Auto and bank stocks provided the much needed support to the frontline indices, helping them sail through the session when FMCG and pharma stocks acted as major spoilsports. While the BSE Sensex surged by 105.71 points or 0.14% to close at 80,746.78, the broader Nifty was up by 34.80 points or 0.13% to end the day at 24,414.40.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty continues to consolidate within a narrow range, having failed to move past the 61.80% retracement level of the previous decline from the all-time high of 26,277 to the recent low of 21,743. This consolidation may persist in the near term, as the index appears to be in no hurry to make a decisive move beyond the 24,000–24,550 range, he said.
“A decisive breakout above 24,550 could potentially trigger a rally toward higher levels. On the downside, immediate support is placed at 24,200; a break below this level may extend the correction toward 24,000,” De said.
Here are 5 stock recommendations for Thursday:
Buy Tata Motors at Rs 680
Stop Loss: Rs 667
Target: Rs 707
On the daily chart, Tata Motors has successfully broken out of its consolidation range from April 23, 2025, indicating a shift in momentum. Fresh buying has emerged from lower levels, and today’s session saw a strong bullish candle accompanied by above-average volume, reinforcing the positive sentiment in the stock. Technically, the stock is now trading above its 21-day exponential moving average (EMA), highlighting near-term strength and the potential for further upside. Additionally, the Relative Strength Index (RSI) is at 58.04 and trending upward, signaling improving bullish momentum.
(Wahid Ansari, Technical Research Analyst at Bonanza)
Buy KPR Mill at Rs 1,101
Stop Loss: Rs 1,078
Target: Rs 1,144
On the daily chart, KPR Mill has successfully broken out of a flag chart pattern, supported by a strong bullish candle and above-average volume (20-bar average), suggesting renewed bullish interest and strength in the stock. This breakout indicates a potential continuation of the prior uptrend. The stock is currently trading well above its 20, 50, 100, and 200-day EMAs, confirming a strong bullish trend across short, medium, and long-term time frames. Moreover, the Relative Strength Index (RSI) stands at 67.30 and is moving higher, reflecting strong momentum and room for further upside.
(Wahid Ansari, Technical Research Analyst at Bonanza)
Buy Bharat Forge at Rs 1,140.90
Stop Loss: Rs 1,080
Target: Rs: 1,275
BHARATFORG is currently trading at Rs 1140.90, having seen a sharp decline of nearly 49% from its peak levels. After this deep correction, the stock has started to find support at lower levels, forming a solid base that suggests early signs of a potential trend reversal.
The price action indicates a strong bounce from the lows, and the stock is now trading within a narrow consolidation range. A sustained breakout above the Rs 1,160 mark will be crucial and could trigger a fresh rally toward the Rs 1275 target in the near term.
The Relative Strength Index (RSI) is currently at 56.05 and is trending higher, reflecting improving momentum and buying interest. From a moving average standpoint, BHARATFORG has already crossed above its short-term and medium-term EMAs, and now shows the potential to test its long-term EMA, which, if cleared, could further strengthen the bullish structure.
Given the developing setup and emerging strength, traders may consider buying BHARATFORG at the current price of Rs 1140.90, with a stop-loss at Rs 1080 to manage risk. A decisive move above Rs 1160 could open the path toward Rs 1275 in the near term, as the stock builds on its recovery.
(Hardik Matalia, Derivative Analyst, Choice Broking)
Buy APL Apollo at Rs 1,663
Stop Loss: Rs 1,580
Target: Rs 1,800
APLAPOLLO is currently trading at Rs 1663 and was previously seen consolidating in a wide trading range over the past few months. Recently, the stock has shown renewed strength by breaking out of this consolidation range, supported by a strong bullish candle on the daily timeframe, a clear sign of bullish intent.
If the stock manages to sustain above the Rs 1690 mark, it could confirm the breakout and lead to a fresh uptrend, with Rs 1800 as the near-term target.
Momentum indicators are also supportive, the Relative Strength Index (RSI) stands at 66.57 with a positive crossover and upward trend, reflecting growing buying interest. Technically, APLAPOLLO is now trading above all its key moving averages, including its short-term, medium-term, and long-term EMAs, which further reinforces the bullish setup.
Given the strong breakout structure and momentum buildup, traders may consider buying APLAPOLLO at the current price of Rs 1663, with a stop-loss set at Rs 1580. A sustained move above Rs 1690 could propel the stock towards the Rs 1800 target in the near term.
(Hardik Matalia, Derivative Analyst, Choice Broking)
Buy Power Grid at Rs 311.10
Stop Loss: Rs 295
Target: Rs 345
POWERGRID is currently trading at Rs 311.10, and after witnessing a sharp decline of nearly 32% from its peak, the stock has shown a strong bounce from the lower levels, indicating early signs of a potential trend reversal.
The price structure is turning constructive, as the stock has started forming higher highs and higher lows, a bullish price action pattern from the recent bottom. After facing a throwback from the recent swing high, the stock has retested its demand zone and has now shown a strong reversal from that support area.
If POWERGRID successfully surpasses the Rs 320 level, it could lead to further upside momentum toward the Rs 345 target in the near term.
The Relative Strength Index (RSI) is currently at 59.80, showing a healthy reversal from lower zones and is now trending upward, reflecting strengthening bullish sentiment. Technically, POWERGRID is now trading above all key moving averages, including its short-term, medium-term, and long-term EMAs, which confirms a shift in trend direction.
Given the improving structure and supportive technicals, traders may consider buying POWERGRID at the current price of Rs 311.10, with a stop-loss at Rs 295. A sustained move above Rs 320 could unlock an upside potential toward Rs 345.
(Hardik Matalia, Derivative Analyst, Choice Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)