Wednesday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Nifty today is positioned at the hurdle of 23,400-23,500 levels, which is weighing heavily on the market’s ability to sustain new all-time highs. Hence, there are chances of the market moving lower. The immediate support for the Nifty 50 index is at 23,050 levels.”
Read also: Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today — June 12
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty closed 0.15% down at 49,705.75, forming a small bodied bearish candle. Though the index failed to breach the 50,000 levels, it is above the short term moving averages. If the index dips below 49,600, it may prove slightly weak as it will test 49,300-49,100 levels. However, the primary trend remains strong as long as 49,000 levels hold. Bank Nifty may continue consolidating for a few more days.”
Triggers from global markets
Talking about global factors that could shape the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “Globally, investors are cautiously waiting for the US CPI data and US Fed policy outcome due to be released today. The Fed’s comments could give direction to the market. For now, investors are pricing in one rate cut towards the end of the year, so any deviation from that could move the market either side.”
Expert stock buying and selling ideas
On which 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.
Sumeet Bagadia’s Stocks to Buy Today
1]Polycab India: purchase ₹6998, Target ₹7540, Stop Loss ₹6730.
The current trading price of Polycab is ₹6997.90. The stock has been poised to break out of the range recently on the daily chart, with a significant increase in trading volume suggesting a potential breakout. If the price could close above the range, ₹Once it reaches the 7000 level, the short-term goal ₹7540. Meanwhile, the immediate support level is ₹6900. These levels can be viewed as an opportunity to buy low.
2]Whirlpools: purchase ₹1741.25, target ₹1830, Stop Loss ₹1680.
WHIRLPOOL’s daily chart analysis suggests a favorable outlook for the coming week, suggesting a steady uptrend. Notably, the stock is experiencing a notable rising high and low pattern on a weekly basis, and the company’s recent uptrend has effectively broken through the neckline and established a new weekly high. This breakout indicates the stock’s price may continue to rise significantly.
How to buy or sell Ganesh Dongre shares
3]ICICI Bank: purchase ₹1118, Target ₹1160, Stop Loss ₹1100.
This strain is approximately ₹1100. So, at this time, the stock is again experiencing reversal price formation. ₹The 1,100 price level is likely to continue rising to the next resistance level. ₹1160. Traders can buy and hold this stock with a stop loss. ₹Target price is 1100 ₹In the short term, 1160.
4]Burger Paint: purchase ₹494, Target ₹520, Stop Loss ₹480.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹If the 520 support level holds, ₹480, this stock could rebound ₹In the short term, it is 520. Therefore, traders should place their stop losses at ₹Target price is 480 ₹520.
5]Tata Motors: purchase ₹986 – Target ₹1020, Stop Loss ₹955.
This stock has received a lot of support. ₹986. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 986 price level can continue to rise to the next resistance level. ₹1020. Traders can buy and hold this stock with a stop loss. ₹Target price is 955 ₹1020 in the near future.
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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Published date: June 12, 2024, 7:27 AM
