Stock Market Today: The benchmark Nifty-50 index ended the volatile session on Tuesday 0.7% lower at 24,826.20. The Bank Nifty ended 0.39% lower at 55,352.80 while IT, FMCG and auto led the losses for other sectors, though Pharma and Realty stood among gainers. The broader indices ended almost flat.

Trade Setup for Wednesday

The Nifty has been finding it difficult to cross 25116 resistance and continuing its choppy trend. On the downside, 24700 and 24462 could offer support in the Nifty. A decisive level above 25116 would bring back the bullish momentum in the Nifty, said Nandish Shah, Senior Derivative & Technical Research Analyst, HDFC Securities. 

Bank Nifty is facing resistance near 56,000–56,100 levels while  support is placed near 54,776 as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Global Markets and Q4 Results

Investors are now eyeing key global events, including the release of the minutes from the latest FOMC meeting, which could provide cues on the Fed’s policy outlook amid persistent inflation and fiscal stress. Markets are likely to remain volatile in the near term, with a watchful eye on global developments, trade negotiations, and remaining corporate earnings, said 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 today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given two stock picks.

These include Shankara Building Products Ltd , Hitachi Energy India Ltd , Chambal Fertilisers & Chemicals Ltd, Bharat Electronics Ltd, ICICI Bank Ltd,  HFCL Ltd and Welspun Corp Ltd 

Sumeet Bagadia’s stock picks

1.Shankara Building Products Ltd- Bagadia recommends buying Shankara Building Products or SHANKARA at around ₹821.3 keeping Stoploss at ₹790 for a target price of ₹877.

SHANKARA is currently trading at 821.3, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of 828.9, with a key resistance level around 835. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.

2.Hitachi Energy India Ltd– Bagadia recommends buying Hitachi Energy India or POWERINDIA at around ₹17220 keeping Stoploss at ₹16600 for a target price of ₹18400

POWERINDIA is currently trading at 17220. The rally was backed by strong volumes and a sharp bullish candle. The breakout above the previous swing high near ₹16,600 is particularly significant, as it had acted as a supply zone earlier. With this resistance now turned into support, the stock has room to test higher levels. The stock is now trading firmly above all key exponential moving averages. The price action shows a clear breakout strengthened by a series of higher highs and higher lows on the daily chart — a classic sign of a strong uptrend.

Ganesh Dongre’s stocks to buy today

3. Chambal Fertilisers & Chemicals Ltd – Dongre recommends buying Chambal Fertilisers & Chemicals or CHAMBLFERT at around ₹594 keeping Stoploss at ₹580 for a target price of ₹620

In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 594 and holding above a key support level at ₹ 580. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 580 to manage downside risk. The target for this trade is set at ₹ 620, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.

4. Bharat Electronics Ltd– Dongre recommends buying Bharat Electronics Ltd or BEL at around ₹386 keeping Stoploss at ₹375 for a target price of ₹405

Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 386 and maintaining a strong support at ₹ 375. The technical setup indicates the potential for a price retracement towards the ₹ 405 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 375 offers a prudent approach to capturing the anticipated upside.

5. ICICI Bank Ltd– Dongre recommends buying ICICIBANK at around ₹1445 keeping Stoploss at ₹1420 for a target price of ₹1470. 

Stock is currently trading at ₹ 1445 and appears to be in bullish zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential  up move. The critical support level lies at ₹ 1420, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹ 1470 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.

Shiju Koothupalakkal’s intraday stocks for today 

6. HFCL Ltd – Koothupalakkal recommends buying HFCL at around ₹87.30 for a  Target price of ₹93  keeping Stop loss at ₹85

The stock has indicated a higher bottom  formation pattern on the daily chart taking support near ₹80 zone and has witnessed a decent pullback to move past the important 50EMA level at ₹85 zone to improve the bias and anticipate for further rise in the coming sessions. The RSI is well positioned and has indicated a positive trend reversal to signal a buy and has much upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of ₹93 keeping the stop loss of ₹85 level.

7. Welspun Corp Ltd– Koothupalakkal recommends buying Welspun Corp or  WELCORP at around ₹783 for a Target price of ₹820  keeping Stop loss at rs 767

The stock has been in consolidation for quite some time maintaining above the important 200 period MA at ₹752 zone and currently with a pullback to just move above the 50EMA level at ₹778 has improved the bias to signify strength and has potential to carry on with the positive move further ahead in the coming sessions. With the RSI well placed and signalling a buy, one can expect the stock to rise further and with the chart technically looking good, we suggest buying the stock for an upside target of ₹820 level keeping the stop loss of ₹767 level.

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 making any investment decisions.