Stock Market Update: Nifty 50 Trade Setup, US Government Shutdown, and Gold Prices; 8 Stocks to Buy or Sell

The Indian stock market saw a significant recovery on Wednesday, driven by the RBI's decision to keep key interest rates steady and revise growth projections. Here’s a detailed trade setup for Friday, along with a list of stocks to buy or sell.

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Stock Market Update: Nifty 50 Trade Setup, US Government Shutdown, and Gold Prices; 8 Stocks to Buy or Sell

Real Estate News:The Indian equity benchmark indices experienced a significant recovery on Wednesday, ending an eight-day decline. The Sensex rose by 715.69 points, or 0.89%, closing at 80,983.31. During the trading session, it soared by 800.81 points, or 0.99%, reaching 81,068.43. Meanwhile, the Nifty 50 gained 225.20 points, or 0.92%, to close at 24,836.30.

As anticipated, the Reserve Bank of India (RBI) maintained its key interest rates on Wednesday, awaiting more clarity regarding the effects of US tariffs and the transmission of previous rate reductions along with recent tax cuts. The RBI also revised its growth projections for the current fiscal year to 6.8%.

Vatsal Bhuva, a Technical Analyst at LKP Securities, noted that after the RBI policy announcement and auto sales figures, the Nifty 50 concluded Wednesday’s trading session with a robust bullish candlestick, surpassing its previous resistance level of 24,750 at the 100-day EMA. The index has also retraced 61% of the Fibonacci range from the low on September 1 to the high on September 18 at 25,453. In terms of derivatives, significant put writing between 24,700 and 24,800 indicates a strengthened support base, with the highest open interest located at 25,000. Overall, market sentiment has shifted positively, establishing support at 24,700 and resistance between 25,000 and 25,100.

Vinod Nair, the Research Head at Geojit Investments, observed that the domestic market traded within a narrow band on the day of the monthly expiry, as investors exercised caution ahead of the RBI's policy announcement. After last week’s ongoing decline, the market sought to establish some stability. Sector performance was mixed, with gains seen in metal and banking stocks, while real estate and consumer durables faced selling pressure. Market participants are keenly awaiting the RBI's insights for indications regarding future interest rate trends, even though a hold on rates is generally expected. The short-term outlook remains cautious, indicating that price movements are likely to stay within a range. Key developments, especially those related to tariff policies and the upcoming earnings season, will play a crucial role in shaping the market’s direction beyond the current range.

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 seven intraday stocks for today: Housing & Urban Development Corporation Ltd (HUDCO), L&T Finance Ltd, Bharat Electronics Ltd (BEL), National Aluminium Company Ltd, Indian Hotels Company Ltd, One 97 Communications Ltd (Paytm), Adani Green Energy Ltd, and TVS Motor Company Ltd.

Sumeet Bagadia recommends buying HUDCO share price at ₹232.47 with a stoploss at ₹225 and a HUDCO share price target of ₹248. HUDCO share price was trading at 232.47 and has shown a strong rebound after taking support from lower levels, indicating renewed buying interest and participation from fresh buyers. The stock has managed to recover swiftly after recent declines and is maintaining strength above its crucial support zone near 223. Based on current technical conditions, HUDCO offers a strong buying opportunity for short-term traders targeting 248, provided sound risk management measures are maintained.

Bagadia also recommends buying L&T Finance share price at ₹258.6 with a stoploss at ₹250 and a L&T Finance share price target of ₹276. L&T Finance share price was trading at 258.6, and 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 259.3, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action. Based on current technical conditions, L&T Finance share price offers a strong buying opportunity for short-term traders targeting 276, provided sound risk management measures are maintained.

Ganesh Dongre recommends buying BEL share price at ₹406 with a stoploss at ₹400 and a BEL share price target of ₹415. A short-term trend analysis of BEL share price 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. BEL share price was trading at ₹406, while holding above a key support zone at ₹400, which has proven to be a strong demand level. Based on the current setup, a move towards the next resistance level at ₹416 appears likely. With a favorable risk-reward profile, buying at current levels may be considered, keeping ₹400 as a crucial support and ₹415 as the potential short-term target.

Ganesh Dongre also recommends buying National Aluminium Company share price at ₹214 with a stoploss at ₹208 and a National Aluminium Company share price target of ₹222. In the recent short-term trend analysis, National Aluminium Company share price 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 ₹222. National Aluminium Company share price was at ₹214, having established a strong support base at ₹208. This level has held firm in recent sessions, underscoring its importance as a key demand zone. Given the favorable price structure and proximity to support, a buying opportunity is developing at current levels. Traders and investors may consider entering positions around ₹214, anticipating a potential upside towards ₹222, while keeping a close watch on ₹208 as the immediate support.

Ganesh Dongre further recommends buying Indian Hotels share price at ₹723 with a stoploss at ₹710 and an Indian Hotels share price target of ₹745. 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 ₹745 level, supported by improving price action. Indian Hotels share price was trading at ₹723, while holding above a key support zone at ₹710, 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. Given the current market structure and positive technical setup, a buying opportunity is emerging around ₹723. Traders and short-term investors may consider initiating long positions, targeting ₹745, with ₹710 acting as an important downside support. The confluence of the bullish reversal pattern and sustained support at lower levels suggests a constructive risk-reward ratio in the current scenario.

Shiju Koothupalakkal recommends buying Paytm share price at ₹1,148 with a Paytm share price target of ₹1,220 with a stop loss of ₹1,120. Paytm share price after witnessing a decent correction has taken support near the 1,095 zone and has indicated a positive bullish candle formation on the daily chart with much upside potential visible. The RSI has indicated a positive trend reversal to signal a buy and can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest to buy the stock for a significant upward move for a target of 1,220 keeping the stop loss at 1,120 level.

Shiju Koothupalakkal also recommends buying Adani Green Energy share price at ₹1,064 with an Adani Green Energy share price target of ₹1,130 with a stop loss of ₹1,035. Adani Green Energy share price having witnessed a decent correction after the strong spurt making a high near 1,177 zone has once again indicated a strong positive candle formation on the daily chart with significant volume participation to improve the bias taking support near 1,010 level to anticipate for further rise in the coming sessions.

Frequently Asked Questions

What was the performance of the Sensex and Nifty 50 on Wednesday?

The Sensex increased by 715.69 points, or 0.89%, closing at 80,983.31. The Nifty 50 rose by 225.20 points, or 0.92%, to close at 24,836.30.

What was the RBI's decision regarding interest rates?

The RBI maintained its key interest rates, awaiting more clarity regarding the effects of US tariffs and the transmission of previous rate reductions along with recent tax cuts.

What is the current technical setup for Nifty 50?

The Nifty 50 concluded Wednesday’s trading session with a robust bullish candlestick, surpassing its previous resistance level of 24,750 at the 100-day EMA. It has retraced 61% of the Fibonacci range from the low on September 1 to the high on September 18 at 25,453.

Which sectors showed gains and which faced selling pressure?

Gains were seen in metal and banking stocks, while real estate and consumer durables faced selling pressure.

What are the recommended stocks to buy today?

The recommended stocks to buy today include Housing & Urban Development Corporation Ltd (HUDCO), L&T Finance Ltd, Bharat Electronics Ltd (BEL), National Aluminium Company Ltd, Indian Hotels Company Ltd, One 97 Communications Ltd (Paytm), Adani Green Energy Ltd, and TVS Motor Company Ltd.