- Indian stock market ends lower for the fifth straight session, with the Nifty 50 index crashing 345 points and closing below the 22,000 mark.
- Bank Nifty index also takes a hit, nosediving 533 points and ending at a 47,487 level.
- Experts recommend five stocks to buy today — Infosys, ITC, Aegis Logistics, TVS Motor, and Sun TV.
Indian stock market closes lower for the fifth consecutive session, with experts recommending five stocks to buy today.
Indian Stock Market in Decline
Following weak global sentiments, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index crashed 345 points and closed below the 22,000 mark at 21,957. The BSE Sensex tanked 1062 points and finished at 72,404, while the Bank Nifty index, which tracks the performance of the banking sector, nosedived 533 points and ended at a 47,487 level. Cash market volumes on the NSE, which indicate the liquidity in the market, rose to ₹1.02 lakh crore. However, the broad market indices, which provide a more comprehensive view of the market, fell more than the Nifty 50 index even as the advance-decline ratio, which measures the number of advancing stocks to declining stocks, fell sharply to 0.17:1 (lowest since March 13, 2024).
Trade Setup for Friday
On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “On the Nifty front, the 50-stock index closed near the support level of 21800–21900 zone. If Nifty holds this support level, then upward movement can be seen for the frontline index in the upcoming days. Now the next resistance for the Nifty spot will be 22500-22600. On Thursday, we saw the gap down opening, and the index witnessed profit booking for the rest of the day. So, on the Nifty front, currently, Nifty is in an oversold zone. Hence, we may see short covering in upcoming trading sessions; the next nifty support stands at the 21800-21900 level.”
Buy or Sell Stock Ideas by Experts
When asked about stocks to buy today, Sumeet Bagadia and Ganesh Dongre, renowned experts in the field, recommended five buy or sell stocks for today — Infosys, ITC, Aegis Logistics, TVS Motor, and Sun TV. Their recommendations are based on thorough analysis and market trends.
Sumeet Bagadia’s Stocks to Buy Today
1] Infosys: Buy at ₹1439.50, target ₹1512, stop loss ₹1400. Infosys share is currently valued at ₹1439.50. Recent market trends, including a reversal from the bottom indicated by a neutral candlestick pattern at the bottom, suggest a bullish reversal accompanied by robust trading volume. These patterns indicate a potential solid upward trajectory in the stock, providing a secure investment option.
2] Sun TV: Buy at ₹656.80, target ₹704, stop loss ₹629. Sun TV share price has recently experienced a robust rebound from a formidable support level at ₹629, near its 50-day Exponential Moving Average (EMA). Trading above key moving averages, including the 20-day, 50-day, and 200-day EMAs, further strengthens its bullish outlook. Sun TV share price currently faces a minor resistance around ₹670 levels. Upon breaching this resistance, SUNTV is poised for a significant upward movement towards the target of ₹704.
Ganesh Dongre’s Buy or Sell Stocks
3] ITC: Buy at ₹429, target ₹440, stop loss ₹418. We have seen significant support in this stock at around ₹418. So, at the current juncture, ITC share price has again seen a reversal price action formation at the ₹429 price level, which may continue its rally till its next resistance level of ₹440. Hence, traders can buy and hold this stock with a stop loss of ₹418 for the target price of ₹440 ₹in the near term.
4] Aegis Logistics: Buy at ₹580, target ₹630, stop loss ₹560. In the short-term trend, Aegis Logistics’ share price has seen a bullish reversal pattern; technically, the reduction could be possible till ₹630. So, holding the support level of ₹560, Aegis Logistics share price can bounce toward ₹630 in the short term. Hence, traders can go along with a stop loss of ₹560 for the target price of ₹630.
5] TVS Motor: Buy at ₹2065, target ₹2150, stop loss ₹2010. We have seen strong support in this stock around 2010 rupees. So, at the current juncture, TVS Motor share has again seen a reversal price action and bullish candlestick pattern formation at the ₹2065 price level, which may continue its rally till its next resistance level of ₹2150. Hence, traders can buy and hold this stock with a stop loss of ₹2010 for the target price of ₹2150 in the near term.
Conclusion
Despite the Indian stock market’s decline, experts recommend five stocks to buy today — Infosys, ITC, Aegis Logistics, TVS Motor, and Sun TV. These recommendations are based on thorough analysis and market trends, providing tangible value to readers.
