Stock Market Today: 50 Cool Results for Q2 Today, Experts Recommend Five Stocks to Buy or Sell on Wednesday – October 23

Stock market today: A sharp sell-off hit the Indian stock market on Tuesday, October 22, sending the benchmark indices Sensex and Nifty 50 down by more than 1% each.

The Sensex ended the day down 931 points, or 1.15%, to close at 80,220.72, while the Nifty 50 fell 309 points, or 1.25%, to close at 24,472.10.

Trading Guide to the Stock Market Today

On the outlook for the market today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., said: “National benchmarks opened flat, reflecting global cues. As a result, the Nifty opened flat to positive, but the index came under heavy selling pressure and concluded the day on a negative note at 24,472. The volatility index, INDIA VIX, rose 4.21% to 14.34, indicating an increase in market volatility.”

On Bank Nifty’s outlook, Yedve said, “Bank Nifty started positively but took profits after an initial rise, closing lower at 51,257. Technically, on a daily scale, the index formed a bearish candle, indicating weakness. On the On the downside, the 100-day exponential moving average (100-DEMA) support is positioned near 51,100, with last week’s low near 51,000. Thus, 51,000-51,100 offers good support for Bank Nifty in the near term. ., potentially leading to a more pronounced decline in Bank Nifty.”

On the technical outlook for Nifty today, Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty broke out of the head and shoulders pattern in the daily time frame, leading to a sharp decline during the day. The sentiment weakened further after the Nifty broke below the crucial support level of 24,700. Sentiment could remain weak if the index remains below 24,700, with a “sell on the rise” strategy favored by market participants. The index fell below the EMA 100 for the first time since the beginning of June this year. At the lower end, support is placed at 24,400, and if the index falls below this level, it could extend its correction to 24,000.”

Second Quarter Results Today

Around 70 companies will declare their Q2FY24 results on Wednesday, including Hindustan Unilever, TVS Motor, Bajaj Finserv, SBI Life Insurance.

Stocks to buy today

Regarding stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Technical Research Manager at Anand Rathi, recommended buying these five stocks: Unichem Laboratories, Torrent Power, Infosys , TVS Motor and Apollo Hospitals.

Sumeet Bagadia Stock Recommendations Today

1. Unichem Laboratories: Buy at $$855.75, target $$920, stop the loss $$825.

Unichem Laboratories is exhibiting strong bullish momentum, currently trading at an all-time high of 908.7 levels. The recent break above crucial resistance at 755 levels is a significant technical development, supported by robust trading volumes, reinforcing the stock’s strength. The advance suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

It is trading above the major moving averages, including the short-term (20-day), medium-term (50-day) and long-term (200-day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 81.85 levels.

For traders, it is advisable to keep an eye on strong support near the 825 level as a breach of this level could signal a change in sentiment. Overall, UNICHEMLAB’s current technical setup suggests a favorable environment for further upside potential, as long as traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the analysis above, we recommend buying Unichem Laboratories and the CMP of 855.75 with a stop loss of 825 for the target of 920.

2. Torrent Power: Buy at $$1,952.55, target $$2,100, stop loss $$1,900.

Torrent Power is currently trading at 1,952.55, exhibiting a strong uptrend. The stock broke out after consolidation in the 1900–1950 range, indicating continued upward momentum. It recently reached a new all-time high of 2,037, but recorded some profit booking, retreating slightly from the peak. It remains above its 20-day, 50-day and 200-day EMAs, which suggests robust support from short- and long-term trends. With the stock breaking out of a key resistance level, the upward trend is likely to continue. If higher levels are breached, Torrent Power could reach the 2100 target.

On the downside, immediate support is seen at 1,930. The Relative Strength Index (RSI) is at 58.88 and trending higher, reflecting increased buying momentum. To manage risk effectively, a stop loss at 1,900 is recommended to protect against unexpected market reversals.

Based on technical analysis and current market conditions, Torrent Power presents a promising buying opportunity, targeting 2,100, provided risk management strategies are implemented appropriately.

Ganesh Dongre Day Trading Stocks

3. Infosys: Buy at $$1,850, target $$1,910, stop loss $$1,810.

The stock has substantial support in $$1,810, marking a pivotal moment in its recent trading. Currently, at $$1,850, the stock demonstrated a definite reversal in price action, suggesting a potential continuation of its upward momentum. Traders interested in taking advantage of this opportunity could consider buying and holding the stock, setting a prudent stop loss at $$1,810. The expected target for this trade is $$1,910, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the anticipated recovery in stocks in the coming weeks.

4. TVS Engine: Buy at $$2,670, target $$2,750, stop loss $$2,320.

In the stock’s recent short-term trend analysis, a notable bullish reversal pattern emerged. This technical pattern suggests the possibility of a temporary pullback in the stock price, potentially reaching around $$2,750. The stock is currently holding a crucial support level at $$2,320. Given the current market price of $$2,670, a buying opportunity is emerging. This suggests that investors may consider purchasing the shares at their current price in anticipation of a rise towards the identified target of $$2,750

5. Apollo Hospitals: Buy at $$6,930, target $$7,050, stop loss $$6,850

On the daily chart of this stock, a breakout in the $$The 6,930 price level was observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still rising, indicating growing buying momentum. Given these technical indicators, traders may consider buying on dips, entering the stock at a lower price. To manage risk, a stop loss on $$6,850 is recommended. The target price for this strategy is $$7,050 in the coming weeks, suggesting potential upside as the stock continues its upward trajectory.

Disclaimer: The opinions and recommendations presented in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to consult certified experts before making any investment decision.