“Nifty Trades Above 24,400; Sensex Up 409 Points”

Stock market today: Trade setup for Nifty 50 to India-Pakistan conflict; Eight stocks to buy or sell on Tuesday

Stock Market Today: The markets started the new week on a strong note as the benchmark Nifty 50 index ended with gains of 1.2% at 24,328.50.

The Bank Nifty rebounded well, gaining 1.41% to 55,432.80, while most other indices, auto, metals, pharma, oil & gas, recorded handsome gains. Only It ended in the Red.

Broader indices also performed well, gaining 0.9-1.6%

Trade Setup for Tuesday

A sustainable move above 24400 for Nifty will not only negate the recent short-term bearish pattern,

but also open sharp upside towards the next resistance of around 24600-24800 levels in the near term. Immediate support is placed at 24050 levels, as per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

A sustained move for Bank Nifty above Monday’s high of 55,577 could trigger further upside toward the 56,200 and 56,800 levels in the coming sessions, as per Bajaj Broking.

Global Markets and Q4 Results

With Indian equities witnessing sustained buying interest,

we expect the gradual up-move in the market to continue with some volatility on the back of geo-political developments.

Meanwhile, stock/sector specific action would continue on account of ongoing Q4 earnings announcements, said Siddhartha Khemka,

Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd. Key results on Tuesday include Bajaj Finance, Bajaj Finserv, Trent, BPCL, Ambuja Cements amongst others.

Stocks to buy today

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 three stocks picks.

These Include Tourism Finance Corporation of India Ltd, Paradeep Phosphates Ltd, Tata Motors Ltd,  Tata Steel Ltd, Aditya Birla Capital Ltd , Garden Reach Shipbuilders & Engineers Ltd, Kaynes Technology India Ltd and TD Power Systems Ltd. 

Sumeet Bagadia’s stock picks

1] Tourism Finance Corporation of India Ltd– Bagadia recommends buying Tourism Finance Corporation at ₹198.4 keeping Stoploss at ₹191 for a targer price of ₹212.

TFCILTD is currently trading at 198.40, exhibiting a strong bullish trend following a prolonged consolidation phase.

The stock has been forming a sequence of higher highs and higher lows, reinforcing the strength of the ongoing uptrend.

A recent breakout from the sideways range, accompanied by a significant surge in volume, highlights strong buying interest.

A rounding bottom pattern appears to be developing, which is typically considered a bullish continuation formation.