Stock market today: Trade setup for Nifty 50 to global markets outlook, five stocks to buy or sell on Monday — Sept 30

Stop Market today: For the third week in a row, the markets continued their upward journey, scaling record highs, largely driven by positive global cues. The benchmark Nifty-50 index was up 1.5% week on week and ended at 26,178.95, while the S& BSE Sensex ended at 85,771.80. 

Rate-sensitive sectors such as banking, financials, auto, and real estate were initially in the spotlight, while Metals and Energy caught attention later in the week, helped by China stimulus. Despite positive sentiments in key sectors, broader indices underperformed again, ending flat to marginally lower.

Trade setup for Monday

The near-term uptrend of the market remains intact. Nifty could eventually bounce after the consolidation in the next few sessions. Immediate support is at 25900, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

BankNifty after the decent rally has witnessed some consolidation near the 54000 levels with near-term support maintained near 53400 zone of the previous peak level and would need a decisive breach above 54470 levels to continue with the uptrend said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher

Global Markets outlook

Going ahead, global factors will play a pivotal role, especially with the absence of any major domestic events, said Ajit Mishra – SVP, Research, Religare Broking. In the US markets , a decisive breakout for Dow Jones Industrial Average above 42,300 could fuel further gains, though there is a possibility of consolidation if it fails to break through. Similarly, the S&P 500 and Nasdaq Composite are also trending higher, indicating widespread participation across sectors, said Mishra.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking has recommended two stock picks for Wednesday. Also Ganesh Dongre, Senior Manager of technical Research at Anand Rathi has given another three stock picks for today.

These include Apollo Hospitals Enterprise Ltd , Bombay Burmah Trading Corp. Ltd , Sonata Software Ltd, Piramal Enterprises Ltd and  Maharashtra Seamless Ltd. 

Sumeet Bagadia’s stocks to buy today

1.Apollo Hospitals Enterprise Ltd: Bagadia has recommended buying Apollo Hospitals Enterprise Ltd at ₹7235.75 with a stop loss at ₹6999 for a target price of ₹7600

.Apollo Hospitals Enterprise is trading at 7235.75 currently, the stock seems to be in an uptrend as it continuously reaches higher highs and lower lows. The stock hit an all-time high of 7279 today, reflecting significant bullish momentum. A potential short-term target of 7600 could be reached if the important resistance level at 7250 is broken.

2.Bombay Burmah Trading Corp. Ltd: Bagadia recommends buying Bombay Burmah Trading Corp.LTD at ₹2858.9 keeping stoploss at ₹2750 for a target price of ₹3050

Bombay Burmah Trading Corp. daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre, stocks to buy today

3. Sonata Software Ltd: For Monday Ganesh Dongre recommends buying  Sonata Software at ₹633 with a stop loss at ₹615 for a target price of ₹655.

In the recent short-term trend analysis of the Sonata Software  stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.655. At present, the stock is maintaining a crucial support level at Rs.615. Given the current market price of Rs.633, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.655.

4.Piramal Enterprises Ltd:  Ganesh Dongre recommends buying Piramal Enterprises at ₹1095, with Stoploss at ₹1070 for a target price of ₹1140

In the recent short-term trend analysis of the Piramal Enterprises , a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.1140. At present, the stock is maintaining a crucial support level at Rs.1070. Given the current market price of Rs.1095, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.1140

5. Maharashtra Seamless Ltd: Ganesh Dongre recommends buying Maharashtra Seamless Ltd. at ₹639 with a stoploss at ₹625 for a target of ₹660.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 660. At present, the stock is maintaining a crucial support level at Rs.625. Given the current market price of Rs.639, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 660.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.