Stock market today: Trade setup for Nifty 50 to global markets today; 7 stocks to buy or sell on Wednesday— 19 February

Stock Market Today: The benchmark Nifty-50 index and the S&P BSE Sensex after a a volatile trading session on Tuesday managed to end only marginally lower at 22,945.30 and 75,967.39 respectively. The Bank Nifty at 49,087.30 ended 0.35% lower, while the FMCG and Auto index were among the key losers. IT and OI& gas index, though, were key gainers. The mid and small cap also ended 0.4% and 2% lower.

Trade Setup for Wednesday

Nifty witnessed another day of volatility as the index failed to take a clear direction. In the short term, Nifty might remain a ‘sell on rise’ as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000, said Rupak De, Senior Technical Analyst at LKP Securities

For Bank Nifty 48,500 level now acts as a critical support, serving as the last defence against further downside, as per SAMCO Securities.

Global Markets Today

Investors focus now on the FOMC minutes set for release on Thursday, February 20. A hawkish stance from the Fed could undermine expectations of a rate cut in 2025, potentially triggering more foreign outflows from Indian markets. The main factor leading to weakness in the domestic market is Trump’s announcement of reciprocal tariffs on US trading partners, including India, which are likely to be finalised by April’25. The market is expected to track developments on the likely trade agreements between India and the US, clarity on which could emerge over the next few weeks, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Stocks to buy today

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 another two stocks picks.

These Include NTPC Ltd. Persistent Systems Ltd,  The Phoenix Mills Ltd, SRF Ltd, InterGlobe Aviation Ltd (Indigo), Jubilant FoodWorks Ltd and Cyient Limited

Sumeet Bagadia’s stock picks

1. NTPC: Bagadia recommends buying NTPC at ₹311, keeping Stoploss ₹300 for a target price of ₹333

NTPC is currently trading at ₹311, having recently rebounded from a key support zone. The stock has formed a bullish candlestick pattern and is on the verge of breaking out from a short-term falling trend on the daily timeframe. A successful breakout would confirm a reversal pattern, supported by rising trading volumes, indicating strong buying interest.

2. Persistent Systems Ltd – Bagadia recommends buying Persistent Systems Ltd at ₹5797.25, keeping Stoploss at ₹5594 for a target price of ₹6203

Persistent is currently trading at ₹5,797.25, having recently rebounded from a key support zone. The stock has formed a Morning Star candlestick pattern on the daily timeframe, accompanied by a notable increase in trading volume, signaling strong bullish momentum and reinforcing a positive outlook. If PERSISTENT sustains above the critical resistance level of ₹6,000, it could witness further upside, with the next target at ₹6,203.

Ganesh Dongre’s stocks to buy today

3. The Phoenix Mills Ltd– Dongre recommends buying The Phoenix Mills at around ₹1600 keeping Stoploss at ₹1570 for a target price of ₹1645.

Looking towards the daily chart a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹1645. At present, the stock is maintaining a crucial support level at Rs. 1645. Given the current market price of Rs., a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.1645.

4. SRF Ltd– Dongre recommends buying SRF at ₹2741, keeping stoploss at ₹2700 for a target price of ₹2840.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 2840. At present, the stock is maintaining a crucial support level at Rs.2700. Given the current market price of Rs.2741, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 2840.

5 InterGlobe Aviation Ltd (INDIGO) -Dongre recommends buying INDIGO at ₹4341 keeping Stoploss at ₹4265 for a target price of ₹4500.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 4500. Currently, the stock is maintaining a crucial support level at Rs.4265. A buying opportunity is emerging given the current market price of Rs.4341. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 4500.

Shiju Koothupalakkal’s stock recommendations

6. Jubilant FoodWorks Ltd – Koothupalakkal recommends buying  Jubilant Food  at around ₹693  for a target price of ₹730  keeping Stoploss at ₹680

The stock after making a double bottom pattern on the daily chart at around 635 zone has moved past the 50EMA zone at 686 level to improve the bias and with a positive trend reversal indicated, has the RSI on the rise to signify strength to carry on with the positive move further ahead. We suggest to buy the stock with upside potential visible for a target of 730 keeping the stop loss of 680.

7. Cyient Limited – Koothupalakkal recommends buying Cyient  at around ₹1470 for a target price of ₹1535, keeping Stoploss at ₹1445

The stock has witnessed a significant pullback from the bottom made near 1290 levels. Currently, with a higher low formation pattern visible, it has improved the bias with a positive move indicated. The RSI also signals a buy with strength justified. With the chart looking attractive, we anticipate a further rise in the coming sessions and suggest buying the stock for an upside target of 1535, keeping the stop loss of 1445.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.