Nifty 50 Sees Slight Dip: Experts Suggest Four Stocks to Watch Today

The Indian stock market faced some selling pressure on Monday, October 21, as investors took profits. The benchmark Sensex dropped by 73.48 points (0.09%) to end at 81,151.27, while the Nifty 50 fell 72.95 points (0.29%) to close at 24,781.10. The market’s volatility increased, with the INDIA VIX rising by 6.42% to settle at 13.88.

Market Outlook Today

Hrishikesh Yedve, from Asit C. Mehta Investment Intermediates Ltd., noted that the Nifty formed a bearish candle, suggesting weakness. The index held above the critical 24,700 level, but if it falls below that, more selling could follow. The next resistance levels to watch are 25,120 and 25,240.

For the Bank Nifty, Yedve said it initially rose but then fell, closing at 51,963. It remains above a key support level near 51,915. If it stays above 51,000, traders might consider a “buy on dips” strategy.

Q2 Results to Watch

Around 66 companies will report their Q2 results today, including Zomato, Bajaj Finance, and Adani Green Energy. These results could provide insight into their financial health and market strategies.

Stocks to Buy Today

Experts Sumeet Bagadia and Ganesh Dongre have recommended four stocks for traders to consider:

1. Suven Pharmaceuticals
   • Buy Price: ₹1,276.8
   • Target Price: ₹1,350
   • Stop Loss: ₹1,230
     Suven has broken past a key resistance level, showing strong upward momentum and positive trading volume.
     
2. Indigo Paints
   • Buy Price: ₹1,654.15
   • Target Price: ₹1,750
   • Stop Loss: ₹1,595
     Indigo has also broken out of a rectangle channel and reached a 52-week high, indicating further growth potential.
     
3. Mahindra and Mahindra Financial Services
   • Buy Price: ₹289
   • Target Price: ₹297
   • Stop Loss: ₹283
     This stock shows signs of a bullish reversal, making it a potential buy as it approaches a target of ₹297.
     
4. Torrent Pharmaceuticals
   • Buy Price: ₹3,385
   • Target Price: ₹3,480
   • Stop Loss: ₹3,350
     Torrent is showing a bullish trend and could rise to ₹3,480, presenting a buying opportunity.

Investors should monitor these stocks closely and consider their risk management strategies.