Stock market today: Trade setup for Nifty 50 to global markets; 8 stocks to buy or sell on Thursday— March 06, 2025

Stock Market Today: Markets saw a strong relief rally on Wednesday as Nifty-50 index at 22,337.30 ended 1.15% up. The Bank Nifty Bank Nifty at 48,489.95 ended 0.51 higher while most other sectors, led by Auto, IT, Metals, and FMCG, also saw sharp gains. Broader Markets also saw 2-3% gains. 

Trade Setup for Thursday

The Nifty managed to close above its 5-day EMA for the first time since February 6, 2025, potentially signaling a reversal of short term trend. Resistances for the Index are seen at 22500 and 22700. On the downside, 22173 and 22000 could offer support in the Nifty, said Devarsh Vakil, Head of Prime Research, HDFC Securities

For Bank Nifty A decisive breakout above 48700 could lead to a further rally towards 48,900–49,000. The support remains intact at 48,200, followed by 48,100, offering stability in case of any pullback, as per SAMCO Securities.

Global Markets Today

On the macro front, India’s services PMI showed recovery in February, rising to 59, up from 56.5 in January backed by surge in new business order. Investors will watch out for US Service PMI to be released later today and ECB interest rate decision tomorrow. Going ahead, a sustained market recovery would be largely dependent on global developments around the US tariffs as well as continued buying interest in domestic equities, said 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, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stocks picks.

Sumeet Bagadia’s stock picks

1.Power Finance Corporation Ltd– Bagadia recommends buying Power Finance Corporation at ₹395.75 keeping Stoploss at ₹382 for a target price of ₹423.

PFC is currently trading at ₹395.75, having recently rebounded from a key support zone. The stock has formed a bullish candlestick and broken out of a short-term falling trendline on the daily timeframe, accompanied by a significant increase in trading volume. This surge in volume indicates strong buying interest, reinforcing the breakout’s credibility

2.JSW Steel Ltd- Bagadia  recommends buying JSW Steel at ₹1002.7 keeping Stoploss at ₹968 for a target price of ₹1073

JSW Steel is currently trading at 1002.7, maintaining an uptrend following a recent breakout from a consolidation phase. The stock has formed a higher low pattern, signaling strength in the ongoing bullish momentum. The exponential moving averages (EMA) for 20, 50, 100, and 200 days indicate a bullish crossover, with shorter-term EMAs positioned above the longer-term EMAs, further confirming positive momentum.

Ganesh Dongre’s stocks to buy today

3. Multi Commodity Exchange of India Ltd (MCX) – Dongre recommends buying MCX at ₹4700 keeping Stoploss at ₹4640 for a target price of ₹4850.

In the recent short-term trend analysis of the stock, currently stock is into oversold zone. Looking towards 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 ₹4850. The stock is currently maintaining a crucial support level at Rs. 4640. A buying opportunity is emerging given the current market price of Rs.4700. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.4850.

4. Laurus Labs Ltd– Dongre recommends buying Laurus Labs at ₹566 keeping Stoploss at ₹545 for a target price of ₹590

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 Rs.590. At present, the stock is maintaining a crucial support level at Rs.545. Given the current market price of Rs. 566, 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.590

5.Bata India Ltd– Dongre recommends buying Bata India at ₹1240 keeping Stoploss at ₹1225 for a target price of ₹1295.

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 Rs. 1295. At present, the stock is maintaining a crucial support level at Rs.1225. Given the current market price of Rs.1240, 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. 1295

Shiju Koothupalakkal’s intraday stocks for today

6. Hindustan Aeronautics Ltd (HAL) – Koothupalakkal recommends buying Hindustan Aeronautics at ₹3424 for a Target of ₹3540 keeping Stop Loss at ₹3370

The stock after the slide has taken support near 3060 level and indicated a decent pullback to improve the bias, with the RSI also recovering strongly from the highly oversold zone to indicate a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart well positioned and looking good, we suggest to buy the stock for an upside target of 3540 keeping the stop loss of 3370.

7. HFCL Ltd– Koothupalakkal recommends buying HFCL at ₹83.44 for a target price of ₹88 keeping Stop Loss at ₹81

The stock has maintained the support near the falling trendline zone of 78 level and has indicated a decent pullback to indicate improvement and can expect further rise in the coming days. The RSI has shown recovery from the oversold zone to signal a buy and has further upside potential from current rate. With the chart looking good, we suggest to buy the stock for target of 88 keeping the stop loss of 81.

8. Graphite India Ltd– Koothupalakkal recommends buying Graphite India at ₹391.95 for a  Target of ₹415  keeping Stop Loss 382

The stock has corrected significantly and with a strong pullback witnessed with significant volume participation, has improved the bias to anticipate for further upward movement in the coming days. The RSI is well placed hovering near the oversold zone and has signalled a buy with upside potential visible from current rate. With the chart looking good, we suggest to buy the stock for an upside target of 415 keeping the stop loss of 382.

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.