Stock market today: Trade setup for Nifty 50 to global markets outlook, six stocks to buy or sell on Thursday —Sept 26

Stock Market Today: The Benchmark Nifty-50 index ended at record high for the fourth consecutive session on Wednesday. The S&P BSE Sensex and Nifty-50 index that started on a cautious note however gained momentum driven by the power and banking stocks. As Nifty closed at record 26,004.15 up 0.25% , Sensex at 85,169.87 also ended with gains of 255.83 points (0.30%).

The Bank Nifty with gains of 0.25% while ended at 54,101.65 . As Energy and realty sectors posted gains, however IT and FMCG stocks lagged and mid- and small-cap indices experienced corrections driven by valuation concern, that put pressure on the market breadth.

Trade setup for Thursday

The market shifted into a narrow range movement on Tuesday and a small positive candle was formed on the daily chart , said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. The near-term uptrend status of Nifty remains intact. One may expect further range bound action or minor dip in the next 1-2 sessions. Immediate resistance to be watched around 26250 and support is at 25800, said Shetti.

Bank Nifty in the short-term index might face a hurdle near 54500 levels and, if it sustains above, might test the levels of 55,000-55,500, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. On the downside, the breakout level near 53,350 and the psychological level of 53,000 will serve as support points, added Yedve.

Global Market outlook

A brief China-led rally seemed fading, leaving shares in Europe and Asia mixed on Wednesday after a strong start European stock markets drifted lower and were a mixed bag as concerns grew over the region’s growth outlook. Chinese and Hong Kong markets ended stronger, extending the previous session's rally after China's central bank slashed its medium-term lending facility.

The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation, said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks to buy today

Market experts as Ganesh Dongre, Senior Manager of technical Research at Anand Rathi also has given another three stock picks for today, while Anshul Jain, Head of Research at Lakshmishree Investment and Securities has given two stock picks to buy from today.

These Include Narayana Hrudayalaya , HDFC Life Insurance Company Ltd , Larsen & Toubro Ltd , Tata Power Co.Ltd , Tata Communications LTD , Oberoi Realty LTD.

Ganesh Dongre, stocks to buy today

1. Narayana Hrudayalaya - Dongre has recommended buying Narayana Hrudayalaya at ₹1255 keeping Stop Loss at ₹1225 for a Target Price of ₹1295.

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.1295. At present, the stock is maintaining a crucial support level at Rs.1225 Given the current market price of Rs.1255, 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. 1295, said Dongre.

2.HDFC Life Insurance Company Ltd - Dongre has recommended buying HDFC Life Insurance Company Ltd at ₹717 keeping a stop loss of ₹700 for a target price of ₹740.

On the daily chart of this stock, support at ₹700 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. 700 is recommended. The target price for this strategy is Rs. 740 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory, said Dongre

3.Larsen & Toubro Ltd - Dongre has recommended buying Larsen & Toubro at ₹3795 with Stoploss at ₹3700 for a target price of ₹3950.

On the short-term chart, this stock is forming bullish engulfing pattern, which is inherently bullish. Currently priced at Rs. 3795, this formation signals a potential upward trend. To effectively manage risk, a stop loss at Rs. 3700 is recommended. .The target price for this strategy is Rs. 3950 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

Anshul Jain's stocks to buy today

4. TATA POWER CO.LTD - Anshul Jain has recommended buying Tata Power at ₹467 keeping stop loss at ₹460 for a target price of ₹482

Anshul Jain says that stock has broken out of 99 days cup and handle pattern

5. Tata Communications LTD- Anshul Jain has recommended buying Tata Communications at ₹2120 with stop Loss at ₹2080 for a target price of ₹2160

The stock as per Jain has broken out of swing high

6. Oberoi Realty LTD - Anshul Jain has recommended buying Oberoi Realty at ₹1938 with a stop loss at ₹918 for a Target price of ₹1974

The stock as per Jain has broken out of rounding bottom pattern

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.

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