Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Friday— 14 February

Stock Market Today: The benchmark Nifty- 50 index ended a volatile Thursday session marginally lower at 23,031.40 (down 0.06%) . S&P BSE Sensex at 76,138.97 also ended 0.04% lower. Among sectoral indices while Bank Nifty at 49,359.85 was down 0.24%, while IT and FMCG were the other key losers. Pharma, metals and realty sectors however managed to outperform. Broader markets too remained volatile and Small caps ended half a percent lower.

Trade Setup for Friday

The Nifty 50 index has been trading below the 21EMA on the daily chart. The RSI is in a bearish crossover and continues to decline. On the lower end, support is placed at 23,000 on a sustained basis, while on the higher end, the index may move towards 23,200 or higher, said Rupak De, Senior Technical Analyst at LKP Securities.

For Bank Nifty 48,730 will act as immediate support, while 50,000 remains a key resistance as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.

Global Markets and Q3 Results Today

The persistent selling pressure on rebounds suggests that bears remain firmly in control. Additionally, global uncertainties, including the risk of potential tariff wars, are likely to keep traders cautious. Given the current scenario, we recommend a stock-specific trading approach with a strong focus on risk management and wait for clarity, said Ajit Mishra – SVP, Research, Religare Broking 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 recommendations today

1. JSW Steel Ltd– Bagadia recommends buying JSW Steel at ₹969.8 keeping stoploss at ₹935 for a target price of ₹1035

JSW Steel showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹969.8. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend. Notably, the trading volume during upward price movements has been substantial, reinforcing the strength of the rally. In recent sessions, JSW Steel is getting stabilized and moving towards its swing high target of ₹1,030, indicating consolidation and a potential setup for another breakout.

2.Welspun Corp Limited – Bagadia recommends buying Welspun Corp at ₹793.25 keeping Stoploss at ₹765 for a targer price of ₹850

Welspun Corp showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 760 , in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹793.25. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

Ganesh Dongre’s stocks to buy today

3. Hindustan Aeronautics Ltd (HAL) – Dongre recommends buying Hindustan Aeronautics at ₹3665 keeping Stoploss at ₹3600 for a target price of   ₹3825.

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 ₹3825. At present, the stock is maintaining a crucial support level at Rs. 3600. Given the current market price of Rs.3665, 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.3825.

4. CG Power and Industrial Solutions Ltd– Dongre recommends buying CG Power at ₹580, keeping Stoploss at ₹570 for a target price of ₹600

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.600. At present, the stock is maintaining a crucial support level at Rs.570. Given the current market price of Rs. 580, 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.600

5. Bharat Electronics Ltd (BEL)– Dongre recommends buying BEL at ₹261 keeping Stoploss at ₹255 for a target price of ₹275.

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. 275. At present, the stock is maintaining a crucial support level at Rs.255. Given the current market price of Rs.261, 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. 275.

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 taking any investment.