Stock Market Today: Nifty 50 Slips as FMCG, Energy Stocks Decline Amid Iran-Israel Tensions; Day Trading Tips & Stocks to Buy for Thursday

On Wednesday, the Nifty 50 index continued its downward trend, closing at 24,981.95, down by 0.12%. The BSE Sensex also dropped slightly, closing at 81,467.10, down 0.21%. While sectors like real estate and pharmaceuticals saw some gains, others like FMCG and energy faced declines. Bank Nifty gained some ground after the RBI’s monetary policy announcement but still ended 0.03% lower at 51,007.00. However, broader market indices outperformed, gaining over 1%.

Trade Setup for Thursday

Deepak Jasani, Head of Retail Research at HDFC Securities, explained that Nifty’s drop after earlier gains shows that investors faced resistance and decided to sell at higher levels (above 25,200). For now, the Nifty 50 is likely to remain between 24,832 and 25,230. A break beyond these levels could indicate a stronger move in that direction.

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Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., suggested that for Bank Nifty, traders could use a “buy on dips” strategy as long as the index holds above 50,190. On the upside, the short-term resistance lies between 51,700 and 51,800.

Global Markets Amid the Iran-Israel Conflict

In the Asia-Pacific region, stock market performance was mixed. Chinese markets took a hit as investors felt that recent government stimulus efforts were insufficient. European markets opened quietly but remained in the green. Investors are also keeping a close watch on Alphabet Inc. (Google’s parent company), which may face antitrust charges in the US. Meanwhile, the Federal Reserve’s potential plan to gradually lower interest rates is affecting market sentiment.

Vikram Kasat, Head of Advisory at Prabhudas Lilladher, pointed out that ongoing Middle East tensions are affecting oil prices. Additionally, investors are looking forward to domestic quarterly earnings, which could influence market performance in the near future.

Stocks to Buy Today

Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have recommended the following stocks for today:

Sumeet Bagadia’s Stock Picks:

1. Prestige Estates Projects Ltd
   • Buy at: ₹1858.2
   • Target: ₹1988
   • Stop Loss: ₹1793
     Prestige has shown a bullish pattern on its daily chart, with a rebound from key support levels. If it holds above ₹1900, the stock is likely to reach its target price of ₹1988.
2. Marksans Pharma Ltd
   • Buy at: ₹297.05
   • Target: ₹318
   • Stop Loss: ₹287
     Marksans has broken through a falling trendline and shown a strong reversal from support levels, backed by higher trading volumes. The stock could reach ₹318 in the short term.

Ganesh Dongre’s Stock Picks:

3. NMDC Ltd
   • Buy at: ₹224
   • Target: ₹235
   • Stop Loss: ₹218
     NMDC has shown a bullish reversal pattern, making it a good buy at ₹224, with a target of ₹235.
4. JSW Steel Ltd
   • Buy at: ₹995
   • Target: ₹1025
   • Stop Loss: ₹980
     JSW Steel is gaining momentum after finding support at ₹985. Traders can look to buy at this level for a target of ₹1025.
5. Ashok Leyland Ltd
   • Buy at: ₹222
   • Target: ₹230
   • Stop Loss: ₹216
     Ashok Leyland is showing bullish signals, with a target of ₹230, making it a good short-term buy.

These stock recommendations are based on technical analysis and market trends, aiming for short-term gains amidst current market conditions.