Trade Setup for Thursday: Top 5 Stocks to Buy or Sell Today Including SBI, Infosys, and More

The wider market showed mixed performance, with the Nifty Midcap 50 dropping 0.95% and the Nifty Smallcap Index down 0.46%.

Despite these trends, Bank Nifty stood out by reaching a new all-time high of 51,957. This boost came from short covering and value buying, as it outperformed the Nifty 50.

Positive Start Despite Slow Monsoon

According to Vinod Nair, Head of Research at Geojit Financial Services, the domestic market started strong due to an earlier and accurate monsoon forecast. However, the market has now paused because of the current slow monsoon progress. The banking sector is doing well, rebounding with increased foreign institutional investor (FII) inflows, while US 10-year yields continue to fall.

Trading Outlook for Thursday

Prashanth Tapse, Research Analyst and Senior Vice President of Research at Mehta Equities, mentioned that even with profit-booking on Wednesday, the market is betting on a soft landing for the US economy.

For Nifty 50, the next goal is the psychological mark of 23,750, with a more aggressive target at 24,000. Key support lies at 23,350, and the 200-day moving average is at 21,287.

Top Stock Picks for Today

Market experts Sumeet Bagadia from Choice Broking and Ganesh Dongre from Anand Rathi have recommended five stocks to buy or sell today:

Sumeet Bagadia’s Stock Picks

1. State Bank of India (SBI)

• Buy at: ₹852.60
• Stop Loss: ₹828
• Target Price: ₹905

SBI is trading at ₹852.60, near its 20-day Exponential Moving Average (EMA) support at ₹828. It has minor resistance at ₹860, which, if surpassed, could push the stock towards ₹905. The Relative Strength Index (RSI) at 57.18 supports this upward trend.

2. Infosys

• Buy at: ₹1,511.35
• Stop Loss: ₹1,475
• Target Price: ₹1,590

Infosys has broken above ₹1,505 and is trading at ₹1,511.35. Its support is at ₹1,475, near its 20-day and 50-day EMAs. With an RSI of 60.22, Infosys shows strong bullish momentum, making it a good buy with a target of ₹1,590.

Ganesh Dongre’s Stock Picks

1. Kotak Mahindra Bank

• Buy at: ₹1,744
• Stop Loss: ₹1,720
• Target Price: ₹1,790

Kotak Mahindra Bank is trading at ₹1,744 after finding strong support at ₹1,720. This suggests potential upward movement to ₹1,790. Setting a stop loss at ₹1,720 is advisable.

2. Adani Ports and Special Economic Zone Ltd

• Buy at: ₹1,450
• Stop Loss: ₹1,420
• Target Price: ₹1,490

Adani Ports is trading at ₹1,450, with support at ₹1,420. A recent bullish reversal pattern indicates a potential rise to ₹1,490. A stop loss at ₹1,420 is recommended.

3. Carborundum Universal Ltd

• Buy at: ₹1,825
• Stop Loss: ₹1,800
• Target Price: ₹1,855

Carborundum Universal is trading at ₹1,825 and has found strong support at ₹1,800. A reversal pattern suggests potential growth to ₹1,855. Setting a stop loss at ₹1,800 is prudent.