Stock market today: The benchmark stock indices Sensex and Nifty 50 fell for the third straight day on Tuesday in a tumultuous trading session, influenced by selling in IT and prominent private banking stocks, alongside foreign fund withdrawals due to worries about the significant increase in US H-1B visa fees.
After fluctuating between positive and negative territory throughout the day, the 30-share BSE Sensex ended down by 57.87 points, or 0.07 percent, at 82,102.10. Meanwhile, the Nifty 50 decreased by 32.85 points, or 0.13 percent, closing at 25,169.50.
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According to Osho Krishan, a Senior Analyst in Technical & Derivatives at Angel One, the Nifty 50’s technical analysis reveals that the price range between 25,100 and 25,000 provides a strong support zone, which corresponds with the 20-Day Exponential Moving Average and a bullish gap observed on the daily charts. As long as this support remains intact, it offers an excellent opportunity to think about entering long positions around these levels.
Furthermore, the price range of 25,300 to 25,350 is expected to serve as intermediate resistance, while the recent peak of 25,449 acts as a significant obstacle. A clear breakthrough above this point could effectively reignite upward momentum, paving the way for further increases.
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Siddhartha Khemka, who heads Research at Wealth Management for Motilal Oswal Financial Services Ltd, noted that on a macroeconomic level, India’s Composite PMI decreased to 61.9 in September from 63.2 in August, indicating a slight slowdown while still reflecting strong growth. The growth in core sector output reached a 13-month peak of 6.3% in August (compared to 3.7% in July), driven by a low comparison base and strong production in steel and coal.
Internationally, discussions between India and the US regarding trade remain a priority, as Commerce Minister Piyush Goyal met with US Trade Representative Jamieson Greer in New York on Monday to expedite negotiations. In summary, we anticipate that the markets will remain robust, bolstered by a resurgence in domestic demand influenced by GST reforms and the festive season.
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Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these Eight intraday stocks for today: Usha Martin Ltd, Ashok Leyland Ltd, Punjab National Bank, Bajaj Auto Ltd, PNB Housing Finance Ltd, Moil Ltd, Vascon Engineers Ltd, and Sanghvi Movers Ltd.
Sumeet Bagadia’s stock picksUsha Martin Ltd: Bagadia recommends buying Usha Martin share price at ₹443.5 keeping a stoploss at ₹428 with a Usha Martin share price target of ₹475.
Usha Martin share price was trading at 443.5, hovering near its all-time high of 453 after giving a breakout from a rounding bottom pattern. This bullish formation, developed over several months of accumulation, signals a shift in sentiment and marks the beginning of a potential long-term uptrend.
The breakout is accompanied by a noticeable rise in volume, indicating strong market participation and fresh buying interest.
A sustained close above the 453 level could lead to further upside, with a near-term target of 475. Traders should closely monitor price action near the current resistance zone for signs of breakout continuation. In conclusion, based on the technical analysis and current market conditions, Usha Martin share price presents a promising buying opportunity for those aiming for a 428 target, provided that appropriate risk management strategies are in place.
2. Ashok Leyland Ltd: Bagadia recommends buying Ashok Leyland share price at ₹144 keeping a stoploss at ₹139 with a Ashok Leyland share price target of ₹154.
Ashok Leyland share price was trading at 144, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 144.50, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action.
Traders are advised to closely monitor the stock’s behaviour near the resistance area for any breakout confirmation and subsequent follow-through.
In conclusion, based on current technical conditions, Ashok Leyland share price offers a strong buying opportunity for short-term traders targeting 154, provided sound risk management measures are maintained.
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3. Punjab National Bank (PNB): Ganesh Dongre recommends buying PNB share price at ₹114 with a stoploss at ₹110 with PNB share price target of ₹120.
PNB shares has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹114 and has established a solid support base at ₹110. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹120 level in the near term.
Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹110 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone.
4. Bajaj Auto Ltd: Ganesh Dongre recommends buying Bajaj Auto share price at ₹8,985 with a stoploss at ₹8,900 with Bajaj Auto share price target of ₹9,200.
Bajaj Auto share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹8,985 and maintaining a strong support at ₹8,900. The technical setup indicates the potential for a price retracement towards the ₹9,200 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹8,900 offers a prudent approach to capturing the anticipated upside.
5. PNB Housing Finance Ltd: Ganesh Dongre recommends buying PNB Housing Finance share price at ₹891 with a stoploss at ₹860 with PNB Housing Finance share price target of ₹930.
PNB Housing Finance share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹891 and maintaining a strong support at ₹860.
The technical setup indicates the potential for a price retracement towards the ₹930 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹860 offers a prudent approach to capturing the anticipated upside.
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6. Moil Ltd: Shiju Koothupalakkal recommends buying Moil share price at ₹362.40 with a Moil share price target of ₹382 with a stop loss of ₹354.
Moil share price after a short period of consolidation maintaining above the 50EMA zone at 350 level has indicated a bullish candle formation on the daily chart with significant volume participation visible to anticipate for further rise in the coming sessions. The RSI is currently on the rise indicating strength and can carry on with the positive move further ahead.
“With the chart technically well placed, we suggest buying the stock for an upside target of 382 keeping the stop loss at the 354 level,” said Koothupalakkal.
7. Vascon Engineers Ltd: Shiju Koothupalakkal recommends buying Vascon Engineers share price at ₹63.24 with a Vascon Engineers share price target of ₹68 with a stop loss of ₹61.
Vascon Engineers share price has recently witnessed a significant spurt with strong bias maintained and currently with a flag pattern formation on the daily chart has shown signs of improvement with volume spurt and price action visible to anticipate for another round of fresh upward move in the coming sessions. The RSI is maintained strong with potential to carry on with the positive move visible.
“With the chart technically looking good, we suggest buying the stock for an upside target of 68 keeping the stop loss at the 61 level,” said Shiju.
8. Sanghvi Movers Ltd: Shiju Koothupalakkal recommends buying Sanghvi Movers share price at ₹393.95 with a Sanghvi Movers share price target of ₹425 with a stop loss of ₹384.
Sanghvi Movers share price has gained momentum with series of higher bottom formation visible on the daily chart with currently having a positive bullish candle with rising volume participation visible to strengthen the bias and can expect for further rise in the coming sessions. The RSI is hovering near the strong zone and can carry on with the positive move further ahead.
“With the chart technically well placed, we suggest buying the stock for an upside target of 425 keeping the stop loss at the 384 level,” said Koothupalakkal.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.