Top Stock Picks for Today: Expert Recommendations for a Strong Portfolio

Top Stock Picks: After a brief recovery in global markets, the Indian stock market ended its three-day losing streak on Monday. The Nifty 50 index gained 84 points, closing at 24,936, while the BSE Sensex climbed 375 points to finish at 81,559. The Bank Nifty index also surged 540 points, ending the day at 51,117. However, cash market volumes on the NSE dropped by 17.5% compared to the previous session, hitting their lowest level since May 29. Despite the gains in key indices, the broader market indicators closed in the red, with an advance-decline ratio of 0.60:1.

Nifty and Bank Nifty Market Forecast

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, provided his insights on the Nifty index. He pointed out that the short-term upward trend has reversed, suggesting the market may undergo a short-term correction. With Nifty breaching its immediate support level at 25,000, the next key support is expected at 24,500, while immediate resistance is placed at 25,050.

Meanwhile, Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C Mehta, commented on Bank Nifty's performance. He noted that despite starting on a weak note, Bank Nifty recovered and closed positively at 51,118. The formation of a piercing line candle on the daily chart indicates strength in the index. If Bank Nifty manages to hold above 50,370, a pullback rally towards 51,500-51,800 is possible in the short term.

Global Markets Update

On the global front, Asian stocks saw a minor rebound on Tuesday after a rally on Wall Street. However, concerns over China’s slow economic recovery kept investor sentiment cautious. MSCI’s index of Asia-Pacific shares outside Japan rose by 0.2%, recovering slightly after dropping by 1.11% in the previous session to hit a one-month low. Japan's Nikkei also gained 0.4%, led by financial and consumer stocks.

Recommended Stocks to Buy

Experts have identified several stocks that could perform well in the current market conditions:

Glenmark Life Sciences

Buy at Rs. 1204.95, target Rs. 1270, stop loss Rs. 1160. The stock has formed a higher high and higher low pattern, indicating a steady upward trend.

Doms Industries

Buy at Rs. 2732.05, target Rs. 2888, stop loss Rs. 2626. The stock has strong momentum and is trading at an all-time high. A recent breakout signals potential further gains.

Reliance Industries

Buy at Rs. 2930, target Rs. 3040, stop loss Rs. 2870. The stock has shown strength at the Rs. 2870 level, with a rising RSI indicating growing buying momentum.

NCC

Buy at Rs. 310, target Rs. 325, stop loss Rs. 300. A bullish reversal pattern suggests a potential rise, with the stock currently maintaining support at Rs. 300.

Tata Power

Buy at Rs. 420, target Rs. 445, stop loss Rs. 410. The stock is forming a bullish rounding bottom pattern, suggesting further upward movement.

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Disclaimer: The opinions expressed in this article are those of individual analysts and do not reflect the views of the publication. Investors are encouraged to seek advice from certified professionals before making any investment choices.