Stock Market Today: 50 Cool Results for Q2 Today, Experts Recommend Five Stocks to Buy or Sell on Thursday – October 24

Stock Market Today: The Indian stock market witnessed a marginally lower close on Wednesday, October 23. The Nifty 50 closed the session down 0.15 percent at 24,435 and the Sensex ended trading 0.17 percent lower at 80,081.

Thirty-two Nifty 50 constituents ended the day in negative territory, with Mahindra & Mahindra leading the decline at 3.2 percent.

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, “Nifty opened with a bearish gap but the index saw buying demand in the first half. However, in the second half of the year, the index recorded profits and ended the day on a negative note at 24,436. INDIA VIX rose 1.31% to 14.59, indicating an increase in market volatility. However, the broader market outperformed the benchmark indices, with the Nifty Midcap 100 and Smallcap 100 indices rising about 0.64% and 1.25%, respectively.”

On Bank Nifty’s outlook, Yedve said, “Bank Nifty also gapped down but found support near the 100-day exponential moving average (100-DEMA) at 51,100, which led to buying interest. However , the index closed the day on a flat note at 51,239, on a daily scale, Bank Nifty also formed an inverted hammer candle near its 100-DEMA support, indicating strength near 51,100, with last week’s low near 51,000 . will provide good support for Bank Nifty in the near term as long as Banknifty maintains above its recovery, however, a sustained break below 51,000 could trigger a further decline.

On the technical outlook for Nifty today, Rupak De, Senior Technical Analyst at LKP Securities, said, “Nifty has formed an inverted hammer pattern on the daily chart, suggesting a possibility of recovery in the near term. Immediate support is placed at 24,350 , where 38.20% Fibonacci retracement level is in the offing, if Nifty holds above 24,350, it could rebound towards 24,700-24,750. Further recovery above 24,750 could lead to a move towards 25,250. “

Second Quarter Results Today

Around 100 companies will declare their Q2FY24 results on Thursday, including ITC, NTPC, Dixon Technologies, Adani Wilmar and others.

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: Max Financial Services, MCX, Tata Consumer Products, MMTC and Bharat Dinâmica.

Sumeet Bagadia Stock Recommendations Today

1. Max Financial Services: Buy at $$1,271.9, target $$1,350, stop loss $$1,222.

Max Financial Services shares are exhibiting strong upside momentum, currently trading at an all-time high of $$1,298.6 levels. The recent break above crucial resistance in $$1,212 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.

Additionally, MFSL is trading above key 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 69 levels.

For traders, keep an eye on strong support nearby $$1,222 levels are advisable as a breach of this level could signal a change in sentiment. Overall, MFSL’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 above analysis, we recommend buying MFSL and CMP from $$1,271.9 with stop loss of $$1,222 towards the target of $$1,350.

2. MCX: Buy at $$6,686.05, target $$7,100, stop loss $$6,450.

MCX is currently trading at $$6,686.05, showing a strong upward trajectory. The stock exhibited a consistent pattern of higher highs and higher lows, underlining sustained bullish momentum. Notably, it recently reached a new all-time high of $$6,805.45. The stock is trading above the 20-day EMA, 50-day EMA and 200-day EMA, indicating strong support from both short-term and long-term trends. MCX has the potential for greater appreciation. Having broken through a key resistance level, if the trend continues and higher levels are breached, the stock could potentially reach a target of $$7,100.

On the downside, immediate support is located at $$6,450. The Relative Strength Index (RSI) is currently at 71.75 and trending higher, reflecting growing buying momentum. To manage risk effectively, a stop-loss in $$6,450 is suggested to protect against any unexpected market reversals.

In conclusion, based on technical analysis and current market conditions, MCX presents a promising buying opportunity for those seeking a $$7,100, provided that appropriate risk management strategies are implemented.

Ganesh Dongre Day Trading Stocks

3. Tata Consumer Products: Buy at $$1,015, target $$1,045, stop loss $$1,000.

In the recent short-term trend analysis of Tata Consumer Products stock, a notable bullish reversal pattern emerged. This technical pattern suggests the possibility of a temporary pullback in the stock price, potentially reaching around $$1,045. Currently, the action maintains a crucial level of support in $$1,000. Given the current market price of $$1,015, a buying opportunity is emerging. This suggests that investors may consider purchasing the shares at their current price in anticipation of a rise towards the identified target of $$1,045.

4. MMTC: Buy at $$76.50, target $$80, stop the loss $$74.

In the recent short-term trend analysis of MMTC stock, a notable bullish reversal pattern emerged. This technical pattern suggests the possibility of a temporary pullback in the stock price, potentially reaching around $$80. Currently, the action maintains a crucial level of support in $$74. Given the current market price of $$76.50, a buying opportunity is emerging. This suggests that investors may consider purchasing the shares at their current price in anticipation of a rise towards the identified target of $$80.

5. BDL: Buy at $$1,073, target $$1,105, stop loss $$1,050.

In the recent short-term trend analysis of Bharat Dynamics stock, a notable bullish reversal pattern emerged. This technical pattern suggests the possibility of a temporary pullback in the stock price, potentially reaching around $$1,105. Currently, the action maintains a crucial level of support in $$1,050. Given the current market price of $$1,073, a buying opportunity is emerging. This suggests that investors may consider purchasing the shares at their current price in anticipation of a rise towards the identified target of $$1,105.

Disclaimer: The opinions and recommendations provided in this review are those of individual analysts or brokerage firms, not Mint. We strongly advise investors to consult certified experts before making any investment decisions, as market conditions can change quickly and individual circumstances may vary.