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Stock Market Today: The benchmark Nifty-50 index ended 0.92% higher at 24,946.50 on Monday, starting the new week on a strong note. The Bank Nifty at 55,944.90 also gained 0.75%, while most other sectors, led by IT, Realty, and Metals, ended with gains. In the broader indices, the mid- and small-caps ended almost 1% higher.

With investors awaiting the Fed's follow-up commentary post the rate announcement, a steep directional move is not expected for now. However, a rally towards 25,350 looks highly probable once Nifty reclaims the 25,000 mark. On the downside, support is placed at 24,850, as per Rupak De, Senior Technical Analyst at LKP Securities.

For the Bank Nifty, the revised support will be at 54,500 levels, followed by 54,000 levels, as per Reliance Securities. 

Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations. Geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored, said Vinod Nair, Head of Research, Geojit Investments Limited.

 Small-cap stocks are expected to underperform in the short term, given their elevated valuations and absence of short-term triggers. Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook, added Nair.

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager, Technical Research at Prabhudas Lilladher, has given three stock picks.

These include Bharat Electronics Ltd., Max Financial Services Ltd., Indian Oil Corporation Ltd., Multi Commodity Exchange of India Ltd. (MCX), Axis Bank, Tourism Finance Corporation of India Ltd., Graphite India Ltd., and CG Power and Industrial Solutions Ltd. 

Bharat Electronics Ltd. (BEL) is currently trading at ₹403.85, exhibiting strong bullish momentum supported by a well-structured upward trend. The stock is nearing its all-time high of ₹404.5, and a breakout above this level could trigger fresh buying interest, potentially leading to further upside.

2. Max Financial Services Ltd.—Bagadia recommends buying Max Financial Services Ltd., or MFSL, at around ₹1577, keeping stop-loss at ₹1520 for a target price of ₹1700.

MFSL is currently trading at ₹1577 and continues to exhibit a strong upward trajectory. The stock has been consistently forming higher highs and higher lows, a classic sign of sustained bullish momentum. Technically, the formation of the 3rd Elliott Wave appears to be in progress, aligning with the recent price structure and suggesting further upside potential as part of the wave cycle. MFSL recently touched its all-time high of ₹1586.

3. Indian Oil Corporation Ltd.—Dongre recommends buying Indian Oil Corporation, or IOC, at around ₹142, keeping Stoploss at ₹138 for a target price of ₹147. 

Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 142 and maintaining strong support at ₹ 138. The technical setup indicates the potential for a price retracement towards the ₹ 147 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 ₹ 138 offers a prudent approach to capturing the anticipated upside.

4. Multi Commodity Exchange of India Ltd (MCX)—Dongre recommends buying MCX at around ₹7830, keeping stop-loss at ₹7650  for a target price of ₹8100

Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 7830 and maintaining strong support at ₹ 7650. The technical setup indicates the potential for a price retracement towards the ₹ 8100 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 ₹ 7650 offers a prudent approach to capturing the anticipated upside.

5. Axis Bank—Dongre recommends buying AXISBANK at around ₹1216, keeping Stoploss at ₹1190 for a target price of ₹1250.

In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 1216 and holding above a key support level at ₹ 1190. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 1190 to manage downside risk. The target for this trade is set at ₹ 1250, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.

6. Tourism Finance Corporation of India Ltd.—Koothupalakkal recommends buying   TOURISM FINANCE at around ₹220.46 for a target price of ₹232, keeping Stop loss at ₹216

The stock, after witnessing a short period of correction, has once again improved the bias with a positive move with decent volume participation visible and has scope for further rise in the coming sessions. With the chart indicating a significant revival in the hourly time frame, the bias has turned positive with upside potential visible from the current rate. With the chart technically well positioned, we suggest buying the stock for an upside target of ₹232 level, keeping the stop loss at the rs 216 level.

7. Graphite India Ltd.—Koothupalakkal recommends buying GRAPHITE INDIA at around ₹538.45 for a target price of ₹565, keeping stop-loss at ₹527.

The stock has slipped down after finding resistance near the 580 zone and currently has shown signs of taking support near the confluence of the 200-period MA and 50-EMA at the 510 level, and with a significant pullback has improved the bias with a positive candle formation. The RSI has corrected from the overbought zone and currently is well placed to expect a further rise in the coming sessions. With the chart technically looking good, we suggest buying the stock for an upside target of ₹565, keeping the stop loss at the ₹527 level.

8. CG Power and Industrial Solutions Ltd.—Koothupalakkal recommends buying CG POWER at around ₹682 for a target price at ₹715, keeping a stop loss at ₹667

The stock has taken support near the 650 zone and has moved above the 50EMA level at 663 to improve the bias, and currently, with another session of positive closing, we anticipate further rise in the coming days, with the RSI also indicating signs of positive development. There is much upside potential visible from the current rate. With the chart looking good, we suggest buying the stock for an upside target of ₹715 level, keeping the stop loss at ₹667 level.

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.

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