Top Stocks to Buy on October 9: Expert Picks Amid Nifty’s Rebound and Global Market Tensions

Stock Market Today:

On Tuesday, the Nifty 50 index bounced back by 0.88%, closing at 25,013.15, while the Sensex rose 0.72%, ending at 81,050.0. This recovery came after six straight days of losses, mainly due to concerns about the ongoing Iran-Israel conflict. Most sectors, except metals, saw gains, with auto, energy, and pharma leading the charge. Bank Nifty also rose 1.07% to close at 51,021.00, and mid-and small-cap indices rallied over 2%.

Wednesday’s Trade Setup:

Experts believe the Nifty could continue its upward movement, but sustaining the momentum may be tough. Ajit Mishra from Religare Broking says Nifty faces resistance between 25,150-25,300, with the bigger hurdle at 25,500. On Bank Nifty, Jatin Gedia from Sharekhan expects support around 50,400-50,200 and sees potential growth towards 51,800-52,000 in the next few sessions.

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Global Market Outlook Amid Iran-Israel War:

While Asian markets showed mixed results, with most indices (except China) correcting, European markets remained under pressure. Optimism in India came from favorable state election results and anticipation of the RBI’s policy announcement, where no rate cuts are expected, though a neutral stance might be adopted.

Top Stock Picks for October 9:

Here are the five stocks recommended by experts Sumeet Bagadia from Choice Broking and Ganesh Dongre from Anand Rathi:

Skipper Ltd: Buy at ₹501.05 | Target: ₹535 | Stop Loss: ₹480

Skipper is showing strong bullish momentum and recently broke out of a key resistance level. Supported by high trading volumes, the stock looks set for continued upward movement.

BSE Ltd: Buy at ₹4242.65 | Target: ₹4500 | Stop Loss: ₹4085

BSE has shifted from a period of decline to an upward trend, breaking out of a consolidation phase. The formation of a double-bottom pattern signals potential for further gains.

PVR Inox Ltd: Buy at ₹1606 | Target: ₹1675 | Stop Loss: ₹1575

PVR Inox has shown a clear price reversal, with strong support at ₹1575. This indicates a potential upward move, making it a good buy for traders targeting ₹1675.

Jubilant Pharmova Ltd: Buy at ₹1140 | Target: ₹1210 | Stop Loss: ₹1110

Jubilant Pharmova is showing a bullish reversal pattern, with strong support at ₹1110. Investors can expect the stock to rise towards ₹1210 in the short term.

DLF Ltd: Buy at ₹840 | Target: ₹875 | Stop Loss: ₹820

DLF has broken out at ₹840, and the RSI indicates increasing buying momentum. Traders can enter on dips, aiming for a target of ₹875 in the coming weeks.