Stock market today: Trade setup for Nifty 50 to Q4 Results; Eight stocks to buy or sell on Wednesday — 23 April 2025
Stock Market Today: The benchmark Nifty-50 index maintaining positive momentum managed to end with 0.17% gains at 24,167.25 on Tuesday. The Bank Nifty outperformed gained 0.62 to 55,647.20 while realty and FMCG led gains for other indices. The IT and oil & Gas index were prominent losers. The broader indices also ended with about half a per cent gains
For Nifty-50 index 24100 and 24000 will act as key support zones, while 24250-24350 could serve as key resistance areas for the bulls. However, if the index falls below 24000, sentiment could change, as per Shrikant Chouhan, Head Equity Research, Kotak Securities
For Bank Nifty 56,000 will act as a stiff resistance, while 54,470 remains a crucial support zone, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
We expect the gradual up-move to continue in the market on hopes of a Bilateral Trade Agreement between India and US, sustained FII buying and supportive RBI policies. While action would continue on the stock/sector front on the back of Q4 corporate earnings. Companies like LTI Mindtree, TATA Consumer, Bajaj housing, 360 One WAM amongst others will be announcing results on Wednesday, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given two stocks picks
1.Mahindra & Mahindra Ltd- Bagadia recommends buying Mahindra & Mahindra at ₹ 2817.1 keeping Stoploss at ₹ 2718 for a target price of ₹ 3014
M&M is currently trading at ₹ 2817.1 and is exhibiting strong upward momentum. On the daily chart, the formation of a bullish candlestick pattern supports a reversal from lower levels, reflecting renewed bullish sentiment. The stock is also trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further reinforcing the positive technical outlook.
2. ITC Ltd - Bagadia recommends buying ITC at ₹ 433.6 keeping Stoploss at ₹ 418 for a target price of ₹ 464
ITC Ltd. is currently trading at ₹ 433.6 and exhibiting strong bullish momentum, as reflected by the consistent formation of higher highs and higher lows—an indication of a robust trend reversal. The emergence of a strong bullish candlestick pattern on the daily chart further reinforces the likelihood of a sustained uptrend. This positive sentiment is supported by a significant surge in trading volumes, indicating increased buying interest among market participants.
3. Hindustan Unilever Ltd- Dongre recommends buying Hindustan Unilever Ltd at ₹ 2400 keeping Stoploss at ₹ 2370 for a target price of ₹ 2460.
In the recent short-term trend analysis of the stock, a notable and continuous bullish pattern has emerged. This technical pattern indicates the potential for an extended retracement in the stock's price, with the possibility of reaching the target level of Rs. 2460. The stock is currently holding a critical major support level at Rs. 2370, which serves as a key marker for risk management.
4. Biocon Ltd- Dongre recommends buying BIOCON at ₹ 334 keeping Stoploss at ₹ 325 for a target price of ₹ 348
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.348. At present, the stock is maintaining a crucial support level at Rs.325 Given the current market price of Rs.334, 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.348
5. HEG Ltd- Dongre recommends buying HEG at ₹ 480 keeping Stoploss ₹ 458 for a target price of ₹ 520.
In the recent short-term trend analysis of the stock, currently stock is into oversold zone. Looking towards the daily chart 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 ₹ 520. At present, the stock is maintaining a crucial support level at Rs.458. Given the current market price of Rs.480, 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.520.
6. Colgate Palmolive (India) Ltd- Koothupalakkal recommends buying Colgate Palmolive at ₹ 2658 for a target price of ₹ 2800 keeping Stop loss at ₹ 2600
The stock has picked up quite significantly from the low made near 2330 level and has moved past the 50EMA at 2510 level to improve the bias and currently with a positive candle formation on the daily chart has strengthened the trend to anticipate for further rise in the coming sessions. The RSI is well positioned and on the rise indicating strength having immense upside potential to carry on with the positive move further ahead. With the chart technically looking good, we suggest to buy the stock for an upside target of 2800 keeping the stop loss of 2600 level.
7. SJVN Ltd- Koothupalakkal recommends buying SJVN at around ₹ 99 for a target price of ₹ 105 keeping Stop loss at ₹ 97.50
The stock recently moving above the 50EMA has improved the bias and currently with a positive bullish candle has indicated a breakout above the descending channel on the daily chart to strengthen the trend and trigger for fresh upward move in the coming sessions. With the RSI well placed and on the rise has indicated a positive trend reversal to signal a buy recently and having much upside potential visible, it can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest to buy the stock for an upside target of 105 level keeping the stop loss of 97.50 level.
8. NTPC Ltd- Koothupalakkal recommends buying NHPC at ₹ 89.88 for target price of ₹ 95 keeping Stop loss ₹ 88
The stock has steadily picked up significantly in the last one month improving the trend and currently with positive candle formations has moved past the important 200 period MA at 87 zone to further strengthen the trend and can expect for further rise in the coming sessions. The RSI has indicated strength with a steady rise and has further upside potential from current rate. With the chart looking good, we suggest to buy the stock for an upside target of 95 keeping the stop loss of 88 level.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
First Published: 23 Apr 2025, 08:03 AM IST
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