Stock Market Today: Indian stock markets ended higher for the fourth consecutive day on Tuesday, reflecting signs of strength globally. The Nifty 50 index rose 92 points to end at 23,557, while the BSE Sensex surged 308 points to end at 77,301. The Bank Nifty index surged 438 points to end at 50,440. Cash market volumes rose another 6% to 4,131. ₹1.43 lakh crore.The small cap index, despite its advance-loss ratio declining to 1.22:1, still outperformed the frontline index which was over 1:1.
Wednesday Trade Setups
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 the move continuing within the range. Having surpassed the hurdle of 23,515, we expect Nifty to move towards the next resistance at 23,950 shortly. The immediate support for Nifty today is 23,450.”
Commenting on the outlook for Bank Nifty today, Hrishikesh Yedve, Vice President, Technical & Derivatives Research, Ashit C Mehta said, “Bank Nifty index opened positive and maintained strength throughout, closing at a bullish 50,441 level. Technically, on a daily basis, Bank Nifty has broken out of the short-term consolidation levels of 49,530-50,250 and is continuing to trade above these levels, indicating strength. Based on this breakout, the index may test the 50,800-51,000 levels. On the downside, immediate support is near the 50,000 levels.”
Asked about the outlook for the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “We expect equity market momentum to continue on the back of favourable global economic signals, robust domestic macroeconomic performance and focus on increased government spending in the upcoming budget.”
Attention on Federal Reserve rate cut
“US retail sales data released yesterday was weaker than market expectations, putting pressure on the US dollar and US Treasury yields. The weaker than expected US retail sales data has given momentum to speculations of a rate cut by the US Federal Reserve and we expect the market to react favourably to such a move,” said Avinash Gorakshkar, Head of Research at ProfitMart Securities.
Expert stock buying and selling ideas
On which stocks to buy today, stock market experts Sumeet Bagadore, Executive Director, Choice Broking, Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi and Shiju Kootupalakal, Technical Research Analyst, Prabhudas Lilladher have recommended eight buy or sell stocks.
Sumeet Bagadia’s Stocks to Buy Today
1]Emami: purchase ₹740.70, target ₹804, Stop Loss ₹710.
The current trading price of EMAMILTD is ₹740.70. The stock recently broke out of the range on the daily chart and has seen a significant increase in trading volume, indicating a possible breakout. If the price closes above the range, ₹If it is at 742 level, it is a short-term target. ₹804. Meanwhile, the immediate support level is ₹720. These levels can be viewed as buying opportunities on the dip.
2]UTI AMC: purchase ₹1044, Target ₹1100, Stop Loss ₹1005.
UTIAMC’s daily chart analysis gives a positive outlook for the coming week, pointing to a steady uptrend. Notably, the stock has seen a notable rise in highs and lows, and the company’s recent uptrend has effectively broken through the neckline and established a new weekly high. This breakout indicates the stock’s potential to continue to rise significantly.
Ganesh Dongre stocks to buy today
3]Tata Consumer: purchase ₹1126, Target ₹1160, Stop Loss ₹1105.
in ₹At 1105, the stock hit a major support level and reached a key milestone in recent trading. ₹At 1126, the stock is showing a clear price reversal, suggesting that the upward momentum may continue. Traders who do not want to miss out on this opportunity could consider buying and holding the stock with a careful stop loss. ₹1105. The expected target of this transaction is ₹1160 represents the next key resistance level. This strategy will allow traders to take advantage of any expected rally in the stock price in the near future.
4]Radico Khaitan: purchase ₹1780, Target ₹1830, Stop Loss ₹1755.
An analysis of the stock’s recent short-term trend shows a notable bullish reversal pattern emerging. This technical pattern suggests that the stock may see a temporary decline, possibly to around $100. ₹1830. Currently, the stock is holding a key support level. ₹1755.
In this scenario, the stock price ₹In the near future, it will hit the 1830 level. Traders may want to consider taking long positions with strategic stop losses. ₹1755, effectively manage risk. The target price for this trade is ₹1830 reflects the expected upside based on identified technical signals.
5]Ramkrishna Forge: purchase ₹809, Target ₹840, Stop Loss ₹785.
The stock price has consistently received strong support. ₹755, which is encouraging for its current trajectory. Lately, it has been showing promising reversal patterns, ₹It has reached 809 levels, suggesting further upside potential. The stock may continue to rise towards the next resistance level. ₹840. Traders may consider buying and holding this stock, with a conservative stop loss. ₹785 to reduce risk. The target price for this trade is ₹840, and we look forward to seeing further developments in the near future.
How to buy or sell Siju Koothupalakkar shares
6]EIH: purchase ₹449, Target ₹468, Stop Loss ₹440.
The stock is showing higher lows formation on the daily chart and has seen a move above the crucial 50 EMA level. ₹We have improved our bias at the 444 zone and expect further upside. With the RSI rising and showing strength, there is a good chance that the positive movement will continue. We suggest buying the stock at the 444 zone, which is our initial upside target. ₹468, hold stop loss ₹440.
7]Data Pattern: purchase ₹3088, Target ₹3260, Stop Loss ₹3020.
The stock has experienced a strong pullback while maintaining a strong bias. Currently, with decent trading volumes and a positive bullish candlestick formation on the daily chart, we are further inclined to expect further upside in the coming sessions. As the chart pattern looks attractive, we suggest buying the stock as an initial upside target. ₹3260, hold stop loss ₹3020.
8]Amara Raja Energy: purchase ₹1371, Target ₹1440, Stop Loss ₹1335.
The stock is showing a series of higher highs formation on the daily chart. Support has been established near the 1320 level and we are again seeing a good pullback, improving the bias and we expect it to move higher in the coming sessions. The RSI is showing a trend reversal and there is a good chance the positive move will continue in the coming sessions. Our initial upside target is $1320. ₹1440, hold stop loss ₹1335.
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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