Hot Stock Picks: Expert Recommends Manali Petrochemical and Ipca Labs for Big Gains Today

Stock Market Update: The Sensex and Nifty 50 started Thursday strong, thanks to positive global news. The Sensex hit 80,170.09, up 245.32 points, and the Nifty 50 rose 78.2 points to 24,402.65.

Tech stocks, particularly Tata Consultancy Services (TCS), boosted the market ahead of its quarterly report. TCS climbed 1.5% in early trading.

Market Insights: Dr. V K Vijayakumar of Geojit Financial Services noted the steady bull market, lifting the Nifty 50 from 7,511 in March 2020 to over 24,300. The market shows a strong preference for pharmaceuticals and luxury consumption themes like hotels and certain vehicles.

Nifty 50 Outlook: Osho Krishan from Angel One observed that while profit booking is significant, bulls are defending key support levels, sparking recovery. The market is trading in a range, waiting for a catalyst, potentially from upcoming quarterly results.

Key Levels to Watch:

• Downside: 24,140-24,100
• Upside: 24,460-24,500

Top Stock Picks by Osho Krishan:

1. Manali Petrochemical Ltd:
   • Current Trend: Recently gained traction and is attempting to break into the three-digit zone with strong volumes.
   • Recommendation: Buy on dips to ₹95, with a stop loss of ₹90 and a target of ₹105-108.
     
2. Ipca Laboratories Ltd:
   • Current Trend: Significant price increase from the 200 SMA and a breakthrough above previous highs.
   • Recommendation: Buy around ₹1,220-1,210, with a stop loss of ₹1,150 and a target of ₹1,300-1,320.

These recommendations are based on recent market movements and technical indicators suggesting potential gains.