Stock Market Today: Buy or sell these 5 stocks in Indian stock market today, know full details

Stock Market Today : The Indian stock market finally succumbed to profit-booking on Wednesday, after fourteen sessions of gains. The BSE Sensex corrected 202 points to settle at 82,352, the Bank Nifty index ended 288 points down at 51,400, and the Nifty 50 index lost 81 points to conclude at 25,198. Bulls are still drawn to small-cap stocks in the overall market since the BSE Small-cap index ended the last session 0.26 percent higher.

Thursday’s Trade Setup

Senior Technical Research Analyst at HDFC Securities, Nagaraj Shetti, discussed the prognosis for the Nifty today. He said, “The near-term uptrend status for Nifty remains intact, and any consolidations and minor dips down to the 25K mark are expected to be a buying opportunity.” Nifty might shortly rise to the new all-time highs of around 25350–25400.”

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, provided the following analysis on the Bank Nifty’s forecast for today: “The Bank Nifty started the day with a gap-down but later saw buying interest.” In spite of this, the index ended the day down at 51,400 points. From a technical perspective, the index forms a modest green candle on the daily chart, suggesting lower-level purchasing activity. The 21-day Exponential Moving Average (DEMA) is close to 51,090 levels on the downside. It is advised to “buy on dips” if the index stays above 51,090. The Bank Nifty may try to challenge the 52,000 level, which is the double bottom pattern’s goal, on the upside.”

US Employment Information

US job vacancies fell to a 3-1/2-year low in July, according to data released overnight, indicating that the labor market was slowing down. Still, the drop is probably not enough to justify the Federal Reserve cutting interest rates by half a percentage point this month.

Markets Worldwide Today

Following the disappointing US jobs data on Wednesday, the US dollar rates saw pressure, which strengthened the Japanese Yen during Thursday’s early morning session. During the early morning session, there was significant purchasing of Treasury bonds across the Asian markets. Futures for Asian stocks were neutral. Futures contracts for Australia and Hong Kong saw little changes, while those for Japan had a decline of more than 1%. Following news that the US Department of Justice had issued subpoenas as part of an antitrust investigation, Nvidia’s share price witnessed its biggest two-day decline since October 2022. As a result, the S&P 500 and Nasdaq 100 closed Wednesday’s trading session down 0.2%.

Trades in Asia will be keeping a close eye on Nippon Steel’s stock. According to those close with the situation, US President Joe Bi blocked the Japanese steelmaker’s $14.1 billion buyout of United States Steel Cor. after the den. US Steel’s stock had a 17% decrease after the closing in New York, its worst drop since April 2017.

Stocks To Purchase Right Now

These five stocks are recommended by stock market experts: Syngene International, United Spirits, JSW Steel, MTAR Technologies, and State Bank of India (SBI). Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, offered their recommendations regarding shares to buy today.

Today’s Stock Suggestions From Sumeet Bagadia

1] Syngene International: Purchase at ₹879.65, aim for ₹925, and halt loss at ₹850

The share price of Syngene is now trading at ₹879.65, indicating a significant upward trend. The stock has been rising steadily, displaying movements with higher highs and higher lows and creating a bullish continuation pattern. With a goal of ₹925 and support around ₹830, the most recent candlestick pattern exhibits a bullish trend, indicating possibility for more higher.

2] United Spirits: Purchase at ₹1499.35, aim for ₹1585, and halt losses at ₹ 1449

The share of United Spirits is now trading at ₹1499.35, having reached an all-time high of ₹1507 today. On the daily chart, the stock exhibits positive, strong momentum and a persistent advance. With a support level of ₹1435, the objective, if the stock rises further, may be around ₹1585.

Stocks Of Ganesh Dongre To Purchase Now

3] JSW Steel: Purchase at ₹932, aim for ₹955, and halt loss at ₹920

At ₹920, the stock found a significant level of support, indicating a pivotal point in its recent trade. The stock has shown a clear price-action reversal around ₹932, indicating that its upward momentum may continue. Those who are eager to take advantage of this chance can think about purchasing and holding the stock, with a sensible stop loss placed around ₹920. The next important resistance level, ₹955, is the expected goal for this trade. This tactic puts traders in a favorable position to profit on the anticipated surge in the stock over the next weeks.

4] MTAR Technologies: Purchase at ₹1810, aim for ₹1880, and halt losses at ₹1770

Based on recent short-term trend analysis of the stock, a noteworthy bullish reversal pattern has developed. This technical pattern points to a possible brief pullback of the stock price, maybe to ₹1880. At ₹1770, the stock is still holding onto a critical support level. Considering the ₹1810 market pricing right now, a purchasing opportunity is developing. This means that investors should think about buying the stock at its present price in anticipation of a climb towards the ₹1880 goal that has been set.

5] SBI: Purchase at ₹816, aim at ₹845, and halt loss at ₹800

A breakout at the price level of Rs. 816 has been seen on the stock’s daily chart, indicating a possible upward trend. The Relative Strength Index (RSI), which shows growing purchasing enthusiasm, is continuing to rise in tandem with this breakthrough. With these technical indications, traders may want to explore entering the stock at a lower price point by purchasing on dips. A stop loss of ₹800 is advised in order to limit risk. In the following weeks, the strategy’s target price of ₹845 indicates the possibility of a gain if the stock keeps rising.