Stock market today: Trade setup for Nifty 50 to global markets; Five stocks to buy or sell on Thursday

Stock Market Today: Amid positive global cues, the benchmark Nifty 50 ended 0.36% higher at 24,666.90. The Bank Nifty, however, ended 0.25% lower at 54,801.30. However, most other sectors led by Metals IT, Realty, Oil &Gas gained, as did broader indices. Mid and Small caps gained more than 1% each.

Trade Setup for Thursday

Bullish trend is well intact for Nifty as it has been holding its level above all key moving averages. On the downside, strong supports for Nifty are placed at 24500 and 24378, while on the upsides 24850 and 24975 could offer resistance . as per Nandish Shah, Senior Derivative & Technical Research Analyst, HDFC Securities.

For Bank Nifty Key support for the short-term point of view is placed at 54,500- 54,000.

Global Markets and Q4 Results

Investor focus now shifts to key global events scheduled for Thursday, including GDP data from the UK and Japan, and US initial jobless claims. On the earnings front, quarterly results from LIC Housing Finance, Kaynes Technology, and Cochin Shipyard are expected to drive stock-specific action. The positive momentum in Indian markets is likely to persist, supported by easing geopolitical tensions, progress on trade agreements, and improving signs of macroeconomic stability, 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. Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given two stock picks.

These include Authum Investment & Infrastructure Ltd, Manorama Industries Ltd, Tourism Finance Corporation of India Ltd , VA Tech Wabag Ltd and Graphite India Ltd. 

Sumeet Bagadia's stock picks

1. Authum Investment & Infrastructure Ltd-Bagadia recommends buying Authum Investment & Infrastructure (AIIL) at around ₹2137 keeping stoploss at around ₹2070 for a target price of ₹2288

AIIL has delivered an impressive up move, currently trading at an all-time high of ₹2145 levels. This surge in the stock continue to delivered a strong bullish momentum supported by steadily rising volumes and improving technical structure. The recent breakout above the crucial resistance atRs  2000 levels is a significant technical development.

2. Manorama Industries Ltd- Bagadia recommends buying Manorama at around ₹1498 keeping Stoploss at around ₹1444 for a target price of ₹1600

MANORAMA witnessed a stellar rally in today’s trading session, the stock hit an intraday high of ₹1,505, signaling strong bullish sentiment and hit fresh all-time high. The daily chart reveals a classic bullish continuation breakout. After consolidating in a range between ₹1,200–1,350 for a few sessions, the stock gave a decisive breakout above the ₹1,400 mark, supported by healthy volume, validating the move

Shiju Koothupalakkal's intraday stocks for today

3. Tourism Finance Corporation of India Ltd- Koothupalakkal recommends buying Tourism Finance Corporation of India or TOURISM FINANCE at around ₹208.39 for a Target price of ₹220 keeping Stop loss at ₹204

The stock has maintained a strong uptrend in the last one month and currently with the bias improving after taking support near ₹185 zone, we anticipate further rise in the coming sessions. The RSI has cooled off from the highly overbought zone and once again indicating a positive trend reversal to signal a buy and can 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 ₹220 level keeping the stop loss of ₹204 level.

4. VA Tech Wabag Ltd- Koothupalakkal recommends buying  VA TECH WABAG  at around ₹1386 for a Target price of ₹1450 keeping  Stop loss at Rs1360

The stock has indicated a decent pullback after taking support near ₹1245 zone, with currently moving past the important 50EMA level at ₹1382 zone improving the bias and can expect for continuation of the positive move further ahead. The RSI has indicated strength and is well placed signalling a buy to anticipate for another fresh round of upward move. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹1450 level keeping the stop loss of ₹1360 level.

5. Graphite India Ltd -Koothupalakkal recommends buying GRAPHITE INDIA  at around ₹485 for a target price of ₹515 keeping  Stop loss at around ₹475

The stock after a short period of consolidation has indicated a bullish candle formation on the daily chart moving past the important 100 period MA at ₹477 level to improve the bias and can expect further upward move in the coming sessions. The RSI is well positioned and has indicated a positive trend reversal to signal a buy with further upside potential visible. With the chart looking good, we suggest to buy the stock for an upside target of ₹515 keeping the stop loss of ₹ 475 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 taking any investment decisions.