Stock market today: Indian stock markets remained flat through Wednesday’s trade despite strong global sentiment on rising expectations for a rate cut in the UK. The Nifty 50 index ended flat at 22,302, the BSE Sensex fell 45 points to end at 73,466, while the Bank Nifty index corrected 264 points to end at 48,021 mark. India VIX index rose to his 52-week high of 18.32 and ended at 17.08. However, the overall market saw buying interest from Dalal Street bulls. The BSE Small Cap Index ended 0.50% higher, while the Midcap Index rose to 0.78%. The price-to-price ratio rose to 1.36:1.
Thursday trading settings
Commenting on the outlook for Nifty today, Ganesh Dongre, Senior Manager, Technical Research, Anand Rati, said, “On the Nifty front, the 50-stock index closed near support levels in the 22100-22200 zone. I hope we can maintain this support.” Following Wednesday’s chart pattern, the next resistance level for the Nifty 50 index is at his 22500-22600 level, indicating that the Nifty is in an uptrend throughout the day. After this, the index ended in negative territory, so we may see some short covering in future trading. His next Nifty support is 22100-22200 level. ”
“On the Bank Nifty front, we saw profit taking today. Resistance in Bank Nifty is at 49,000 and support is at 47,500 level,” added expert Anand Rati.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today – May 9th
Commenting on the outlook for the India VIX index today, Sumeet Bagadia, Executive Director, Choice Broking said, “The India VIX index has strong foundations around the 17 mark.Below this, the volatility index will be at the 14-12 mark. There is a possibility that it may come into contact with.” However, the index faces a hurdle of 19, and if this resistance is broken, it could reach the 22 level in a very short period of time.
Buy and sell stock ideas with experts
On stocks to buy today, both experts recommended five stocks to buy or sell today: SBI, ABB India, BEL and Dr Lal Pathlabs.
Sumeet Bagadia Stocks to Buy Today
1]ABB India: buy at INR7186.75, target INR7666, stop loss INR6955.
ABB India stock has shown solid bullish momentum and is currently trading at an all-time high. INR7218. The recent breakout has risen above key resistance. INRThe 6800 level is a significant technical development supported by solid trading volumes, reinforcing the stock’s strength. This jump suggests the uptrend could continue, giving investors optimism.
2]SBI: buy at INR811, target INR850, stop loss INR792.
SBI stock price is currently at a critical juncture in its trading trend. The stock stands resiliently due to its strong support base. INR792 level, close to the 20-day exponential moving average (EMA).Trading at approx. INRSBI stock price is showing strength at 810.80 level by remaining above the major moving averages.
Buying and Selling Ganesh Dongre Stocks
3]Dr. Lal Passlove: buy at INR2325, target INR2450, stop loss INR2250.
Dr Lal Pathlabs stock is exhibiting a bullish reversal pattern and could technically fall. INR2450. Therefore, if we maintain the support level, INR2250, Dr Lal Pathlabs stock price could rebound towards INR2450 in the short term. Therefore, traders can follow stop losses. INRTarget price is 2250 INR2450.
4]Bell: buy at INR230, target INR240, stop loss INR220.
BEL stock price sees strong support INR225. Therefore, at the current moment, the BEL stock price is once again showing reversal price action and the formation of a bullish candlestick pattern. INRThe 230 price level is likely to continue rising to the next resistance level. INR240. Therefore, a trader can buy and hold this stock with a stop loss. INR220 for target price INR240 in the short term.
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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