Today’s stock market day trading guide: Amidst the Iran-Israel war and FII sell-off, Indian stock markets witnessed heavy selling last Friday. The Nifty 50 index corrected by 234 points to end at 22,519 levels, the BSE Sensex plunged 793 points to end at 74,244 levels and the Bank Nifty index declined 422 points to end at 8,564 levels. In the overall market, the small-cap index fell by 0.60%, and the mid-cap index fell by 0.49%.
The focus is on the war between Israel and Iran.
After Israel’s counterattack against Iran, geopolitical tensions in the Middle East further escalated. Iran launched more than 300 drones and missiles at Israel, which the Iranian government said was in retaliation for the April 1 attack on its consulate in Syria. Nearly all of Iran’s drones and missiles were shot down by Israeli, U.S., and allied forces before reaching their targets.
To prevent further escalation of the Middle East crisis, US Secretary of State Antony Blinken called the foreign ministers of Jordan, Saudi Arabia, Turkey and Egypt on Sunday, and Defense Secretary Lloyd Austin called the foreign ministers of Saudi Arabia and Israel. A similar situation is occurring as the Middle East crisis shows signs of escalating following Iran’s attack on Israel.
Today’s stock market day trading guide
Commenting on today’s Nifty 50 outlook, Nagaraj Shetty, Senior Technical Research Analyst at HDFC Securities, said, “On the weekly chart, a small negative candlestick with an upper whisker has formed, and both the daily and weekly charts have reversed. “It shows a pattern forming.” This does not bode well for bulls. ”
Commenting on Bank Nifty’s outlook today, Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities said, “Bank Nifty index has come under heavy selling pressure and bearish momentum has returned after a long period. This indicates that the index is currently facing strong resistance. At the 49,000 level, only a definitive close above this level could revive the uptrend towards the 50,000 level, below which the highest open interest on the put side was observed reaching the 48,000 level. . This level could increase selling pressure. ”
Siddhartha Khemka, head of retail research at Motilal Oswal, said of the factors that could affect the Indian stock market today: “Uncertainty surrounding the timing of the US Federal Reserve’s interest rate cuts and the “Concerns about escalating tensions between Israel led to a decline in global markets.” Rising bond yields due to higher-than-expected inflation in the US and amendments to the India-Mauritius tax treaty that are likely to impact FII flows, given global concerns and the onset of the financial crisis The situation is expected to remain unstable. With elections starting next week, markets on Monday will be focused on India’s inflation statistics and TCS Q4 figures to be released today. ”
Buy and sell stock ideas with experts
Stock market experts on what stocks to buy today – Sumeet Bagadia, Executive Director, Choice Broking. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. And Virat Jagad, his technical analyst at Bonanza Portfolio, recommended his 7 stocks to buy or sell today.
Sumeet Bagadia’s recommended stocks
1]IRCTC: buy at INR1057.65, target INR1103, stop loss INR1030.
The stock price of IRCTC is currently INR1057.65. After a period of small declines and flat consolidation, the stock price recently broke through the neckline level. INR1045 and is rapidly gaining upside with significant volume.Further increases are expected, potentially INR1103 level. On the downside, it is clear that there is considerable support nearby. INR1030.
2]Aegis Logistics: buy at INR480.25, target INR502, stop loss INR464.
Aegis Logistics stock has recently shown a strong breakout from a key resistance zone. INRFrom 455 INROn the daily chart, it hit $472, consolidating the move with highs and lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.
Stocks Shiju Koothupalakkal should buy today
3]Nahar Industries: buy at INR128.55, target INR140, stop loss INR125.
After a smooth recovery, the stock price became solid and rose again, surpassing the significant level of the 50 EMA. INR128 to improve the bias. The RSI is rising and improving, showing strength to continue rising. I recommend buying stocks with as your first goal. INRKeep stop loss at 140 level INR125 levels.
4]Westlife Food World: buy at INR826, target INR862, stop loss INR810.
The stock has witnessed a decent decline to improve the bias and has recently been hovering above the 50 EMA level and 100 period MA. INRThis trend became even stronger at the 815 level. The RSI is doing well and trending upwards, with improvements showing strength and further gains expected. I recommend buying stocks with as your first goal. INRMaintain stop loss at 862 level INR810 level.
5]Chalet Hotel: buy at INR875.75, target INR912, stop loss INR858.
The stock is showing a downside formation on the daily chart and is receiving support nearby. INRReaching the 845 zone and witnessing a pullback has improved our bias to expect further upside in the coming sessions. The RSI also indicates that a trend reversal is a buy signal and there is potential for further upside to continue the positive movement. I recommend buying stocks with as your first goal. INRMaintain stop loss at 912 INR858.
Buying and selling shares of Virat Jagad
6]Concord Biotech: buy at INRfrom 1560 INR1565, goal INR1680, stop loss INR1500.
On the daily chart, Concord Biotech Inc. has broken out of the rectangular pattern, suggesting that the stock price may be heading higher. Trading volume increased significantly after the breakout, indicating that more people are interested in buying the stock. To attract more buyers, the price needs to rise above the 1550 level. Additionally, the Relative Strength Index (RSI) has also broken out, which usually means the stock is likely to continue rising. The moving averages (21-day and 34-day) confirm this positive trend, with the faster outweighing the slower. The directional indicator (DI) also shows a positive trend, with DI+ being higher than DI-. ADX (Average Directionality Index) higher than both DIs indicates a strong uptrend.
7] hindustan aeronautics Ltd or HAL: buy at INRFrom 12850 INR12875, target INR13500, stop loss INR12550.
HAL stock has been showing a flag-and-pole pattern on the daily chart recently, which usually indicates a continuous trend. In this case, the pattern indicates bullish sentiment with eager buyers expecting the stock price to rise. The stock is currently well above its EMA, reflecting a positive trend. The slow EMA (50) coincides with the uptrend and strengthens the positivity. Additionally, DMI+ is above DMI-, confirming a positive trend, while ADX is above DMI-, highlighting the continued strength of the uptrend. This suggests that Hindustan Aeronautics’ outlook is positive.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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