As the Indian stock market opens today, the domestic benchmark indices, including the Sensex and Nifty 50, continue to face challenges. Following a decline for two consecutive sessions, experts are weighing in on potential buying opportunities amidst the prevailing market volatility.
Market Overview
The Sensex dropped by 319 points, or 0.39%, closing at 81,501.36 points on Wednesday, while the Nifty 50 index finished at 24,971.30, down 86 points, or 0.34%. Investor sentiment has been affected by weak global cues and disappointing quarterly results for July-September, alongside ongoing inflation concerns. Cash market volumes on the NSE remained flat at approximately ₹1.03 lakh crore, indicating a cautious approach among traders.
Nifty Outlook
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the underlying trend of Nifty remains choppy with a weak bias. He indicated that a sustainable move above 25,200 could lead to strong momentum, while a sharp weakness below 24,800-24,700 may trigger further declines.
Bank Nifty Analysis
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, commented on the Bank Nifty’s performance, stating that it began on a sour note but saw brief buying demand before settling flat at 51,801. He mentioned that the index formed a shooting star candle on a daily scale and faces resistance near 52,030. If it sustains this level, it could test higher levels of 52,500–52,800, with strong support at 51,000.
Q2 Results Today
Around 35 heavyweight stocks from Dalal Street are set to announce their Q2 results today, including major players like Infosys, Wipro, Axis Bank, Nestle India, and LTIMindtree. These earnings reports are highly anticipated as they will provide insights into the financial health of these companies amid current market conditions.
Stocks to Buy Today
In light of the current market scenario, experts have recommended five stocks to consider for buying today:
- CAMS: Recommended buy at ₹4,836.55 with a target of ₹5,150 and a stop loss at ₹4,685. CAMS recently demonstrated a robust breakout from a critical resistance zone of ₹4,700-₹4,500 on the daily chart.
- Siemens AG: Suggested buy at ₹7,986.30 with a target of ₹8,550 and a stop loss at ₹7,700. Siemens is currently in an uptrend and recently touched an all-time high of ₹8,129.9 after breaking out from a rounding bottom pattern.
- DLF: Recommended buy at ₹885 with a target of ₹910 and a stop loss at ₹855. The stock has shown significant support at ₹855 and demonstrated price-action reversal signals.
- EI Hotel: Suggested buy at ₹424 with a target of ₹436 and a stop loss at ₹415. A bullish reversal pattern has emerged in its recent price trend analysis.
- Titan Company: Recommended buy at ₹3,470 with a target of ₹3,580 and a stop loss at ₹3,400. A breakout has been observed at the ₹3,470 price level indicating potential upward momentum.
Conclusion
As investors navigate through today’s market dynamics and await Q2 results from major companies like Infosys and Wipro, these expert recommendations provide actionable insights for potential trading strategies. The outcomes from these earnings reports will likely influence market sentiment in the coming days.Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of Mint. Investors are advised to consult certified experts before making any investment decisions regarding stocks mentioned herein.
