Stock market today: The benchmark Nifty-50 index continued its winning spree for the fourth consecutive session, gaining 0.13% on Thursday to end at 25,083.75. The Bank Nifty at 55,755.45 ended 0.10% higher at 55,755.45, while Pharma Realty led gains for many other sectors, though Auto and FMCG were among key losers. In the broader indices, mid- and small-caps also ended up to 0.38% lower.
The Nifty could test 25150 and move beyond toward the recent swing high of 25670. Immediate support lies at 24850 (last two sessions’ low), while 24700 remains a strong support, said Rajesh Bhosale, Equity Technical Analyst, Angel One.
Key support areas for Bank Nifty are seen at 54,800 and 55,000, as per Bajaj Broking.
Central bankers and economists from around the world are gathering for the Fed’s economic symposium in Jackson Hole, Wyoming. The prestigious event in the Grand Teton mountains has been used to make key policy announcements. Powell is due to speak today at 10:00 AM in New York time.
Speaking on the potential outcome of Fed Chair Jerome Powell’s speech today, Bret Kenwell, aUS investment analyst at eToro, said, “The Fed is being put in a tough spot, with pressures to cut interest rates as inflation rises and the labor market decelerates — with both of those metrics moving in the opposite direction from the Fed’s dual mandate.”
Indian equities ended mixed, as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings. India’s record-high composite PMI in August, reflecting strong expansion in both manufacturing and services, particularly in business activity, may provide stability in the near term, said Vinod Nair, Head of Research, Geojit Investments Limited, and Syrma SGS Technology Ltd.
Investors remain cautious ahead of the upcoming Jackson Hole symposium on Friday and rising domestic bond yields due to fiscal concerns surrounding GST rationalization., added Nair
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher—recommended these eight intraday stocks for today: Caplin Point Laboratories Ltd., Landmark Cars Ltd., Patanjali Foods Ltd., ICICI Bank Ltd., Bombay Dyeing & Manufacturing Company Ltd., Swan Energy Ltd., and Syrma SGS Technology Ltd.
Caplin Point Laboratories Ltd-Bagadia recommends buying CAPLIPOINT at around ₹2210, keeping Stoploss at ₹2130 for a target price of ₹2370
CAPLIPOINT is currently trading at 2210 and is showing a steady recovery after a prolonged consolidation phase, with the stock attempting to build higher highs and higher lows on the daily chart. The recent price action indicates growing bullish strength as the stock edges closer to breaking above the key resistance zone near 2220, which, if crossed decisively, can open room for further upside momentum.
2. Landmark Cars Ltd-Bagadia recommends buying LANDMARK at ₹572, keeping Stoploss at ₹555, and Target at ₹615.
LANDMARK is currently trading at ₹572; the stock has been in a strong uptrend after a prolonged down move earlier in the year. The stock has recently formed a cup and handle pattern, a bullish continuation formation that often signals further upside potential. With the neckline around 565, which is now being tested, the price action indicates a possible breakout if sustained buying interest continues.
3. Patanjali Foods Ltd—Dongre recommends buying PATANJALI at ₹1808, keeping stop loss at ₹1780 for a target price of ₹1860.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 1860. At present, the stock is maintaining a crucial support level at Rs.1780. Given the current market price of Rs.1808, a buying opportunity is emerging. This suggests that investors may consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 1860.
4. ICICI Bank Ltd-Dongre recommends buying ICICIBANK at around ₹1446, keeping Stoploss at ₹1414 for a target price of rS 1475
We have seen a major support in this stock around Rs. 1414. So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 1446 price level, which may continue its rally till its next resistance level of Rs. 1475, so traders can buy and hold this stock with a stop loss of Rs. 1414 for the target price of Rs. 1475 in the upcoming weeks.
5. Castrol India Ltd—Dongre recommends buying CASTROLIND at ₹208, keeping the stop loss at ₹203 for a target price of ₹218
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 218. Currently, the stock is holding a crucial support level at Rs.203.
Given this scenario, there is potential for the stock to rebound towards the Rs.218 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.203 to manage risk effectively. The target price for this trade is Rs.218.
6. Bombay Dyeing & Manufacturing Company Ltd: Koothupalakkal recommends buying BOMBAY DYEING at around ₹173.80 for a target price of ₹185. Keeping Stop loss: 169
The stock has recently witnessed a decent pullback, taking support near the ₹158 zone, currently indicating a positive bullish candle to improve the bias, and expecting a further rise in the coming sessions. The RSI is well-positioned and has indicated a positive trend reversal to signal a buy with much potential visible to carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock.
7. Swan Energy Ltd—Koothupalakkal recommends buying SWAN ENERGY at around ₹461 for a target price of ₹485, keeping the stop loss at ₹450
The stock has maintained strong support near the ₹410 level, and with a decent pullback visible, it has moved past the important 50EMA level at the ₹450 zone with significant volume participation visible to strengthen the bias anticipating a further rise in the coming sessions. The RSI is well placed and has picked up quite significantly to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock .
8. Syrma SGS Technology Ltd – Koothupalakkal recommends buying SYRMA SGS TECH at around ₹744.95 for a target price of ₹787, keeping the stop loss at ₹728.
The stock has recently witnessed a strong run-up, and after a short period of correction, it has taken support near the important 50EMA zone at the 650 level and indicated a decent pullback to improve the bias once again, and we anticipate another fresh round of momentum pickup in the coming sessions. The RSI has cooled off significantly from the highly overbought zone and is currently well positioned, signaling a buy and having much upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.