Nifty50 Today, October 8, 2024

Nifty 50 Heatmap

Today, October 8, 2024, the Indian stock market is showing continued bearish momentum. The BSE Sensex fell by 638 points (0.78%) to 81,050, while the NSE Nifty 50 dropped by 218 points (0.87%) to close at 24,795. This marks the sixth consecutive session of decline, driven by ongoing geopolitical concerns and foreign fund outflows. Analysts expect the market to remain volatile, with a "sell on rise" strategy prevailing as long as Nifty stays below 25,000​

Additionally, several stocks are under the F&O (futures and options) ban today, including PNB, IDFC FIRST Bank, and RBL Bank, limiting their trading options​

It's advisable for traders to remain cautious, especially in this volatile phase.

Here are some of the best stock picks for October 2024, recommended by various analysts and experts:

1. HDFC Bank: Despite some recent underperformance, HDFC Bank is seen as a strong long-term pick. The bank is addressing post-merger issues and has shown consistent growth with over 18% CAGR in income over the past five years. Current valuations are attractive for long-term investors.

2. IDFC First Bank: This bank is transitioning from a corporate to a retail focus with impressive growth targets. It plans to triple customer deposits and expand its loan book aggressively, making it an attractive pick in the banking sector.

3. Tata Power: Analysts see significant upside potential in Tata Power due to its strong focus on renewable energy, with target prices suggesting an over 30% growth opportunity in the medium term.

4. JSW Energy: Another stock in the renewable energy space, JSW Energy is expected to benefit from increasing investments in the energy sector and has received buy recommendations for its growth prospects.

5. Power Finance Corporation (PFC): PFC is a solid pick due to its role in financing infrastructure projects in India’s power sector. With ongoing capex in power transmission, this stock is poised for growth.

These stocks are favored for their strong fundamentals and growth potential despite the current market volatility​

Always consider market conditions and consult a financial advisor before making investment decisions.