The technical outlook remains positive for Paytm, Azad Engineering, and Kotak Mahindra Bank, with all three stocks showing bullish chart structures and potential for further upside.
Stock ideas for today: The index could now move towards the next support zone of 23,300-23,100, while any recovery is likely to face resistance around 23,600-23,800.
Till Nifty holds below 23,700, weakness could extend towards 23,500, then 23,400 levels, while on the upside, hurdles can be seen at 23,800, then 23,900 zones.
SPARC appears well-positioned for a short-term recovery after finding support near the 61.8% Fibonacci retracement level of the March low to July high rally.
Stocks to buy today: ACME Solar is maintaining a strong bullish structure on the daily chart, with the stock consistently forming Higher Highs and Higher Lows, indicating sustained upward momentum.
Religare Broking's Ajit Mishra said that the sharp decline has pushed Nifty closer to our initial downside target and support of 23,800. A break below this could extend the correction towards 23,600.
Chandan Taparia says that if Nifty crosses 24,100, we could see the index moving towards 24,200-24300. He has recommended buying Persistent Systems, Eternal, & Bajaj Auto shares for the short term
Stocks to buy today: Sachin Gupta of Choice Equity Broking has recommended three stocks to buy today - Jindal SAW, Electrosteel Castings, Adani Enterprises.