Stock Market Today: Following the global bearish market, Indian stock markets closed lower for the third consecutive trading day. The Nifty 50 index, which tracks the performance of India’s 50 largest and most liquid companies, fell 44 points to end at 22,888. Meanwhile, the BSE Sensex, the benchmark index of the Bombay Stock Exchange, lost 220 points to end at 75,170. The Bank Nifty index, which tracks the performance of the banking sector, fell 139 points to end at 49,142. Spot market volumes on the NSE, the National Stock Exchange of India, fell about 16 percent compared to the previous day. Broader market indices fell more than the Nifty, with the gain-to-loss ratio, which measures the number of rising and falling stocks, plummeting to 0.4-to-1, indicating bearish market sentiment.
Wednesday Trade Setups
Offering his expert analysis on the Nifty 50 index, Osho Krishan, veteran senior analyst, technical and derivatives research at AngelOne, said, “From a technical perspective, there have been subtle changes in the price chart of Nifty, but the recent small candlestick formation clearly indicates exhaustion of bullish strength and may trigger a price correction after the upside. In terms of levels, 22800-22700 could be considered as immediate support. On the flip side, 23000 will be a major hurdle followed by the lifetime high zone around 23100.”
Read also: Buy or Sell: Vaishali Parekh Recommends 3 Stocks to Buy Today — May 29
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, Samco Securities said, “Bank Nifty halted its upward momentum and closed at 49,142.15, down 0.28 per cent. The appearance of a shooting star on the previous day’s trading daily chart suggests higher levels of resistance. A drop below the immediate support level of 49,100 could push the index towards 48,800. To resume its uptrend, Bank Nifty has to decisively surpass the 49,400 level.”
Asked about the outlook for the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “We expect Nifty to maintain a flat to slightly positive trend, supported by reduced FII selling, expectations of above normal monsoon and final phase of Q4 earnings. These factors could open up profit-making opportunities for investors.”
Rahul Ghose, CEO, Hedged In, expects further volatility on Dalal Street and said, “India VIX, after making an intraday low at 22.03, is likely to gradually rise to test the high of 24.48 and close near the high, exerting upward pressure on Nifty, which traded below the opening range of 22957-22992 for most of the day. Bearish OI accumulation of 23000 calls indicates that 23000 will be a hurdle for Nifty to cross in the final expiry week of the May series.”
Expert stock buying and selling ideas
For those seeking stock recommendations, market experts Sumeet Bagadia, Executive Director, Choice Broking and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi have carefully selected five stocks that are potential buying and selling opportunities to ensure a comprehensive and well-informed approach.
Sumeet Bagadia’s Stocks to Buy Today
1]Hero MotoCorp: purchase ₹5185, Target ₹5525, Stop Loss ₹5020.
Hero MotoCorp share price now ₹5185. Recently, ₹From 4965 ₹It has reached the 5200 level, showing signs of a bullish trend, indicating a possible bullish breakout and strong trading volume. However, it is important to note that there are risks involved with this trade, including a possible drop in the stock price if the bullish trend reverses. ₹5100 level.”
2] Muthoot Finance: purchase ₹1745.40, target ₹1850, Stop Loss ₹1685.
Muthoot Finance stock price now ₹1745.4. After a small decline and sideways correction, the stock price recently broke through the neckline level. ₹It is rising sharply at 1720 and is rising with a lot of volume. It may rise further, ₹1850 level. On the downside, significant support is evident. ₹1685.
How to buy or sell Ganesh Dongre shares
3]HDFC Life: purchase ₹578 – Target ₹600, Stop Loss ₹560.
This stock has received a lot of support. ₹560. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 578 price level is likely to continue rising to the next resistance level. ₹600. Traders can buy this stock with a stop loss and hold it. ₹Target price is 560 ₹In the near future it will be 600.
4]HCL Technologies: purchase ₹1358, Target ₹1420, Stop Loss ₹1320.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹1420. This means that the stock price may fall before rising. Therefore, holding the support level is ₹1320, this stock could bounce back ₹In the short term, 1420. Therefore, traders should place their stop losses at ₹Target price: 1320 ₹1420. It is important to note that stock prices may be affected by current market trends, including changes in investor sentiment and economic conditions.”
5]Kotak Mahindra Bank: purchase ₹1698, Target ₹1740, Stop Loss ₹1665.
This stock has received a lot of support. ₹1665. Therefore, at this time, the stock is once again experiencing reversal price formation. ₹The 1698 price level is likely to continue rising to the next resistance level. ₹1740. This means the stock price is likely to rise due to strong performance. Hence, traders can buy and hold this stock with a stop loss. ₹Target price is 1665 ₹In the short term, it could reach $1,740. It is important to note that the stock price may be affected by the company’s financial performance, including quarterly earnings and revenue growth.”
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not that of Mint. We recommend that you check with a qualified professional before making any investment decisions.
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