Stock market today: The benchmark Nifty-50 index gained 0.55% to 24,715.05 levels on Wednesday, led by optimism around the GST Council meeting. The Bank Nifty at 54,067.55 gained 0.76% while metals, Pharma were other key gainers, though IT stood among key losers. The mid and small-caps gained 0.65-0.9%.

Trade Setup for Thursday

For the Nifty-50 index, 24,750 would be the immediate resistance zone. A successful breakout above 24,750 could push the market towards 24,850–24,900, while 24,600 and 24,500 would be key support zones, as per Shrikant Chouhan, Head Equity Research, Kotak Securities.

Bank Nifty has immediate support at 53,500-53,300 level, as per Bajaj Broking.

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Investors remain focused on the outcome of the 2-day GST Council meeting amidst expectations of potential rate rationalization, which could benefit key sectors such as auto, hotels, cement, and consumer durables amongst others. Overall, we expect the Indian markets to remain range-bound, tracking global cues and sector-specific developments with policy decisions from the GST Council serving as the immediate catalyst, said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

GST Council meeting update

Announcing the indirect tax rationalisation after the GST Council meeting, the Finance Minister Nirmala Sitharaman announced two new GST slabs: 5% and 18%. Aside from this, there will be a unique slab of 40%. The Finance Minister stated that the new GST rates will take effect on September 22.

On Wednesday, the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved a GST rate drop on 396 items that would help the common man.

Stocks to buy today

Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher and Sugandha Sachdeva, Founder of SS WealthStreet—recommended these nine intraday stocks for today: L&T Finance Ltd., S.J.S. Enterprises Ltd., InterGlobe Aviation Ltd., Newgen Software Technologies Ltd., Bank of India, Himatsingka Seide Ltd., Poonawalla Fincorp Ltd., Relaxo Footwears Ltd and Indus Towers Ltd.

Sumeet Bagadia’s stock picksL&T Finance Ltd – Bagadia recommends buying L&T Finance at around ₹227 keeping Stoploss at ₹219 for a target price of ₹244

LTF is currently trading at 227, displaying a clear uptrend in its daily chart, with sustained higher highs and higher lows. The stock recently broke out of its consolidation zone and has formed a new all-time high at 228.17, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action.

2. S.J.S. Enterprises Ltd – Bagadia recommends buying SJS at ₹1416 keeping Stoploss at ₹1365 for a target price of ₹1515

SJS is trading at 1416, the stockis currently displaying a short-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions. The rise comes with sizeable bullish candles and increased volumes, indicating notable buying pressure.Supporting the strength of the trend, the 20, 50, 100, and 200-day Exponential Moving Averages are all trending upwards, highlighting solid demand and positive sentiment across various timeframes.

Ganesh Dongre’s stocks to buy today

3. InterGlobe Aviation Ltd -Dongre recommends buying InterGlobe Aviation or INDIGO at ₹5740 keeping Stoploss at ₹5600 for a target price of ₹5950.

A short-term trend analysis of the stock reveals encouraging technical signals that suggest a potential bullish reversal. On the short term chart, a prominent bullish engulfing candlestick pattern has emerged, signaling a shift in momentum from selling pressure to buying interest. Adding strength to this view, the Relative Strength Index (RSI) has recently entered the oversold zone, indicating that the stock may be poised for a rebound from current levels. This confluence of technical indicators increases the likelihood of a near-term price retracement.

4. Newgen Software Technologies Ltd- Dongre recommends buying NEWGEN at around ₹907 with stoploss at ₹880 for a target of ₹950

In the recent short-term trend analysis, the stock has shown signs of a potential bullish retracement, supported by emerging technical indicators. A reversal pattern on the chart suggests the possibility of an upward move, with a near-term target around Rs. 950.

The stock is currently trading at Rs. 907, having established a strong support base at Rs.880. This level has held firm in recent sessions, underscoring its importance as a key demand zone.

5. Bank of India – Dongre recommends buying BANKINDIA at ₹113 keeping Stoploss at ₹108 for a target price of ₹118.

A recent short-term analysis of the stock reveals the emergence of a bullish reversal pattern on the chart, indicating a possible near-term price rebound. This formation suggests the potential for a move towards the Rs.118 level, supported by improving price action.

The stock is currently trading at Rs.113, while holding above a key support zone at Rs.108, which has acted as a reliable floor in recent sessions. This support level reinforces the bullish bias and provides a favorable base for a potential upward move.

Shiju Koothupalakkal intraday stocks for today

6. Himatsingka Seide Ltd -Koothupalakkalrecommends buying HIMATSINGKA SEIDE at around ₹123.50keeping target of ₹134 and Stoploss at ₹120

The stock after witnessing a steep correction has shown signs of a decent pullback with a positive candle formation and huge volume participation after taking support near the ₹115 zone with improvement in the bias and can anticipate for further rise in the coming sessions. The RSI has recovered from the oversold zone to signal a buy having much upside potential from current rate. With the chart technically well placed, we suggest buying the stock.

7. Poonawalla Fincorp Ltd-Koothupalakkalrecommends buying POONAWALLA at ₹442.90 for a target price of ₹467keeping Stop loss at ₹430

The stock having indicated a higher bottom pattern on the daily chart taking support near 100 period SMA at ₹422 level has witnessed a bullish candle formation to move past the important 50EMA at ₹439 level to improve the bias expecting for further upward movement in the coming sessions. The RSI is well positioned indicating a positive trend reversal to signal a buy and carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock .

8. Relaxo Footwears Ltd-Koothupalakkalrecommends buying RELAXO FOOTWEARSat ₹499for a target price of ₹530 keeping Stop loss at ₹490

The stock has indicated a symmetrical triangular pattern on the daily chart with currently with a positive candle formation has just moved past the important 200 period SMA at ₹496 zone and further with a decisive move above ₹505 zone shall indicate the triangular pattern breakout to further strengthen the trend and anticipate for fresh upward move in the coming days. The RSI is well placed signalling a buy with much upside potential visible. With the chart technically looking good, we suggest buying the stock .

Sugandha Sachdeva’s stock picks

9. Indus Towers Ltd- Sachdeva recommends buying Indus Towers at RS 324 keeping Stoploss at ₹304 for a target price of ₹365

Shares of Indus Towers are currently attempting to build a base around the ₹312 level, which has emerged as a key support zone on the daily charts. In the previous session, the stock staged a notable recovery from this area, accompanied by a sharp rise in volumes, suggesting accumulation at lower levels.

Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.