Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Friday— February 28, 2025

Stock Market Today: Benchmark Nifty 50 index ended almost flat at 22,545.05 after trading in the narrow range on Thursday. Bank Nifty however ended 0.28% higher at 48,743.80 while metals also were among key performers. On the other hand auto and realty remained under pressure. Broader indices also fell 1-2%,

Trade Setup for Friday

 Nifty is in continuation of a downtrend and next support is seen at 22450, which happens to 76.4% retracement of the upswing seen from 21281(June 2024 Bottom) to 26277(All Time High Made in Sep 2024). On the upside 22700-22800 band could offer resistance, as per Devarsh Vakil, Head of Prime Research, HDFC Securities. 

Key support for Bank Nifty is placed at 48,300-48,000 levels which aligns with the bullish gap from January 28, 2025, and the 80% retracement of the recent uptrend (47,844–50,641), as per Bajaj Broking 

Global Markets Today

Investors now await key economic data, including the US GDP data and Initial Jobless Claims, followed by India’s GDP growth numbers on Friday. Meanwhile, global uncertainties persist, with Donald Trump confirming that 25% tariffs on Canada and Mexico will move forward as scheduled, with similar tariff, Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

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

Sumeet Bagadia’s stock picks

1] Cholamandalam Investment and Finance Company Ltd- Bagadia recommends buying Cholamandalam Investment at ₹1438.65, keeping stop loss a ₹1385 for a target price of ₹1536

Cholamandalam Investment is currently trading at ₹1438.65, having recently rebounded from a key support level, signalling a potential bullish reversal. Following a period of consolidation within the ₹1300– ₹1414 range, the stock has broken out with increased volume, confirming strong buying interest and reinforcing a positive outlook.

2] SRF Ltd– Bagadia recommends buying SRF at ₹2854, keeping Stoploss at ₹2754 for a target price of ₹3054

SRF is currently trading at ₹2854, exhibiting a bullish trend characterized by higher highs and higher lows. The stock has recently reversed from a key support level and formed a bullish candle on the daily timeframe, signalling upward momentum. This reversal is further validated by a significant increase in trading volumes, indicating strong buying interest from investors. In the short term, SRF appears well-positioned to reach its target of ₹3054.2. 

Ganesh Dongre’s stocks to buy today

3] JSW Steel: Dongre recommends buying JSW Steel at ₹975 stoploss at ₹955 for a target price of ₹995.

In the recent short-term trend analysis of the stock, currently, stock is in an oversold zone. Looking at 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 ₹1055. At present, the stock is maintaining a crucial support level at Rs. 955. Given the current market price of Rs.975, 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.995.

4] Tejas Networks: Dongre recommends buying Tejas Networks at ₹740, keeping Stoploss at ₹720 for a target price of ₹775

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.775. The stock is currently maintaining a crucial support level at Rs.720. Given the current market price of Rs.740, 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.775

5] Cochin Shipyard: Dongre recommends buying Cochin Shipyard at ₹1295, keeping the stop loss at ₹1275 for a target price of ₹1345.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹1345. The stock is currently maintaining a crucial support level at ₹1275. Given the current market price of ₹1295, 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 ₹1345.

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.