Thursday Stock Market Analysis: Top 5 Buy or Sell Picks Featuring Bitcoin (BTC) and Ethereum (ETH)

<ul>
    <li>The domestic benchmark indices, Sensex and Nifty 50, are likely to have a flat-to-negative start on Thursday's trading session, amid mixed global cues.</li>
    <li>Consumer stocks and heavyweight Reliance Industries spurred rises in the domestic benchmark indices, the Sensex and the Nifty 50, which finished higher on Wednesday.</li>
    <li>Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty 50 is still trending upward and is finding support at 22,500.</li>
</ul>
<p><strong>Stay updated with the latest stock market trends and expert insights to make informed investment decisions.</strong></p>
<h2><strong>Market Overview and Key Developments</strong></h2>
<p>The Indian benchmark indices are off to a flat start, based on Gift Nifty's trends. The Gift Nifty was trading at a premium of around 5.1 points from the previous closing of the Nifty futures, at 22,666.10. On Wednesday, the blue-chip NSE Nifty 50 gained 0.31% to 22,597.8 points, while the S&P BSE Sensex increased 0.36% to 74,221.06. The India VIX fear indicator decreased 1.6% to 21.5, suggesting that there is little volatility in the Indian stock market.</p>
<h3><strong>Technical Analysis and Predictions</strong></h3>
<p>Rupak De, Senior Technical Analyst at LKP Securities, mentioned that the Nifty 50 is still trending upward and is finding support at 22,500. Within a rising channel, the index has been climbing. As long as it continues over 22,500, the trend is probably going to continue being strong. With immediate support at 22,600, the index may climb higher in the near future, maybe as high as 22,800. If the index falls below 22,600, it may momentarily go up near 22,500.</p>
<h2><strong>Buy or Sell Stock Ideas by Experts</strong></h2>
<p>Prabhudas Lilladher's Shiju Koothupalakkal, and Choice Broking's Sumeet Bagadia have suggested a total of five buy or sell stocks for today. These stocks are arranged and explained further under the names of the experts.</p>
<h3><strong>Shiju Koothupalakkal's Shares to Buy Today</strong></h3>
<p><strong>1. Tata Consumer Products:</strong> Buy at ₹1,120, target ₹1,165, stop loss ₹1,090. The stock has witnessed a decent consolidation with currently indicating a bullish candle formation moving past the important 50EMA level of 1,116 to improve the bias and anticipate for further rise in the coming sessions. The RSI has shown improvement with much upside potential visible from current rate and can carry on with the positive move further ahead. We suggest to buy the stock for an initial target of 1,165 keeping the stop loss of 1,090 level.</p>
<p><strong>2. GMR Airports Infrastructure:</strong> Buy at ₹87.50, target ₹92, stop loss ₹86. The stock recently has picked up well from the significant 50EMA level of 82.70 to improve the bias and with the RSI on the rise indicating strength has much upside potential to carry on with the positive move further ahead. With the chart looking attractive, we suggest to buy the stock for an initial upside target of 91 keeping the stop loss of 86.</p>
<h3><strong>3. Mahindra & Mahindra Financial Services:</strong> Buy at ₹266, target ₹278, stop loss ₹260</h3>
<p>The stock after the consolidation has shown signs of improvement with volume participation on the rise to anticipate for further rise in the coming sessions. The RSI is also well placed and has signalled a buy with upside potential visible from current rate. With the chart looking good, we suggest to buy the stock for an initial target of 278 keeping the stop loss of 260.</p>
<h2><strong>Sumeet Bagadia, Executive Director at Choice Broking</strong></h2>
<h2><strong>4. Divi's Laboratories:</strong> Buy at ₹4,058.55, target ₹4,375, stop loss ₹3,890</h2>
<p>Based on a comprehensive technical analysis, Divi's Lab is currently trading at ₹4,058.55, exhibiting significant strength. The stock has found substantial support at the 3,890 level, which is close to its 20-day Exponential Moving Average (EMA). Trading above key EMAs, including the 20, 50, and 200-day averages, Divi's Lab indicates a positive trend and a favourable outlook for investors.</p>
<p>The stock's ability to stay above these crucial moving averages suggests a robust bullish sentiment. The Relative Strength Index (RSI) stands at 66.40, further reinforcing the upward momentum. An RSI above 60 generally indicates a strong trend, aligning with the bullish sentiment observed in recent trading sessions.</p>
<p>Overall, the technical indicators suggest that Divi's Lab is well-positioned for continued strength. Investors might consider this stock a promising candidate for their portfolios, given its upward trajectory and solid support levels. However, it is always advisable to keep an eye on market conditions and set appropriate stop-loss levels to manage risk effectively.</p>
<p>Given these indicators, it is advisable to consider Divi's Lab as a potential buy opportunity, with an anticipated target price of ₹4,375. To manage risk, a stop-loss order should be placed at ₹3,890, providing a prudent level of protection for the investment.</p>
<h2><strong>5. Infosys:</strong> Buy at ₹1,454.8, target ₹1,542, stop loss ₹1,411</h2>
<p>Infosys is currently valued at ₹1,454.8. It recently consolidated at the bottom and formed a bullish engulfing pattern, suggesting a bullish reversal, accompanied by robust trading volume. These patterns indicate a strong potential upward trajectory in the stock.</p>
<p>The Relative Strength Index (RSI) presently stands at 52 and is trending upwards, suggesting a significant surge in buying momentum. Both the RSI and Stochastic RSI are in the overbought region, indicating that positional traders may consider holding their positions and implementing a trailing stop-loss.</p>
<p>The overall trend for Infosys is bullish, with various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to reach target prices of ₹1,542 in the near term.</p>
<p>It is advisable to consider buying on dips, especially around ₹1,435, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at ₹1,411 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.</p>
<h3><strong>Conclusion</strong></h3>
<p>In summary, the Indian stock market is showing signs of stability with specific stocks demonstrating strong potential for growth. Investors are advised to keep a close watch on the technical indicators and market trends to make informed decisions. With expert recommendations and a strategic approach, there are promising opportunities to capitalize on in the current market scenario.</p>