The domestic stock market is expected to open on a slow and cautious note today, with the Gift Nifty falling 54 points to indicate a weak start for the domestic market. In the previous session, domestic stock indices closed in the negative territory with the Sensex closing down 307.24 points, or 0.40 percent, at 76,957.27, while the Nifty 50 fell 95.25 points, or 0.39 percent, to settle at 24,080.40. The benchmark Nifty 50 closed below the 24,100 level, which had been a key resistance zone in the previous session.
The Nifty index opened on a flattish note and remained under bearish pressure in the first half amid strong selling momentum, with the index closing 95.25 points lower at 24,080.40. However, it took support near the psychological 24,000 levels and recovered sharply in the last hour, forming a hammer-type candle on the daily frame. According to Chandan Taparia, head derivatives & technicals at Motilal Oswal Financial Services Ltd, if the index crosses and holds above the 24,100 zone, it could move towards 24,250, then 24,350 zones, while support can be seen at 23,950, then 23,850 zones. The index formed a small-bodied candle on the daily frame amidst volatile swings, with options data suggesting a broader trading range between 23,600 and 24,500 zones.
Multiple experts have identified eight stocks for investors to buy and sell in today's trade across various sectors. Chandan Taparia of Motilal Oswal recommends buying Sona BLW Precision Forgings at ₹825 with a target of ₹850, noting the stock is in an overall uptrend with strong underlying demand and has formed a strong base around the 800 zones. He also recommends Aurobindo Pharma at ₹1,680 with a target of ₹1,750, citing the stock is in all-time high territory with sustained buying interest, and Grasim Industries at ₹3,350 with a target of ₹3,450, noting it has given a breakout range above the 3,350 zone. Choice Broking's Sumeet Bagdia recommends five breakout stocks including Lumax Auto Technologies, Vijaya Diagnostic Centre, Tamil Nadu Mercantile Bank, EPL and Sunsera Engineering. Additional recommendations include Lenskart Solutions, Piramal Finance, Blue Star, TVS Motor Company, Cipla, Fujiyama Power Systems, Greaves Cotton, Computer Edge Management Services, Ujjivan Small Finance Bank, BHEL and CAMS.
The Bank Nifty index opened marginally lower but spikes were seen towards the 57,600 zone in the initial hour of the session, forming a large bullish candle on the daily scale. However, it failed to hold at higher zones and remained quite choppy in a wider range of 500 points in the latter part of the session, with buying interest visible at lower levels and it is holding above its 50 DEMA. As reported by Taparia, till it holds above the 58,000 zone, a bounce towards 58,500, then 58,750 levels is possible, while on the downside support is seen at 57,750, then 57,500 zones.
