Nifty 50 Trade Setup and Top Stock Picks for Monday, October 14: Buy or Sell These 5 Stocks

The Nifty 50 Index had a quiet week, ending 0.2% lower compared to the previous one. Top-performing sectors included Industrials, Healthcare, and Auto, while Metal and FMCG lagged. Bank Nifty closed at 51,172.30, slightly down from the previous week.

Trade Setup for Monday

Analysts expect Nifty’s trend to stay negative unless it reclaims the 25,300 level, which is its 20-day exponential moving average (DEMA), according to Ajit Mishra, Senior VP at Religare Broking Ltd. On the downside, support can be found at 24,700, with stronger support at 24,400.

For the Nifty Bank Index, key support is around 50,000, while it needs to break above 51,800 for a bullish signal, says Vaishali Parekh, VP of Technical Research at Prabhudas Lilladher.

Global Markets Amidst Iran-Israel War

While US markets are holding firm, this optimism hasn’t yet impacted Indian markets. Analysts expect metal stocks to benefit from potential stimulus policies in China.

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Corporate earnings will be in focus this week, with results from Reliance, HDFC Life, Axis Bank, Wipro, and LTIMindtree likely to influence the market. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, expects markets to consolidate at higher levels, taking cues from global factors and corporate results.

Top Stocks to Buy Today

Two analysts shared their stock picks for Monday:

Sumeet Bagadia’s Picks (Executive Director, Choice Broking)

1. CG Power and Industrial Solutions Ltd
   • Buy at ₹858.15
   • Stop loss: ₹828
   • Target: ₹915
     CG Power is in a strong uptrend, with recent price action showing a bullish breakout. If it closes above ₹870, it could hit ₹915.
2. Mankind Pharma Ltd
   • Buy at ₹2792.55
   • Stop loss: ₹2690
   • Target: ₹2950
     Mankind Pharma has broken through a key resistance zone and is seeing strong buying momentum. If this trend continues, the stock could reach ₹2950 soon.

Ganesh Dongre’s Picks (Senior Manager, Anand Rathi)

3. GAIL India Ltd
   • Buy at ₹230
   • Stop loss: ₹223
   • Target: ₹242
     GAIL has shown a bullish reversal pattern. With strong support at ₹223, the stock has the potential to rise to ₹242.
4. Piramal Enterprises Ltd
   • Buy at ₹1080
   • Stop loss: ₹1050
   • Target: ₹1140
     Piramal Enterprises has a bullish trend and is supported at ₹1050. It could hit ₹1140 if the momentum continues.
5. Marico Ltd
   • Buy at ₹685
   • Stop loss: ₹674
   • Target: ₹710
     Marico is showing signs of a short-term bullish reversal. With solid support at ₹674, the stock could rise to ₹710.

Keep an eye on these stocks for potential moves on Monday.