Gold prices reach 7-week high

Today's stock market recommendations include Jindal Steel, Bajaj Auto, Engineers India, and NMDC, as suggested by Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan. Analysts advise purchasing Jindal Steel at its current closing price and setting a stop-loss at Rs 1106, with a target range of Rs 1190-1220. The steel company has shown strength over recent weeks, trading near the upper end of its recent consolidation zone.

Momentum indicators suggest continued bullish trends, with potential for the stock to rise further towards Rs 1190-1220. Bajaj Auto is recommended for purchase above Rs 11850, with a stop-loss at Rs 11650 and a target range of Rs 12150-12400. The stock is demonstrating a strong uptrend after a rally from July lows, consolidating near recent highs and experiencing a healthy bullish crossover in momentum indicators.

Engineers India is being recommended at its current closing price with a stop-loss of Rs 246 and a target range of Rs 267-272. After completing a corrective phase, the stock has bounced back strongly, indicating renewed buying interest and the possibility of further gains in the near future. NMDC is also suggested for purchase at its current closing price, with a stop-loss at Rs 82.50 and a target range of Rs 89.50-92.

Momentum indicators indicate a gradual improvement in the stock's momentum after a consolidation period, with the support level at the 40-week EMA acting as an important demand zone.