Stock Market Update: Key Trade Setup for October 8
The Nifty 50 index continued its decline, closing at 24,795.75 on Monday, down 0.87%. The Sensex also dropped to 81,050.00, falling 0.78%. Most sectors saw losses, except for IT, and the Mid and Small-cap indexes dropped by 2.5%. Bank Nifty also faced a sharp correction, ending at 50,478.90, down 1.91%.
What to Expect Today:
The Nifty’s trend remains negative after falling below the important 25,100-25,000 support levels. According to HDFC Securities’ Nagaraj Shetti, Nifty could drop further, aiming for the 24,500-24,400 range soon. Bank Nifty also broke its short-term trend line and fell below key support levels, signaling weakness. It will face resistance around 51,000-51,100, with 50,000 acting as crucial support.
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Global Market Outlook Amid Iran-Israel Conflict:
Asian markets were mixed on Monday, with U.S. jobs data boosting some markets, but Indian sentiment remained low. Geopolitical risks, particularly the ongoing Iran-Israel conflict, are adding uncertainty to global markets, affecting India’s short-term market direction, says Narendra Solanki of Anand Rathi Shares and Stock Brokers.
5 Stocks to Buy or Sell Today:
Sumeet Bagadia’s Picks:
- Gillette India Ltd: Buy at ₹8683.95, Stoploss at ₹8423, Target: ₹9205.
- The stock has shown signs of recovery and strong trading volumes suggest further upside if it stays above ₹8700.
- R R Kabel Ltd: Buy at ₹1772.3, Stoploss at ₹1719, Target: ₹1878.
- A strong bullish breakout, supported by increased volume, suggests upward momentum.
Ganesh Dongre’s Picks:
- Infosys Ltd: Buy at ₹1930, Stoploss at ₹1880, Target: ₹2030.
- The stock shows a bullish reversal pattern, offering potential gains with support at ₹1880.
- Apollo Hospitals Enterprise Ltd: Buy at ₹6773, Stoploss at ₹6700, Target: ₹6950.
- Strong technical support at ₹6700 and rising RSI indicate upward potential.
- Mahindra & Mahindra Ltd: Buy at ₹3060, Stoploss at ₹3000, Target: ₹3140.
- A bullish engulfing pattern signals a potential price rise with minimal risk if support holds at ₹3000.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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