Stock market today: Trade setup for Nifty 50 to Q2 results 2024; five stocks to buy or sell on Monday — Oct 14

Stock Market Today: The benchmark Nifty 50 Index consolidated last week to end 0.2% lower. Industrials, Healthcare, and Auto remained among the top-performing sectors while Metal & FMCG were the top underperformers. Bank Nifty ended the week at 51,172.30, marginally lower over the previous week.

Trade setup for Monday

Nifty's bias is expected to remain negative unless it decisively reclaims the 25,300 level, representing its 20-day exponential moving average (DEMA), said Ajit Mishra – SVP, Research, Religare Broking Ltd. On the downside, immediate support is seen at 24,700, with major support at 24,400, the 100-day exponential average, as per Mishra.

Nifty Bank index would have important near-term support at around 50,000 levels while on the upside, it needs to breach the 51,800 level decisively to establish some conviction, said Vaishali Parekh Vice President - Technical Research, Prabhudas Lilladher.

Global market outlook

In spite of mixed global cues, US markets remain firm and continue rising. This optimism hasn't yet permeated to Indian markets. Metal stocks might continue to be supported by expectations of additional stimulus policies from China, analysts said.

Q2 results 2024

Corporate results will likely influence the market as Reliance, HDFC Life, Axis Bank, Wipro & LTIMindtree are slated to post their Q2 earnings this week. After a sharp fall the week before last, Nifty consolidated for the week ending October 11 and traded sideways amid relentless selling by FIIs and the absence of any major triggers. “We expect markets to consolidate at higher zones and take cues from global factors & result season,” said Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd.

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 CG Power and Industrial Solutions, Mankind Pharma Ltd, GAIL India Ltd, Piramal Enterprises Ltd, and Marico Ltd. 

Sumeet Bagadia's stocks to buy today

1. CG Power and Industrial Solutions Ltd- Bagadia recommends buying CG Power at ₹858.15 with a stop loss at ₹828 for a target of ₹915,

CG Power is currently trading at ₹858.15 and is in a strong uptrend, as evident from the consistent higher highs and higher lows formed on the chart. The price has recently broken out of a consolidation phase, making a sharp upward move. This breakout could indicate a continuation of the bullish trend. If the stock manages to close above its key resistance level of ₹870, then it can achieve a short-term target of ₹915.

2. Mankind Pharma Ltd- Bagadia recommends buying Mankind Pharma at ₹2,792.55 with a stop loss of ₹2,690 for a target price of ₹2,950.

Mankind has recently experienced a significant breakthrough above the crucial resistance zone ranging from 2,650 to 2,727 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterised by higher highs and higher lows. A noticeable surge in trading volume further validates the strong bullish sentiment.

Ganesh Dongre's stocks to buy today

3. Gail India Ltd- Dongre recommends buying GAIL India at ₹230 with a stop loss at ₹223 and a target price of ₹242.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹242. The stock is currently maintaining a crucial support level at ₹223. Given the current market price of ₹230, 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 ₹242.

4. Piramal Enterprises Ltd - Dongre recommends buying Piramal Enterprises at ₹1,080 with a stop loss of ₹1,050 and a target of ₹1,140.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs1,140. The stock is currently maintaining a crucial support level at ₹1,050. A buying opportunity is emerging given the current market price of ₹1,080. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1,140

5. Marico Ltd - Dongre recommends buying  MARICO ₹685 with a stop loss of ₹674 and a target price of ₹710.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹710. The stock is currently maintaining a crucial support level at ₹674. Given the current market price of ₹685, 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 ₹710.

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

,