Stock market today: Trade setup for Nifty 50 to global markets outlook, five stocks to buy or sell on Monday — Sept 30

Stop Market today: The Indian stock market continued its upward journey for the third week in a row, scaling record highs, largely driven by positive global cues. The benchmark Nifty 50 index was up 1.5% for the week and ended at 26,178.95.

Rate-sensitive sectors such as banking, financials, auto, and real estate were initially in the spotlight, while metals and energy caught attention later in the week, helped by China's stimulus. Despite positive sentiments in key sectors, broader indices underperformed, ending flat to marginally lower.

Trade setup for Monday

The near-term uptrend of the market remains intact. Nifty could eventually bounce back after the consolidation in the next few sessions. Immediate support is at 25,900, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Bank Nifty after the decent rally witnessed some consolidation near the 54,000 level with near-term support maintained near the 53,400 zone of the previous peak level and would need a decisive breach above 54,470 levels to continue with the uptrend said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher.

Global Markets Outlook

Going ahead, global factors will play a pivotal role, especially in the absence of any major domestic events, said Ajit Mishra - SVP, Research, Religare Broking. 

“In the US markets, a decisive breakout for the Dow Jones Industrial Average above 42,300 could fuel further gains, though there is a possibility of consolidation if it fails to break through. Similarly, the S&P 500 and Nasdaq Composite are also trending higher, indicating widespread participation across sectors,” said Mishra.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking has recommended two stock picks for Monday. Also, Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi has given another three stock picks for today.

These include Apollo Hospitals Enterprise, Bombay Burmah Trading Corp, Sonata Software, Piramal Enterprises and  Maharashtra Seamless. 

Sumeet Bagadia's stocks to buy today

1.Apollo Hospitals Enterprise Ltd: Bagadia has recommended buying Apollo Hospitals Enterprise Ltd at ₹7235.75 with a stop loss of ₹6999 for a target price of ₹7600.

Apollo Hospitals Enterprise is trading at 7235.75 currently; the stock seems to be in an uptrend as it continuously reaches higher highs and lower lows. The stock hit an all-time high of 7279, reflecting significant bullish momentum. A potential short-term target of 7600 could be reached if the important resistance level at 7250 is broken.

2.Bombay Burmah Trading Corp. Ltd: Bagadia recommends buying Bombay Burmah Trading Corp at ₹2858.9 while maintaining a stop loss at ₹2750 for a target price of ₹3050.

Bombay Burmah Trading's daily chart analysis offers a favourable view for the week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's stocks to buy today

3. Sonata Software Ltd: For Monday, Ganesh Dongre recommends buying  Sonata Software at ₹633 with a stop loss of ₹615 for a target price of ₹655.

A notable bullish reversal pattern has emerged in Sonata Software stock. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹655. At present, the stock is maintaining a crucial support level of ₹615. Given the current market price of ₹633, 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 ₹655.

4. Piramal Enterprises Ltd:  Ganesh Dongre recommends buying Piramal Enterprises at ₹1095, with a stop loss of ₹1070 for a target price of ₹1140.

In the recent short-term trend analysis of Piramal Enterprises, 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 ₹1140. At present, the stock is maintaining a crucial support level of ₹1070. Given the current market price of ₹1095, 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 ₹1140

5. Maharashtra Seamless Ltd: Ganesh Dongre recommends buying Maharashtra Seamless at ₹639 with a stop loss of ₹625 for a target of ₹660.

Short-term trend analysis of the stock reveals a notable bullish reversal pattern. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹660. At present, the stock is maintaining a crucial support level of ₹625. Given the current market price of ₹639, 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 ₹660.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.