Stock market news: The Indian stock market closed with a cautious tone on Thursday, influenced by the RBI’s policy announcement. The Sensex and Nifty 50 saw slight increases of 0.19% and 0.18%, reaching 85,265 and 26,033 respectively.
The markets largely traded within a narrow range as investors awaited the repo rate decision from the RBI Monetary Policy Committee scheduled for December 5.
Experts noted that most market participants were anticipating a 25 basis point rate cut; however, robust GDP figures and mixed signals from global markets kept investors from making significant moves.
The depreciation of the rupee past 90 per USD, reaching a new all-time low, added further pressure. Rising yields on Japanese bonds raised fears about capital potentially flowing back to Japan, leading to increased caution among investors regarding emerging markets like India, according to analyst.
In the meantime, the primary market remains active with three mainboard IPOs —Meesho IPO, Vidya Wires IPO, and Aequs IPO— concluding and several others expected to launch in the upcoming weeks.
Market outlook and key drivers
Siddhartha Khemka, the Head of Research for Wealth Management at Motilal Oswal Financial Services Ltd, indicated that investors are currently anticipating the outcome of the RBI policy on Friday, with a keen interest in rate-sensitive sectors such as banking, automobiles, and real estate, as well as the upcoming US CPI data expected tomorrow. In general, the markets are expected to stay in a consolidation phase; however, a potential rate cut by the RBI might serve as a significant short-term catalyst.
Putin arrives in New Delhi on Thursday, December 4. Experts suggest that the strategic talks will focus on enhanced defense collaboration, particularly concerning the S-500 Prometheus missile system, which represents a significant upgrade over the currently being adopted S-400 platform.
In meetings with Russian Defense Minister Andrey Belousov, the Indian side is likely to stress the importance of timely delivery of outstanding military equipment, while also considering future acquisitions, including the S-500, as widely reported in various media outlets, according to reports.
In summary, increased geopolitical interaction and potential high-value defense agreements may sustain positive sentiment in the defense manufacturing and related sectors.
Trade Setup for Friday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the index primarily stayed below the 21 EMA on the hourly chart, indicating ongoing selling pressure throughout the session. On Friday, the market is expected to remain volatile within a limited range until the lending rate announcement, potentially experiencing increased fluctuations after the release.
“From a technical standpoint, the 26,100–26,150 range is anticipated to serve as significant resistance, while support is identified at 25,900–25,950. A decline beneath 26,000 could initiate a rapid correction towards 25,950–25,900, as the chart structure seems weak on the hourly timeframe,” said De.
Stocks to buy today
Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).
Sumeet Bagadia’s stock picks
Coforge Ltd: Bagadia recommends buying Coforge shares at ₹1,966, with a stop-loss at ₹1,900, and a share price target of ₹2,100.
Sumeet Bagadia said that Coforge share price was trading at 1,966 and remains in an uptrend. having formed an ascending triangle pattern on a weekly time frame, which signals a potential breakout. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum which also indicates strong buying interest at lower levels.
“Based on the technical analysis and current market conditions, Coforge share price presents a promising buying opportunity for those aiming for a 2,100 target, provided that appropriate risk management strategies are in place,” said Bagadia.
JK Tyre & Industries Ltd: Bagadia recommends buying JK Tyre shares at ₹474, with a stop-loss at ₹457, and a share price target of ₹508.
Sumeet Bagadia said that JK Tyre share price was trading at 474, the stock is in a strong upward trend, supported by steady buying interest and sustained higher price action. After retesting its previous higher levels, the stock has once again moved upward to register a fresh 52-week high of 476.9, reflecting renewed confidence among market participants. The overall structure indicates strength, with consistent bullish candles and rising volumes confirming the momentum.
“Based on the technical analysis and current market conditions, JK Tyre share price presents a promising buying opportunity for those aiming for a 508 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
AXIS Bank Ltd: Ganesh Dongre recommends buying AXIS Bank shares at ₹1,280 with a stop-loss at ₹1,260, with a AXIS Bank share price target of ₹1,320.
Ganesh Dongre said that 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 ₹1,320. At present, the stock is maintaining a crucial support level at ₹1,260.
“Given the current market price of ₹1,280, 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 ₹1,320,” said Ganesh Dongre.
Union Bank of India: Ganesh Dongre recommends buying Union Bank shares at ₹152 with a stop-loss at ₹146, with a Union Bank share price target of ₹162.
Ganesh Dongre said that we have seen a major support in this stock around Rs. 146 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹152 price level, which may continue its rally till its next resistance level of ₹162 so traders can buy and hold this stock with a stop loss of ₹146 for the target price of ₹162 in the upcoming weeks.
DLF Ltd: Ganesh Dongre recommends buying DLF shares at ₹709 with a stop-loss at ₹700, with a DLF share price target of ₹740.
Ganesh Dongre said that in the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹740. Currently, the stock is holding a crucial support level at ₹700.
“Given this scenario, there is potential for the stock to rebound towards the ₹740 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹700 to manage risk effectively. The target price for this trade is ₹740, reflecting the anticipated upward movement based on the identified technical,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Petronet LNG Ltd: Shiju Koothupalakkal recommends buying Petronet LNG shares at ₹280.95 with a target price of ₹300 and a stop-loss of ₹273.
Shiju Koothupalakkal said that the stock has been consolidating for quite a while having a strong support near the 268 level and currently has indicated a strong bullish candle on the daily chart with huge volume participation visible to improve the bias and can expect for further rise in the coming days.
“The RSI has indicated strength signalling a buy and can carry on with the positive move with upside potential visible. With the chart technically looking good and attractive, we suggest buying the stock for an upside target of 300 keeping the stop loss of 273 level,” said Koothupalakkal.
Allied Blenders and Distillers Ltd: Shiju Koothupalakkal recommends buying Allied Blenders shares at ₹628 with a target price of ₹670 and a stop-loss of ₹614.
Shiju Koothupalakkal said that the stock has indicated a series of higher bottom formation on the daily chart with the overall trend maintained strong with an ascending channel visible, with currently taking support near the important 50EMA level at 600 zone has indicated a positive candle formation with significant volume participation witnessed and with bias improving can expect for further rise in the coming sessions.
“The RSI is well positioned with a positive trend reversal indicated to signal a buy and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for an upside target of 670 keeping the stop loss of 614 level,” said Koothupalakkal.
Himadri Speciality Chemical Ltd: Shiju Koothupalakkal recommends buying Himadri Speciality shares at ₹462 with a target price of ₹490 and a stop-loss of ₹452.
Shiju Koothupalakkal said the stock has indicated a strong pick up from 432 zone with series of bullish candle formation on the daily chart accompanied with significant volume participation to improve the bias and can anticipate for further rise in the coming sessions.
“The RSI has picked up well from the oversold zone and is well positioned signalling a buy and can carry on with the positive move further ahead with upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 490 keeping the stop loss of 452 level,” said Koothupalakkal.
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 making any investment decisions.