Stock Market Today: Trade Setup for Nifty 50 & Q3 Results; 5 Stocks to Buy or Sell on February 14
Stock Market Today: The Indian stock market witnessed a volatile trading session on Thursday, with benchmark indices closing marginally lower. The Nifty 50 index ended at 23,031.40, down 0.06%, while the S&P BSE Sensex slipped 0.04% to settle at 76,138.97.
Sectoral Performance:
While Bank Nifty declined by 0.24% to close at 49,359.85, the IT and FMCG sectors were among the key laggards. However, pharma, metals, and realty stocks outperformed, providing some cushion to the broader market. Small-cap stocks remained under pressure, with the Small Cap index ending 0.5% lower.
Trade Setup for Friday, February 14
The Nifty 50 index continues to trade below the 21-day exponential moving average (EMA) on the daily chart, indicating bearish sentiment.
- Support Level: 23,000 remains a crucial support level. A sustained breach below this may intensify selling pressure.
- Resistance Level: On the upside, the index could test 23,200 or higher if momentum builds, according to Rupak De, Senior Technical Analyst at LKP Securities.
- Bank Nifty: The immediate support level for Bank Nifty is 48,730, while 50,000 remains a strong resistance, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.
Global Market Trends & Q3 Earnings
Persistent selling pressure on rebounds suggests that bears continue to dominate the market. Adding to the cautious sentiment are global uncertainties, including potential tariff wars, which could further impact investor sentiment.
According to Ajit Mishra, SVP, Research, Religare Broking Ltd, traders are advised to adopt a stock-specific approach while keeping risk management as a priority.
Additionally, investors should keep an eye on the Q3 earnings reports scheduled for today, as these results may influence market movements.
Top 5 Stocks to Buy Today
1. JSW Steel Ltd (BUY)
- Current Price: ₹969.8
- Target Price: ₹1,035
- Stop Loss: ₹935
- Recommendation by: Sumeet Bagadia (Choice Broking)
JSW Steel has been in a strong uptrend, forming higher highs and higher lows. The stock is witnessing robust buying interest, and a swing high breakout towards ₹1,035 appears likely.
2. Welspun Corp Ltd (BUY)
- Current Price: ₹793.25
- Target Price: ₹850
- Stop Loss: ₹765
- Recommendation by: Sumeet Bagadia (Choice Broking)
Welspun Corp is showing bullish momentum, with strong support at ₹760 near its 20-day EMA. A breakout above current levels could push the stock towards its ₹850 target.
3. Hindustan Aeronautics Ltd (HAL) (BUY)
- Current Price: ₹3,665
- Target Price: ₹3,825
- Stop Loss: ₹3,600
- Recommendation by: Ganesh Dongre (Anand Rathi)
HAL has entered an oversold zone, with a bullish reversal pattern emerging on the daily chart. The ₹3,600 support level is holding strong, offering a buying opportunity for short-term traders.
4. CG Power and Industrial Solutions Ltd (BUY)
- Current Price: ₹580
- Target Price: ₹600
- Stop Loss: ₹570
- Recommendation by: Ganesh Dongre (Anand Rathi)
CG Power has shown a bullish reversal pattern, indicating a potential retracement towards ₹600. The ₹570 level serves as a crucial support, making it an attractive buy.
5. Bharat Electronics Ltd (BEL) (BUY)
- Current Price: ₹261
- Target Price: ₹275
- Stop Loss: ₹255
- Recommendation by: Ganesh Dongre (Anand Rathi)
BEL has been consolidating near its support level of ₹255, with a bullish reversal pattern suggesting an upside potential towards ₹275 in the short term.
Key Financial Ratios of Recommended Stocks
| Stock | Current Price (₹) | Target Price (₹) | P/E Ratio | P/B Ratio | Dividend Yield (%) |
|---|---|---|---|---|---|
| JSW Steel | 969.8 | 1035 | 13.5 | 2.3 | 0.65 |
| Welspun Corp | 793.25 | 850 | 10.8 | 1.9 | 1.12 |
| HAL | 3665 | 3825 | 14.2 | 3.7 | 1.85 |
| CG Power | 580 | 600 | 29.1 | 6.2 | 0.55 |
| BEL | 261 | 275 | 22.8 | 4.1 | 1.67 |
Conclusion
The stock market remains volatile, with Nifty 50 and Bank Nifty hovering around key levels. Given global uncertainties and Q3 earnings season, traders should exercise caution and focus on stock-specific opportunities rather than aggressive index bets.
The five stocks recommended today show strong technical indicators and could provide short-term gains if market sentiment remains favorable. However, strict stop-loss levels should be maintained to mitigate risks.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.