Nifty 50 Trade Setup based on Global Markets, Top 5 stocks to Buy/Sell on Wednesday

Stock market today: Yesterday, the Indian stock market held steady, with the Nifty 50 closing at 25,017.75, up 7 points, and the Sensex closing at 81,711.76, up 14 points. However, the mid-cap and small-cap segments saw significant gains, with the BSE Midcap and Smallcap indices both increasing by half a percent.

Trade setup for Wednesday

With a Doji pattern on the daily chart, the Nifty may experience a slight dip or remain range-bound, according to Rupak De, Senior Technical Analyst at LKP Securities. Immediate support lies at 24,800, while a rise above 25,100 could propel the Nifty to 25,300.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd, suggests a “buy on dips” strategy for the Bank Nifty, which closed at 51,279 levels. Resistance is expected in the 51,800-52,000 range in the short term.

Stocks to buy today

Stock market experts Sumeet Bagadia and Ganesh Dongre recommend five stocks for today’s trade.

Sumeet Bagadia’s stock recommendations today

1] Godrej Industries: Buy at ₹1009.6, target ₹1064, stop loss ₹973

Godrej Industries stock is showing bullish momentum and is trading above key EMAs, indicating a potential move towards ₹1,064. The RSI is at 76.19, supporting the upward trajectory.

Set a stop-loss at ₹973 to manage risk while aiming for the target of ₹1,064, making Godrej Industries a promising buying opportunity

Considering technical analysis and market conditions, Godrej Industries presents a strong buying opportunity with prudent risk management.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies. Investors are advised to consult with certified experts before making any investment decisions.

2] ICICI Lombard General Insurance Co Ltd: Buy at ₹2153.35, target ₹2277, stop loss ₹2077

ICICI Lombard stock is in an uptrend and can potentially move towards ₹2,277. Traders can consider buying on dips with a stop loss at ₹2,077.

High volumes and strong support levels suggest a continuation of the uptrend in ICICI Lombard stock.

Recommendations include taking a long position in ICICI Lombard stock with a target of ₹2,277 and a stop loss at ₹2,077 to manage risk effectively.

Ganesh Dongre’s shares to buy today

3] NCC Ltd: Buy at ₹328, target ₹345, stop loss ₹315

The NCC stock shows a bullish reversal pattern, signaling a potential rise towards ₹345. With strong support at ₹315, buying at current levels could be profitable.

4] Reliance Industries: Buy at ₹3002, target ₹3060, stop loss ₹3950

Reliance Industries stock shows a breakout at ₹3,002, with the RSI indicating buying momentum. Traders can buy on dips with a target of ₹3,060 and a stop loss at ₹2,950.

5] Tata Power: Buy at ₹429, target ₹445, stop loss ₹420

Tata Power stock forms a bullish pattern, suggesting an upward trend towards ₹445. Traders can manage risk with a stop loss at ₹420.

Investors should consult with experts before making any investment decisions due to the rapidly changing market conditions.