Trade setup for Nifty 50, Trump tariffs to GST Council meeting; 9 stocks to buy or sell on Thursday
The Indian stock market closed on a positive note on Wednesday as investors turned optimistic ahead of key developments, including the GST Council meeting. The benchmark Nifty-50 gained 0.55% to settle at 24,715.05, while the Bank Nifty rose 0.76% to 54,067.55. Sectors such as metals and pharma were among the top gainers, while IT stocks dragged. Mid and small-caps outperformed with gains of 0.65–0.9%.
Market Levels to Watch
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, 24,750 will act as the immediate resistance for the Nifty-50. If the index breaks out above this level, it could move towards 24,850–24,900. On the downside, 24,600 and 24,500 will remain key support zones.
Global Cues and Trump Tariffs
Globally, markets are reacting to concerns around tariffs imposed by former US President Donald Trump, which have implications for trade flows. Meanwhile, in India, the GST Council meeting is the immediate catalyst to watch. Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, noted that policy decisions from the GST Council could benefit auto, hotels, cement, and consumer durable sectors.
GST Council Meeting Highlights
Finance Minister Nirmala Sitharaman, chairing the Council, announced a major step towards indirect tax rationalisation. Key updates include:
Introduction of two new GST slabs: 5% and 18%, along with a unique slab of 40%.
New rates to take effect on September 22.
GST rate reduction on 396 items, aimed at easing the burden on the common man.
This reform is expected to provide relief to households and also boost consumption-driven sectors.
9 Stocks to Buy or Sell on Thursday
Leading analysts, including Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), Shiju Koothupalakkal (Prabhudas Lilladher), and Sugandha Sachdeva (SS WealthStreet), have recommended the following stocks for intraday trading on Thursday:
Sumeet Bagadia’s Picks
L&T Finance Ltd. – Buy at ₹227, Stoploss ₹219, Target ₹244.
Stock has broken out of consolidation and formed a new all-time high, backed by rising volumes.
S.J.S. Enterprises Ltd. – Buy at ₹1416, Stoploss ₹1365, Target ₹1515.
Displays a short-term uptrend with strong rally and upward-trending moving averages.
Ganesh Dongre’s Picks
InterGlobe Aviation Ltd. (IndiGo) – Buy at ₹5740, Stoploss ₹5600, Target ₹5950.
Bullish engulfing candlestick pattern and RSI recovery signal possible reversal.
Newgen Software Technologies Ltd. – Buy at ₹907, Stoploss ₹880, Target ₹950.
Strong support at ₹880 with bullish reversal signals on short-term charts.
Bank of India – Buy at ₹113, Stoploss ₹108, Target ₹118.
Bullish reversal pattern with reliable support at ₹108.
Shiju Koothupalakkal’s Picks
Himatsingka Seide Ltd. – Buy at ₹123.50, Stoploss ₹120, Target ₹134.
Pullback supported by volume and RSI recovery from oversold zone.
Poonawalla Fincorp Ltd. – Buy at ₹442.90, Stoploss ₹430, Target ₹467.
Higher bottom formation with bullish momentum above key EMAs.
Relaxo Footwears Ltd. – Buy at ₹499, Stoploss ₹490, Target ₹530.
Symmetrical triangle breakout expected above ₹505 with RSI support.
Sugandha Sachdeva’s Pick
Indus Towers Ltd. – Buy at ₹324, Stoploss ₹304, Target ₹365.
Building base near ₹312 with strong recovery and volume support.
Outlook
With global markets eyeing Trump’s tariff effects and domestic investors focusing on GST reforms, Thursday’s trade is expected to remain range-bound but sector-driven. Auto, consumer durables, cement, and financials may continue to attract interest, while IT stocks could stay under pressure.
Disclaimer: The views and stock recommendations mentioned above are from individual analysts and brokerage firms. Investors should consult certified financial experts before making any investment decisions.
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