Invest Smart: Nifty's Cautious Stance and 8 Expert-Recommended Stocks

The Indian stock market continues its downward trend, with the benchmark Nifty 50 index closing 0.63% lower on Thursday at 25,062.10. This broad market weakness, highlighted by significant losses in the IT and Realty sectors, comes amidst disappointing Q1 earnings from technology firms and persistent global trade concerns. While Bank Nifty also saw a modest decline of 0.25%, the Pharma and Healthcare sectors provided some respite with gains. Mid and small-cap indices mirrored the broader market sentiment, falling between 0.58% and 1.09%.

Investors are closely monitoring key support and resistance levels for the Nifty and Bank Nifty, as well as upcoming Q1 results and geopolitical developments, which are expected to shape market direction. Market experts have identified several stocks for potential buy or sell opportunities for Friday's trading session.

Market Overview: Nifty Weakness Persists Amidst Global and Earnings Headwinds

The Indian stock market experienced another session of decline on Thursday, with the Nifty 50 and broader indices registering losses. This continued weakness is attributed to a combination of factors, including underperforming Q1 results from the IT sector and lingering global trade tensions. Despite strong domestic earnings from some banks, the overall market sentiment remains cautious.

Nandish Shah, Deputy Vice President at HDFC Securities, noted that Nifty's immediate support lies at 24,882, advising traders to maintain a cautious stance unless the index decisively breaches 25,255 on the upside. For the Bank Nifty, Bajaj Broking anticipates immediate support within the 56,000–55,700 range.

Vikram Kasat, Head - Advisory at PL Capital, emphasized that "strong domestic earnings from banks couldn’t offset widespread disappointment in IT and continued global trade concerns." He highlighted that investors are keenly awaiting clarity on trade deals and signs of recovery in tech fundamentals.

Stocks to Watch: Expert Picks for Friday's Session

Amidst the prevailing market conditions, several market experts have provided recommendations for intraday trading on Friday. Here are eight stocks identified for potential buy opportunities:

Sumeet Bagadia's Recommendations (Choice Broking):

♦ Eternal Ltd: Recommended buy around ₹313.15, with a stop loss at ₹302 and a target price of ₹336. The stock recently hit a new all-time high of ₹314.45, showcasing strong bullish momentum and sustained buying interest.

♦ Fortis Healthcare Ltd.: Recommended buy around ₹846.55, with a stop loss at ₹817 and a target price of ₹906. Fortis is showing strong recovery signs, with consistent higher highs and higher lows, and rising volumes reinforcing bullish sentiment.

Ganesh Dongre's Recommendations (Anand Rathi):

♦ Glenmark Pharmaceuticals Ltd.: Recommended buy around ₹2143, with a stop loss at ₹2100 and a target price of ₹2200. The stock displays a strong bullish pattern with support at ₹2100, indicating potential for upward movement.

♦ TVS Motor Company Ltd.: Recommended buy at ₹2800, with a stop loss at ₹2760 and a target price of ₹2885. TVS Motor also exhibits a strong bullish pattern with robust support at ₹2760, suggesting further upside.

♦ Tata Chemicals Ltd.: Recommended buy at ₹948, with a stop loss at ₹930 and a target price of ₹985. The stock shows a consistent bullish trend, with ₹930 acting as a key support level for risk management.

Shiju Koothupalakkal's Recommendations (Prabhudas Lilladher):

♦ Zydus Wellness Ltd.: Recommended buy around ₹2138, with a stop loss at ₹2100 and a target price of ₹2220. The stock is in a rising trend with positive candle formation and significant volume, and the RSI indicates a buy signal.

♦ Surya Roshni Ltd.: Recommended buy around ₹347, with a stop loss at ₹338 and a target price of ₹365. The stock has shown a strong spurt, taking support near its 50 EMA, with the RSI signaling a positive trend reversal.

♦ Welspun Living Ltd.: Recommended buy around ₹141, with a stop loss at ₹137 and a target price of ₹152. After a period of consolidation, the stock shows a bullish candle with rising volume, and the RSI indicates potential for further upward movement.