Stock Market Today: Top 5 Expert Picks to Buy or Sell on Friday!

Here’s a simple guide to today’s stock market outlook and some stocks to consider for trading.

Nifty Outlook

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, predicts a positive short-term trend for the Nifty 50 index despite high volatility. The Nifty has recently crossed the 22,250 mark and might soon reach the next hurdle at 23,200. Immediate support is at 22,640.

Bank Nifty Outlook

Om Mehra, Technical Analyst at SAMCO Securities, notes that the Bank Nifty closed at 49,291.90, up by 0.48%. It’s above the 20-day and 50-day moving averages, with a strong base at 49,180. The index faces immediate resistance at 49,700, and breaking this level could push it to 50,200-50,350. The daily chart’s RSI is yet to show a positive crossover, which could signal stronger bullish momentum.

Market Rally Reason

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, attributes the market rally to renewed investor confidence after key allies supported forming a new government with the BJP. Additionally, global factors like hopes for a US Fed rate cut following weaker-than-expected jobs data contributed to the rally. Upcoming government formation, RBI policy, and commentary are key focus areas.

Stock Recommendations for Today

Stock market experts Sumeet Bagadia from Choice Broking and Ganesh Dongre from Anand Rathi suggest the following stocks to buy or sell today:

Sumeet Bagadia’s Recommendations

1. VA Tech Wabag

• Buy at: ₹1078
• Target: ₹1150
• Stop Loss: ₹1035

Reason: VA Tech Wabag is trading at an all-time high of ₹1087, with a strong breakout above the ₹1040 resistance level, supported by high trading volumes.

2. Infosys

• Buy at: ₹1472.25
• Target: ₹1545
• Stop Loss: ₹1435

Reason: Infosys has broken out above ₹1454 and formed a bullish pattern on the daily chart. Immediate support is around ₹1435.

Ganesh Dongre’s Recommendations

3. SBI (State Bank of India)

• Buy at: ₹818
• Target: ₹850
• Stop Loss: ₹800

Reason: SBI has shown strong support around ₹800 and is forming a reversal pattern at ₹818. It could rally to ₹850.

4. BHEL (Bharat Heavy Electricals Limited)

• Buy at: ₹277
• Target: ₹295
• Stop Loss: ₹265

Reason: BHEL has formed a bullish reversal pattern and could rise to ₹295 if it holds the support level of ₹265.

5. Bandhan Bank

• Buy at: ₹191
• Target: ₹200
• Stop Loss: ₹185

Reason: Bandhan Bank is showing support around ₹185 and has formed a reversal pattern at ₹191. It might rally to ₹200.

Keep an eye on these stocks and adjust your strategies accordingly!