Stock market today: Trade setup for Nifty 50 to global outlook amid Iran-Israel war; five stocks to buy or sell — Oct 10

Stock Market Today: Nifty -50 Index continued its correction phase as it ended a volaille trading session on Wednesday at 24,981.95 down 0.12%. The S&P BSE Sensex at 81,467.10 also ended 0.21% lower. The Sectoral Indices were a mixed bag as realty and pharma  gained while FMCG and energy sectors saw declines. Bank Nifty though gained intraday post RBI MPC outcome , however ended 0.03% lower at 51,007.00.  Broader indices however surprised with outperformance gaining  1% and more.

Trade setup for Thursday

Nifty ended lower wiping all gains during the day. This means that bulls ran into resistance and profit taking at 25200+ said Deepak Jasani, Head of Retail Research at HDFC Securities. Nifty could now stay in the 24832-25230 band for the near term and a breach of either values could mean acceleration in that direction, added Jasani

Technically, as long as the Nifty Bank index holds above 50,190, a “buy on dips” strategy is advisable. On the upside, 51,700–51,800 will act as a short-term hurdle for Bank Nifty. said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Global market amidst Iran-Israel war

Most stocks in the Asia-Pacific region also were a mixed Bag . Chinese markets fell sharply disappointed as stimulus measures seemed inadequate. European stocks also saw a muted start though were in the green . Investors are watchful on reports that Alphabet Inc., the company that owns Google, may face antitrust charges from US authorities, and indications that the Federal Reserve will gradually reduce interest rates is impacting sentiments.

With ongoing tensions in the Middle East affecting oil prices and anticipation surrounding domestic quarterly earnings, market participants are keen to see how these factors will influence performance in the coming days, said Vikram Kasat, Head – Advisory, Prabhudas Lilladher.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for Monday. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has suggested three stock ideas for today.

These Include Prestige Estates Projects Ltd,  Marksans Pharma Ltd , NMDC Ltd,  JSW Steel Ltd and Ashok Leyland  Ltd

Sumeet Bagadia’s stocks to buy today

1.Prestige Estates Projects Ltd – Bagadia Recommends buying Prestige Estates Projects at ₹1858.2 with a Stoploss at ₹1793 for a target price of ₹1988

Prestige is currently trading at ₹1858.2, forming a strong bullish candle on the daily chart, which indicates a potential reversal from key support levels. The stock has rebounded from its support zone, suggesting a reversal pattern, and the increase in trading volumes further confirms a bullish outlook. If Prestige sustains above the crucial level of ₹1900, it is likely to continue its upward momentum toward the target price of ₹1988.

Marksans Pharma Ltd – Bagadia recommends buying Marksans Pharma at ₹297.05 keeping Stop Loss at ₹287 for a target price of ₹318

Marksans is currently trading at ₹297.05, exhibiting a strong bullish trend. The stock has recently broken out from a falling trendline and has shown a significant bullish reversal from a support zone, accompanied by a notable surge in trading volumes. This reflects strong buying interest from investors. In the short term, Marksans is poised to reach a target of ₹318.

Ganesh Dongre’s stocks to buy today

3. NMDC Ltd – Dongre recommends buying NMDC at ₹ 224 keeping Stoploss of ₹218 with a target price of ₹235

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. 235. At present, the stock is maintaining a crucial support level at Rs.218 Given the current market price of Rs.224, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 235.

 4. JSW Steel LTD- Dongre recommends buying JSW Steel at ₹995 keeping Stoploss at ₹980 for a target price of ₹1025

On the daily chart of this stock, support at ₹985 level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs. 980 is recommended. The target price for this strategy is Rs. 1025 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

5.  Ashok Leyland Ltd   Dongre recommends buying Ashok Leyland at ₹222 keeping Stop Loss of ₹216 with a target price of ₹230.

On the short-term chart, this stock is forming bullish engulfing pattern, which is inherently bullish. Currently priced at Rs. 222, this formation signals a potential upward trend. To effectively manage risk, a stop loss at Rs.216 is recommended. .The target price for this strategy is Rs. 230 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

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 taking any investment decisions.