Stock Market Today: Nifty 50 Trade Setup, RBI Repo Rate Decision, IPO Buzz, and Weak Rupee – 8 Stocks to Buy
Indian stock market trades cautiously ahead of the RBI repo rate decision as Nifty 50 consolidates. Rupee hits record low, IPO activity stays strong, and analysts recommend eight stocks to buy today. Full trade setup and expert insights inside.
Sensex and Nifty 50 edge higher ahead of the RBI policy announcement as markets consolidate amid a weak rupee and active IPO market.
The Indian equity market traded primarily sideways on Thursday, with the benchmark indices slightly up in anticipation of the crucial RBI repo rate decision. The Sensex ended the day with gains of 0.19% on 85.265, and the Nifty 50 concluded on 26.033, up by 0.18%.
After taking GDP data very positively, some thinking could have changed toward the sudden and unexpected rise in 90-per-dollar.
With a surge in the yield on Japanese bonds, the arguments continue, given the risk of outflows from emerging markets. This has kept investors cautious.
IPO activity continues to rise with Meesho IPO, Vidya Wires IPO, and Aequs IPO closing subscriptions etc. The Market awaits fresh issues as the pipeline is relatively heavy in the coming weeks.
Market Outlook: All Eyes on RBI Policy and US CPI
Siddhartha Khemka, Head of Research (Wealth Management), Motilal Oswal Financial Services, said that traders remain focused on Friday’s RBI policy outcome and the upcoming US CPI data. Rate-sensitive sectors such as banking, auto, and real estate are expected to react sharply depending on the policy direction.
Geopolitical developments also remain in focus as Russian President Vladimir Putin arrived in New Delhi on December 4, with discussions expected to cover advanced defense cooperation, including the S-500 Prometheus missile system. Industry watchers believe this could boost sentiment in the defense manufacturing sector.
Nifty 50 Trade Setup for Friday
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty remained below its 21-EMA on the hourly chart, reflecting persistent selling pressure.
Key levels to watch:
Resistance: 26,100 – 26,150
Support: 25,900 – 25,950
A break below 26,000 may trigger a quick correction toward lower support zones.
Market volatility is expected to spike post the lending rate announcement.
Stocks to Buy Today: 8 Expert Picks
Market experts Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher) have recommended the following intraday buys:
1. Coforge Ltd
Buy at: ₹1,966
Target: ₹2,100
Stop-loss: ₹1,900
Bullish ascending triangle breakout on weekly charts.
2. JK Tyre & Industries Ltd
Buy at: ₹474
Target: ₹508
Stop-loss: ₹457
Fresh 52-week high with strong volume action.
3. AXIS Bank Ltd
Buy at: ₹1,280
Target: ₹1,320
Stop-loss: ₹1,260
Bullish reversal pattern signalling further upside.
4. Union Bank of India
Buy at: ₹152
Target: ₹162
Stop-loss: ₹146
Strong support at ₹146; reversal indicates sustained momentum.
5. DLF Ltd
Buy at: ₹709
Target: ₹740
Stop-loss: ₹700
Positive reversal pattern with solid support.
6. Petronet LNG Ltd
Buy at: ₹280.95
Target: ₹300
Stop-loss: ₹273
Bullish candle with high volume; RSI supports further upside.
7. Allied Blenders and Distillers Ltd
Buy at: ₹628
Target: ₹670
Stop-loss: ₹614
Strong trend with ascending channel and 50-EMA support.
8. Himadri Speciality Chemical Ltd
Buy at: ₹462
Target: ₹490
Stop-loss: ₹452
Strong rebound from lower levels; RSI signals renewed strength.
