullish formation signals a shift in sentiment and marks the beginning of a potential long-term uptrend. The breakout is accompanied by a noticeable rise in volume, indicating strong market participation and fresh buying interest. The stock remains well-supported above its key moving averages — the 20-day, 50-day, 100-day, and 200-day EMAs — all of which are trending upward.
“Based on the technical analysis and current market conditions, Emcure Pharmaceuticals shares presents a promising buying opportunity for those aiming for a ₹1,675 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Cipla Ltd: Ganesh Dongre recommends buying Cipla share price at ₹1,333 with a stoploss at ₹1,310 with Cipla share price target of ₹1,365.
Ganesh Dongre, said that in the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹1,333. At present, the stock is maintaining a crucial support level at ₹1,310.
“Given the current market price of ₹1,333, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1,365,” said Dongre.
Bajaj Finserv Ltd: Ganesh Dongre recommends buying Bajaj Finserv share price at ₹1,866 with a stoploss at ₹1,830 with Bajaj Finserv share price target of ₹1,410.
Ganesh Dongre, said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,866 and maintaining a strong support at ₹1,830. The technical setup indicates the potential for a price retracement towards the ₹1,410 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹1,830 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Vedanta Limited: Ganesh Dongre recommends buying Vedanta share price at ₹723 with a stoploss at ₹700 with Vedanta share price target of ₹760.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹723 and maintaining a strong support at ₹700 The technical setup indicates the potential for a price retracement towards the ₹760 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹700 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Syrma SGS Technology Ltd: Shiju Koothupalakkal recommends buying Syrma SGS Technology share price at ₹761 with a Syrma SGS Technology share price target of ₹800 with a stop loss of ₹742.
Shiju Koothupalakkal said that the stock has indicated a higher bottom formation pattern on the daily chart taking support near the 705 zone and thereafter, indicating a significant revival with good volume participation visible to improve the bias and anticipating for further rise in the coming sessions.
“The RSI is well positioned cooling off from the overbought zone and currently arriving near the oversold zone to indicate a positive trend reversal to signal a buy, with much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 800 level, keeping the stop loss strictly at 742,” said Koothupalakkal.
Ashok Leyland Ltd: Shiju Koothupalakkal recommends buying Ashok Leyland share price at ₹193.50 with a Ashok Leyland share price target of ₹207 with a stop loss of ₹188.
Shiju Koothupalakkal said that the stock has recently witnessed a short period of correction from the peak zone of 215 level and having taken support near the 182 zone has indicated a decent revival accompanied with significant volume participation visible to improve the bias expecting for further upward move in the coming days.
“The RSI has corrected well and currently is well placed with signs of improvement visible to expect for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 207 keeping the stop loss of 188 level,” said Koothupalakkal.
Zydus Lifesciences Ltd: Shiju Koothupalakkal recommends buying Zydus Lifesciences share price at ₹923 with a Zydus Lifesciences share price target of ₹975 with a stop loss of ₹900.
Shiju Koothupalakkal said the stock has been in consolidation for quite some time maintaining the support near 880 level, with currently indicating a positive candle formation with decent volume participation visible improving the bias expecting for further positive move in the coming sessions.
“The RSI is currently well placed indicating improvement and can expect for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 975 keeping the strict stop loss of 900 level,” said Koothupalakkal.
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.
