As the Indian stock market braces for a day of consolidation, analysts have identified several stocks poised for potential gains. The Nifty 50 index is facing resistance at the 25,000 mark and is expected to trade within a range of 24,500 to 25,500 levels. Investors are advised to monitor key support and resistance levels while considering specific stocks for short-term trading opportunities.
Market Overview
The Indian market is likely to consolidate today, following muted global cues. On Wednesday, the Nifty future closed down by 0.34%, settling at 25,032. Analysts suggest that the market may continue to face challenges as it navigates through this period of uncertainty. The options data indicates a broader trading range between 24,500 and 25,500, with immediate support at 24,700 and resistance at 25,200. Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, noted that “Nifty formed a bearish candle on the daily frame on Wednesday with losses of around 100 points and has been making lower lows from the last two sessions.”
Recommended Stocks
In light of current market conditions, experts have compiled a list of stocks from the F&O basket and cash market that traders can consider for short-term gains:
- CAMS: Recommended by Jayesh Bhanushali, Senior Derivative & Technical Research Analyst at IIFL, with a target price of ₹5,010 and a stop loss at ₹4,690. Analysts believe this stock is well-positioned for growth.
- Tube Investment of India: Also recommended by Bhanushali with a target of ₹4,670 and a stop loss at ₹4,380. This stock has shown promising technical indicators.
- Siemens: Recommended by Bhanushali with a target price set at ₹8,230 and a stop loss at ₹7,780. The company remains in an uptrend and could provide solid returns.
- HPCL (Hindustan Petroleum Corporation Limited): Suggested buy by market expert Kunal Bothra, with a target of ₹446 and a stop loss at ₹426. This stock has been resilient amid market fluctuations.
- Grasim Industries: Recommended by Bothra with a target price of ₹2,845 and a stop loss at ₹2,720. The company has strong fundamentals that may attract investor interest.
- Deepak Nitrite: Suggested buy by Bothra with a target of ₹3,120 and a stop loss at ₹2,920, indicating potential upside in the near term.
- LIC Housing Finance: Recommended by independent technical analyst Nooresh Merani, with a target price of ₹700 and a stop loss at ₹610, reflecting confidence in its growth trajectory.
- Bombay Dyeing: Suggested buy by Merani with a target of ₹270 and a stop loss at ₹220, indicating bullish sentiment among analysts.
Conclusion
As traders prepare for today’s session, the focus will be on navigating the consolidation phase while keeping an eye on recommended stocks like Grasim and Siemens. With the Nifty facing critical resistance levels, investors should approach the market cautiously and consider expert recommendations for potential short-term gains.Chandan Taparia emphasized that “the Nifty has to cross and hold above 25,000 zones for an up move towards 25,150 then 25,250 zones,” while supports are placed at 24,850 then 24,750 zones.Disclaimer: The recommendations provided in this article are based on expert analysis and do not represent the views of Economic Times or any affiliated entities. Investors are encouraged to conduct their own research or consult financial advisors before making investment decisions.
