Stock Market Today: Despite mixed performance in global markets, Indian equity markets halted a two-day decline and ended higher on Wednesday. The Nifty 50 index rose 58 points to end at 23,322 while the BSE Sensex gained 149 points to close at 76,606. The Bank Nifty index rose 189 points to close at 49,895. Among the major indices, the Nifty 50 index touched a record high of 23,441. Cash market trading volumes on the NSE declined marginally. ₹1.20 lakh crores.The broader market index rose by over 1% even as the advance/loss ratio rose to 2.05:1.
Thursday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The overhead resistance of the key Fibonacci extension, the June 4 upside gap open and the upward sloping resistance line are holding near the 23400-23500 levels. Unless this hurdle is breached decisively to the upside, a downside correction cannot be ruled out. Immediate support is at 23200 levels and a break below this area may trigger a sharp sell-off in the market.”
Read also: Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today — June 13
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, Samco Securities said, “Bank Nifty continued to trade within the sideways range with a positive bias and closed at 49,895.10, up 0.38%. It is trading above its short-term moving averages. In the last three sessions, Bank Nifty has formed a doji candlestick on the daily chart. This trend will become more evident if it crosses 50,300 or drops below 48,900. If these levels are not breached, the index is likely to remain within this range for the next session.”
Federal Reserve Meeting Results
Commenting on the impact of the US Fed meeting outcome, Anuj Gupta, Head of Commodities & Currencies, HDFC Securities said, “Though the Fed kept rates unchanged, the overall outlook is hawkish. The US central bank said inflation concerns remain present though there has been some easing on this front. Hence, there will be only one rate cut in 2024 which is not good news for anyone other than the bond and currency markets. The US Dollar Index may soon touch the 106-106.50 range, putting pressure on equities, commodities and other assets.”
Expert stock buying and selling ideas
Speaking of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, and Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher have recommended eight stocks to buy or sell today.
Sumeet Bagadia’s Stocks to Buy Today
1]Universal Cable: purchase ₹771, Target ₹815, Stop Loss ₹750.
Universal Cable is showing strong bullish momentum and is trading at an all-time high of 794.8. The recent breakout above a key resistance has ₹The 750 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.
2]Ultra Tech Cement: purchase ₹11045, Target ₹11600, Stop Loss ₹10665.
Daily chart analysis of UltraTech Cement suggests that the outlook for the coming week is favorable, with a steady upside expected. Notably, the stock has been experiencing a notable upward trend in high and low prices on a weekly basis, with the company’s recent uptrend having effectively broken through the neckline and established a new weekly high. This breakout indicates that the stock price may continue to see significant upside.
Ganesh Dongre stocks to buy today
3]GMM Faudle: purchase ₹1337, Target ₹1390, Stop Loss ₹1300.
This strain is approximately ₹1337. Therefore, at this time, the stock is once again experiencing reversal price formation. ₹The 1,300 price level is likely to continue rising to the next resistance level. ₹1390. Traders can buy and hold this stock with a stop loss. ₹Target price is 1300 ₹1390 in the near future.
4]Gujarat Fluorochemicals: purchase ₹3220, Target ₹3350, Stop Loss ₹3160.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹If the support level at 3350 holds, ₹3160, this stock may rebound ₹In the short term, it is 3350. Therefore, traders should place their stop losses at ₹Target price is 3160 ₹3350.
5]DLF: purchase ₹860, Target ₹890, Stop Loss ₹840.
This strain is approximately ₹840. Therefore, at this time, the stock is once again experiencing reversal price formation. ₹The 860 price level is likely to continue rising to the next resistance level. ₹890. Traders can buy this stock with a stop loss and hold it. ₹Target price: 840 ₹890 in the short term.
How to buy or sell Shiju Koothupalakkal shares?
6]Jio Financial Services: purchase ₹361 – Target ₹348, Stop Loss ₹352.
The stock is showing a bullish candle formation on the daily chart after consolidating near the 50 EMA levels. ₹351 has improved the bias and we have seen decent volume participation. The RSI is rising, indicating strength. We expect the positive movement to continue, so we will continue to target the initial upside. ₹378, hold stop loss ₹352.
7]PowerGrid Corporation: purchase ₹325, Target ₹338, Stop Loss ₹317.
The stock has seen a solid pullback and a strong bias is maintained. Currently, on the daily chart, decent trading volumes and a positive bullish candlestick formation are further strengthening the trend, likely propelling it further up in the coming sessions. As the chart pattern looks attractive, we recommend buying the stock with an initial upside target of $1,000. ₹338, hold stop loss ₹317.
8]Bank of Baroda: purchase ₹283.40, target ₹298, Stop Loss ₹277.
The stock is showing fairly bullish candlesticks on the daily chart and increasing volumes are further strengthening the bias, which is likely to drive further upside in the coming sessions. The RSI is indicating a trend reversal and there is a good chance the positive move will continue in the coming days. We suggest buying the stock as the first upside target. ₹298, hold stop loss ₹277.
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not those of Mint. We recommend that you check with a qualified professional before making any investment decisions.
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