Stock Market Today: Buoyed by dovish comments from the Reserve Bank of India and an increase in FY25 GDP growth estimates, Indian equity markets closed higher for the third consecutive trading day last Friday. The Nifty 50 index rose 468 points to end at 23,290, while the BSE Sensex surged 1,618 points to close at 76,693. The Bank Nifty index rose 511 points to end at 49,803. However, the India VIX index rose 0.49 per cent to end at 16.88. The smallcap index led the broader market by 2.18 per cent, while the midcap index ended up 1.28 per cent higher.
Attention on Modi Cabinet in 2024
Commenting on the impact of Modi 3.0 on the Indian stock market, Avinash Gorakshkar, head of research at Profit Mart Securities, said, “The Modi 3.0 government was inaugurated following the swearing-in ceremony of the Modi Cabinet on Sunday night. The swearing-in ceremony indicates that the government will continue to remain under the BJP’s stronghold and is expected to be viewed positively by the Indian stock market, which may lead to a greater positive bias in Monday’s trading.”
Read also: Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today — June 10
Trade Setups for Monday
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term trend for Nifty remains positive. With overhead resistance at 23,300-23,400 levels being reached, there is a possibility of a modest market dip from the highs in the near term which could act as a buying opportunity. The immediate support for Nifty today lies at 22,900 levels.”
Read also: Kronox Lab Sciences IPO listing date is today; GMP, experts suggest strong debut
Commenting on the outlook for Bank Nifty today, Rupak De, Senior Technical Analyst, LKP Securities said, “Bank Nifty showed bullish momentum and gained support near the 10-day moving average and formed a bullish engulfing candle on the daily chart. It closed close to the resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500 with 49,200 acting as a critical support. This setup suggests the possibility of further upside if the resistance is breached.”
Commenting on the outlook for Indian equity markets today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “Global signals were positive with the European Central Bank announcing a 25 basis points interest rate cut for the first time in almost five years, faster than the US and UK central banks. Now, based on recent macro data, hopes have been rekindled that the US Federal Reserve may cut interest rates at its September meeting. Next week will be the focus on allocation of key cabinet portfolios such as finance, defence, roads, energy, commerce and railways. Markets will remain volatile on the upside.”
Expert stock buying and selling ideas
Speaking of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, have recommended five stocks to buy or sell on Monday.
Sumeet Bagadia’s Stocks to Buy Today
1]TVS Motor: purchase ₹2407.65, target ₹2525, Stop Loss ₹2323.
Daily chart analysis of TCS Motor reveals a notable change in market trend – from a period of minor declines and sideways consolidation to a promising uptrend. The breakout has been accompanied by a consolidation of the upward movement marked by a bullish pattern on the weekly chart. A notable surge in trading volumes further confirms the strong bullish sentiment.
2]Torrent: purchase ₹4964.60, target ₹5200, Stop Loss ₹4800.
Torrent shares are showing strong bullish momentum and are currently trading at all-time highs. ₹5010.40. The recent breakout above key resistance ₹The 4777 level is a significant technical development supported by solid trading volumes, strengthening the stock’s strength. The breakout suggests that the uptrend may continue, providing an optimistic outlook for investors.
How to buy or sell Ganesh Dongre shares
3]Equitas Small Finance Bank: purchase ₹97.25, target ₹105.30, Stop Loss ₹93.
Banking stocks look strong on chart patterns and may see a rise in the near future.
4]Buckwheat: purchase ₹2086, the goal ₹2255, Stop Loss ₹1985.
Real estate stocks are about ₹Since 1985, the stock has been showing strong positive movement after building a base at this level. In this bullish trend, the stock ₹Range of 2255.
5]LT Foods: purchase ₹244.65, target ₹270, Stop Loss ₹235.
LT Foods shares have seen strong positive movement after creating a base at around US$10 million. ₹235. In chart patterns, stock prices ₹270 and is likely to test this range in the short term.
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not that of Mint. You are advised to check with a qualified professional before making any investment decisions.
3.6 Million Indians visited us in a single day and chose us as their platform for Indian General Election Results. Check out the latest updates here!
