The stock market today saw mixed sentiments despite strong global market trends on the US Fed rate cut buzz. While the Nifty 50 index finished marginally higher at the 24,143 mark, the BSE Sensex went up 149 points and closed at 79,105. On the other hand, the Bank Nifty index went down 104 points and ended at 49,727. Cash market volumes on the NSE were 8.1 per cent lower than the previous session. The broad market indices witnessed sharp selling as the small-cap index fell around 0.57 per cent, and the mid-cap index slipped around 0.41 per cent. The advance-decline ratio remained below 1:1 but rose to 0.52:1.
Looking ahead to Friday’s trade setup, Ruchit Jain, Lead Research at 5paisa.com, highlighted the importance of the Nifty breaking out of the 24400-24450 zone for a directional move. He mentioned that a breakout above this zone would lead to a resumption of the broader uptrend, while a break below could signal a down move towards 23630. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, noted that the Bank Nifty index is finding support near the 49,650-49,660 levels, and a sustained move below 49,650 could push the index towards the 49,000 level.
In the US market, the fear of a recession faded after the robust US job data on Thursday, following the consumer price rebound report in the US CPI data. Avinash Gorakshkar, Head of Research at Profitmart Securities, mentioned that some value buying is expected at lower levels in response to these developments.
For investors looking for stocks to buy today, experts Sumeet Bagadia and Ganesh Dongre recommended five stocks. Sumeet Bagadia suggested buying HBL Power and Naukri, while Ganesh Dongre recommended Tata Chemical, Titan, and Samvardhan Motherson.
HBL Power was recommended for buying at ₹634.40 with a target of ₹686 and a stop loss at ₹610. Naukri was suggested for buying at ₹7236.75 with a target of ₹7840 and a stop loss at ₹6960. Tata Chemical was advised for buying at ₹1020 with a target of ₹1060 and a stop loss at ₹995. Titan was recommended for buying at ₹3400 with a target of ₹3600 and a stop loss at ₹3350. Samvardhan Motherson was suggested for buying at ₹184 with a target of ₹195 and a stop loss at ₹178.
It is important to note that the views and recommendations mentioned above are those of individual analysts or broking companies, and investors are advised to consult with certified experts before making any investment decisions. Stay updated with the latest business news, market news, breaking news events, and updates by downloading The Mint News App for daily market updates.