Stock Market Today: In Wednesday’s trading session, domestic benchmark indices Nifty 50 and Sensex hit fresh all-time highs of 23,664 and 77,851.63, respectively, but the Nifty 50 could not sustain the gains and ended lower as profit booking began at higher levels.
Broader markets also underperformed benchmarks with the Nifty Midcap 50 index down 0.95 per cent and the Nifty Smallcap index down 0.46 per cent.
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However, according to market analysts, the key positive was that short covering and value buying led to Bank Nifty rising, completely outperforming the benchmark Nifty 50 and more importantly, hitting a new all-time high of 5,1957.
According to Vinod Nair, head of research at Geojit Financial Services, the domestic market got off to a strong start due to earlier and more accurate monsoon forecasts. However, the slow pace of the monsoon has given the market a lull. Meanwhile, the banking sector, although struggling since the start of the year, has remained buoyant thanks to a pick-up in foreign institutional investor (FII) inflows amid continued decline in US 10-year Treasury yields.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — June 20
Thursday Trade Setups
Despite Wednesday’s profit-taking, trading themes revolved around the market increasing its bet that a soft landing is underway in the U.S., according to Prashant Tapse, research analyst and senior vice president of research at Mehta Equities.
The immediate target for Nifty 50 is seen at the psychological 23,750 level, followed by an aggressive target set at 24,000 level. The limit line is 23,350 level, which is make-or-break support for Nifty 50. The 200-DMA for Nifty 50 is set at 21,287 level, Tapse explained.
Also read: Nifty 50, Sensex today: What to expect from Indian stock market in June 20 trade
Expert stock buying and selling ideas
Stock market experts Sumeet Bagadia, Executive Director, Choice Broking and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, have advised five buy or sell stocks for today.
Sumeet Bagadia’s Stocks to Buy Today
Buy State Bank of India (SBI) with cash ₹852.60; Stop Loss ₹828; target price is ₹905
State Bank of India is currently at a critical juncture in its trading movement. The stock is holding firm due to a strong support base at 828 levels, close to the 20-day Exponential Moving Average (EMA). Trading at around 852.60 levels, SBIN is showing strength by sustaining levels above its key moving averages.
The chart shows a minor resistance barrier at the 860 level, which is the threshold the stock needs to cross in order to continue on its upward trajectory. If this resistance can be broken, SBI could rise to the target price of 905 or even higher. The Relative Strength Index (RSI) is holding steady at 57.18, further supporting the stock’s strength.
Investors and traders should closely monitor SBI’s performance around the above levels as a breakout from resistance would signal a bullish phase and present a potential opportunity for those looking to buy the stock higher.
Based on the above technical analysis, we recommend buying SBI with CMP. ₹852.60 Stop Loss ₹Target price is 828 ₹905.
Buy Infosys with cash ₹1,511.35; Stop Loss ₹1,475; target price is ₹1,590
Infosys, current trading volume is ₹1,511.35 was recently broken above ₹A bullish candle was formed on the daily chart at 1,505. The immediate support is ₹The 1,475 level is also close to the short-term (20-day) and medium-term (50-day 0EMA level) and the current price is showing strong bullish momentum. ₹Level 1,590.
Additionally, Infosys is trading above major Exponential Moving Averages (EMAs), including the 20-day and 50-day EMAs, indicating strong bullish momentum and suggesting the possibility of further price appreciation. The Relative Strength Index (RSI) is currently at 60.22 and is trending up, indicating increasing buying momentum. Collectively, these technical indicators suggest that Infosys has the potential to reach its target price. ₹In the short term, 1,590.
To effectively manage your risk, we recommend setting a stop loss. ₹To protect your investment in case of unexpected market fluctuations, buying at the 1,475 level would be a smart strategy. ₹1,505.
Overall, considering the technical analysis and current market conditions, Infosys is ₹With prudent risk management measures in place, the target price would be 1,590.
Also Read: Stock market today: Nifty 50 snaps five-day winning streak on profit booking at high levels
Ganesh Dongre stocks to buy today
Kotak Mahindra Bank ₹1,744; Stop Loss ₹1,720; Target price 1,790
in ₹At 1,720, the stock hit a major support level and reached a key milestone in recent trading. ₹At 1,744, the stock is showing a clear reversal, suggesting 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 in place. ₹1,720. The expected target for this transaction is ₹1,790 represents the next key resistance level. This strategy could put traders in a good position to profit from the expected rise in stock prices over the coming weeks.
Buy Adani Ports Special Economic Zone Ltd at ₹1,450; Stop Loss ₹1,420, target price ₹1,490
A recent short-term trend analysis of the stock price has revealed a notable bullish reversal pattern. This technical pattern indicates that the stock price will temporarily decline and then rise again, possibly by about 1.5%. ₹1,490. Currently, the stock is holding a key support level. ₹1,420.
In this scenario, the stock price ₹The price will hit the 1,490 level in the near future. Traders may want to consider taking long positions with a strategic stop loss at 1,490. ₹1,420 to effectively manage risk. The target price for this trade is ₹1,490, reflecting an expected upside based on identified technical signals.
Also Read: Stocks to buy: From NOCIL to Axis Bank – ICICI Direct suggests 5 stocks that are likely to rise up to 8%
Buy Carborundum Universal Ltd ₹1,825; Stop Loss ₹1,800; Target price ₹1,855
The stock has consistently received strong support. ₹The $1,800 mark is encouraging for the current trajectory, as it has recently shown promising reversal patterns around the $1,800 mark. ₹The 1,825 level is signaling further upside potential. The stock may continue to rise towards the next resistance level. ₹1,855. Traders should consider buying and holding this stock with conservative stop losses in place. ₹1,800 to reduce risk. The target price for this trade is ₹1,855, and is expected to be rolled out over the coming weeks.
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 certified professional before making any investment decisions.
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