Stock market today: Trade setup for Nifty 50 to Q2 results 2024; five stocks to buy or sell on Monday — Oct 14 | Stock Market News

Stock Market Today: The benchmark Nifty-50 Index consolidating during the week ended 0.2% lower over the previous week. Among the top-performing sectors remained Industrials, Healthcare, and Auto, while Metal & FMCG were the top underperformers. Bank Nifty ended the week at 51,172.30, marginally lower over the previous week

Trade setup for Monday

Nifty’s bias is expected to remain negative unless it decisively reclaims the 25,300 level, representing its 20-day exponential moving average (DEMA), said Ajit Mishra – SVP, Research, Religare Broking Ltd. On the downside, immediate support is seen at 24,700, with major support at 24,400, the 100-day day exponential average, as per Misha

Nifty Bank index would have important near-term support at around 50000 levels while on the upside, it needs to breach above the 51,800 level decisively to establish some conviction, said Vaishali Parekh Vice President – Technical Research, Prabhudas Lilladher.

Global market amidst Iran-Israel war

In spite of  mixed global cues, US markets remain firm and continue  rising. This optimism hasn’t yet permeated to Indian markets. The metal stocks might continue to be supported by expectations of additional stimulus policies from China said analysts.

Q2 results 2024

Corporate results will likely influence the market as that of Reliance, HDFC Life, Axis Bank, Wipro & LTIMindtree.  After the sharp fall last week, Nifty consolidated during the week ending 11 October and traded sideways amid relentless selling by FIIs and the absence of any major triggers. We expect markets to consolidate at higher zones and take cues from global factors & result season. Siddhartha Khemka, Head – Research, Wealth Management Motilal Oswal Financial Services Ltd.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for Friday. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas for today.

Sumeet Bagadia’s stocks to buy today

1. CG Power and Industrial Solutions Ltd- Bagadia recommends buying CG Power at ₹858.15 with Stoploss at ₹828 with target of ₹915

CG Power is currently trading at ₹858.15 and is in a strong uptrend, as evident from the consistent higher highs and higher lows formed on the chart. The price has recently broken out of a consolidation phase, making a sharp upward move. This breakout could indicate a continuation of the bullish trend. If the stock manages to close above its key resistance level of ₹870, then it can achieve a short-term target ofRs 915.

2. Mankind Pharma Ltd- Bagadia recommends buying Mankind Pharma at ₹2792.55 Stoploss at ₹2690 with a target price of ₹2950

Mankind has recently experienced a significant breakthrough above the crucial resistance zone ranging from 2650 to 2727 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows. A noticeable surge in trading volume further validates the strong bullish sentiment.

Ganesh Dongre’s stocks to buy today

3. Gail India Ltd- Dongre recommends buying GAIL India at ₹230 Stoploss at ₹223  with a target price of ₹242.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs242. The stock is currently maintaining a crucial support level at Rs.223. Given the current market price of Rs.230, 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 Rs.242.

4. Piramal Enterprises Ltd – Dongre recommends buying Piramal Enterprises at ₹1080 Stoploss at ₹1050  for a target of ₹1140

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.1140. The stock is currently maintaining a crucial support level at Rs.1050. A buying opportunity is emerging given the current market price of Rs.1080. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.1140

5. Marico Ltd – Dongre recommends buying  MARICO ₹685 with a Stoploss at ₹674 with a target price of ₹710.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 710. The stock is currently maintaining a crucial support level at Rs.674. Given the current market price of Rs.685, 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 Rs. 710.

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 taking any investment decisions