Stock market news: The Indian stock market concluded the day nearly unchanged as investors remained wary in anticipation of the Reserve Bank of India’s forthcoming monetary policy announcement. Both the Nifty 50 and the Sensex fluctuated within a limited range and hovered near critical support levels.
At the closing of the trade, Sensex ended at the 85,106.81 level, slipping 31.46 points, or 0.04%, while the Nifty 50 declined 46.20 points, or 0.18%, to end at the 25,986 level.
According to experts, the primary reason behind the subdued trading session was the significant decline in the Indian rupee, which reached an all-time low of ₹90.13 against the US dollar. The currency’s devaluation was attributed to weak trade inflows, diminished foreign portfolio investments, and uncertainty regarding the postponed India-US trade agreement. This abrupt fall raised concerns about imported inflation and the outflow of foreign funds, pushing the Nifty 50 below the 26,000 threshold.
On the other side, gold prices resumed their upward trajectory on Wednesday, December 3, with February futures on MCX increasing by ₹1,641, or 1.3%, to achieve a daily peak of ₹1,31,400 per 10 grams, marking the highest level in six weeks.
The primary market remains active, with three mainboard IPOs fully subscribed on the first day of bidding, while upcoming IPOs keep investors alert alongside upcoming central bank policies.
Market outlook and key drivers
Vinod Nair, the Head of Research at Geojit Investments Ltd, mentioned that Indian stocks have been stabilizing as the rupee falls to an all-time low, pressured by foreign institutional investor outflows and persistent trade uncertainties. In November, industrial activity saw a decline, with the manufacturing PMI reflecting slower new orders, weaker export demand, and an increase in the trade deficit.
Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that the focus of the markets is currently on the RBI MPC meeting. Although there is an expectation of a 25 bps cut in the repo rate, robust GDP data may lessen the chances of an immediate rate cut. Overall, the flat market close conceals underlying weakness. The near-term direction of the market will rely on the stabilization of the rupee, clarity regarding the India–US trade situation, and the RBI’s policy decision.
Trade Setup for Thursday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the Nifty 50 dipped in the early part of Wednesday before finding support around 25,900 and later showing a solid recovery towards the session’s end. Following a day of fluctuations, the index managed to remain above the 21EMA, which maintains a bullish outlook in the short term.
Nevertheless, short-term bearish sentiment has started to emerge as the index indicates a bearish divergence on the daily chart. Additionally, it has dipped below a rising trendline, contributing to the market’s weakness.
“If the index can sustain its recovery — as anticipated after finding support at 25,900 — it might rise towards 26,060 on the upside, where it is likely to encounter resistance once more, potentially leading to another decline,” said De.
Stocks to buy today
Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).
Sumeet Bagadia’s stock picks
Birlasoft Ltd: Bagadia recommends buying Birlasoft shares at ₹423, with a stop-loss at ₹408, and a share price target of ₹453.
Sumeet Bagadia said that Birlasoft share price was trading at ₹423. The stock is showing signs of a clear trend reversal after a prolonged corrective phase. Following a sustained downtrend, the price has rebounded strongly from lower levels and is now approaching its previous supply zone with renewed momentum. The latest breakout candle, supported by sharp volume expansion, indicates strengthening bullish sentiment. The stock has reclaimed important intermediate zones and is now heading toward a key resistance placed near recent swing highs of 424.8.
“Based on the technical analysis and current market conditions, BSOFT presents a promising buying opportunity for those aiming for a ₹453 target, provided that appropriate risk management strategies are in place,” said Bagadia.
eClerx Services Ltd: Bagadia recommends buying eClerx Services shares at ₹4,911, with a stop-loss at ₹4,740, and a share price target of ₹5,255.
Sumeet Bagadia said that eClerx Services share price was trading at ₹4,911, registering a strong breakout from a consolidation phase with robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum. The stock is well-positioned above its 20, 50, 100, and 200-day EMAs, all trending upward, which confirms sustained strength across multiple timeframes and reflects solid underlying demand.
Ganesh Dongre’s stocks to buy today
CarTrade Tech Ltd: Ganesh Dongre recommends buying CarTrade Tech shares at ₹3,095 with a stop-loss at ₹3,040, with a CarTrade Tech share price target of ₹3,200.
Ganesh Dongre said that the stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹3,095 and has established a solid support base at ₹3,040. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹3,200 level in the near term.
“Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹3,040 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone,” added Dongre.
NTPC Ltd: Ganesh Dongre recommends buying NTPC shares at ₹323 with a stop-loss at ₹318, with a NTPC share price target of ₹330.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹323 and maintaining a strong support at ₹318. The technical setup indicates the potential for a price retracement towards the ₹330 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 ₹318 offers a prudent approach to capturing the anticipated upside,” explained Dongre.
Punjab National Bank (PNB): Ganesh Dongre recommends buying PNB shares at ₹120 with a stop-loss at ₹116, with a PNB share price target of ₹128.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹120 and maintaining a strong support at ₹116. The technical setup indicates the potential for a price retracement towards the ₹128 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 ₹116 offers a prudent approach to capturing the anticipated upside,” added Dongre.
Shiju Koothupalakkal intraday stocks for today
Avanti Feeds Ltd: Shiju Koothupalakkal recommends buying Avanti Feeds shares at ₹827.80 with a target price of ₹870 and a stop-loss of ₹810.
Shiju Koothupalakkal said that the stock has overall witnessed a decent surge with currently having a higher bottom formation visible on the daily chart taking support near the 790 zone and witnessing a positive candle accompanied with significant volume participation to improve the bias, anticipating for further rise in the coming days.
“The RSI has corrected well from the overbought zone and is currently well placed indicating a positive trend reversal to signal a buy with upside potential visible. With the chart technically looking good and attractive, we suggest buying the stock for an upside target of 870 keeping the stop loss of 810 level,” said Koothupalakkal.
Bajaj Consumer Care Ltd: Shiju Koothupalakkal recommends buying Bajaj Consumer Care shares at ₹273.55 with a target price of ₹290 and a stop-loss of ₹267.
Shiju Koothupalakkal said that the stock has indicated a series of higher bottom formation on the daily chart with the overall trend maintained strong with an ascending channel visible, with currently taking support near the important 50EMA level at 264 zone has indicated a positive candle formation with significant volume participation witnessed and with bias improving can expect for further rise in the coming sessions.
“The RSI is well positioned with a positive trend reversal indicated to signal a buy and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for an upside target of 290 keeping the stop loss of 267 level,” added Koothupalakkal.
Gujarat Gas Ltd: Shiju Koothupalakkal recommends buying Gujarat Gas shares at ₹412.90 with a target price of ₹435 and a stop-loss of ₹404.
Shiju Koothupalakkal said that the stock has witnessed a decent erosion in recent times and has now shown signs of bottoming out near the 395 zone with a significant revival visible with rising volume participation to improve the bias and can anticipate for further rise in the coming days.
“The RSI has picked up well from the oversold zone and is well positioned with a buy signal indication, to carry on with the positive move further ahead with upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 435 keeping the stop loss of 404 level,” added Koothupalakkal.
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.
