Stock market today: Despite positive cues from global markets, Indian stock markets ended lower on Monday after a very volatile trade. The Nifty 50 index fell 33 points to end at 22,442, while the BSE Sensex edged up slightly to end at 73,895. Banknift index fell 28 points to close at 48,895. However, the broad market index fell more than the frontline index, even though the advance/decrease ratio sharply fell to 0.45:1.
Tuesday trading settings
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Nifty’s short-term trend remains negative as long as the support of 22300 remains and the market may move higher. Movement is possible.” “Support could lead to further weakness in the short term.”
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today – May 7
Commenting on the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities said, “Bank Nifty index will trade sideways and bulls should protect the support zone around 49000-48900. The immediate resistance will be noted at the following points. “A break above 49300 and a decisive break could trigger a short-covering move towards 49500. Conversely, a significant break above the 48900 mark would trigger further selling pressure towards 48400 where the 20DMA is located. there is a possibility”
Vaishali Parekh, Vice President, Technical Research, Prabhudas Lilladher believes that the immediate support for Sensex/Nifty today lies at 73400/22300 and resistance lies at 74300/22600. His daily range for Bank Nifty will be 48,400-49,400 levels.
Buy and sell stock ideas with experts
When asked what stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, Ganesh Dongre, Senior Manager, Technical Research, and Anand Rati, Bonanza Portfolio Technical research analyst Durmil Visrani recommends four stocks to buy or sell. on tuesday.
Sumeet Bagadia Stocks to Buy Today
1]Balkrishna Industries: buy at INR2465, target INR2610, stop loss INR2398.
Balkrishna Industries stock is currently valued at: INR2465. The recent formation of a cup-and-handle pattern on the daily chart, combined with solid trading volume, indicates a strong upward trajectory for the stock. The Relative Strength Index (RSI) is currently at 63.4 and trending upwards, suggesting significant buying momentum. The RSI and Stochastic RSI are in overbought territory, indicating that position traders may consider holding their positions and implementing trailing stop losses.
2]Brigade Enterprise: buy at INR1110, target INR1166, stop loss INR1077.
Brigade Enterprises stock is currently INR1110.05. After a slight decline and some flat consolidation, the stock price recently broke through the neckline level. INR1,077 and is rising rapidly with significant volume.Further increases are expected, potentially INR1166 levels. On the downside, it’s clear that we’re seeing quite a bit of support at about the point. INR1077.
Additionally, Brigade Enterprises stock is trading above key exponential moving averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests strong bullish momentum and indicates that price growth is likely to continue. The relative strength index (RSI) is 69.92, indicating an upward trajectory, confirming that buying momentum is increasing.
Ganesh Dongre’s Stock of the Day
3]Coal India: Purchase at CMP, target INR490, stop loss INR430.
Coal India stock became the base for the time being. INR430, we may reach it soon. INRFrom 485 INR490.
Buying and selling shares of Drumil Vithlani
4]Food of Delight: buy at INRFrom 473 INR474, target INR485, stop loss INR467.
The Jubilant Food share is expected to break out of a rectangle pattern and create a bullish candlestick on the daily time frame. Therefore, purchase recommendations will be initiated for the following targets: INR485. A buy decline can be initiated in the following range. INRFrom 472 INR473 below stop loss INR466 on a daily closing price basis.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or brokerages and not of Mint. Because market conditions can change rapidly and individual circumstances may vary, investors are strongly encouraged to consult a certified professional before making any investment decisions.
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