Stock Market Today: Indian equity markets ended higher on Tuesday, led by gains in banking stocks. The Nifty 50 index hit its 34th all-time high in 2024 before closing at 23,721. The BSE Sensex surged 712 points to end at 78,053, while the Bank Nifty index surged 902 points to close at 52,606. Cash market trading volumes on the NSE rose around 3 per cent to 46,331. ₹1.25 lakh crores. The advance/loss ratio declined to 0.80:1 while broader market indices ended slightly negative.
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. The market is showing early signs of an upside breakout in the near term. The next upside level to watch is around 24000. Immediate support is at 23550.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty hit an all-time high of 52,746.50 and closed at 52,606 with an impressive gain of 1.74%. The gain confirms the breakout from the megaphone pattern on the daily time frame. The opening and low were almost identical, indicating strong buying interest from the get-go. The primary trend remains solidly upwards and any pullback towards the 52,400-52,500 range would be a buying opportunity. The daily Relative Strength Index (RSI) is firm at 70.”
Focus on the 2024 budget
Pointing out signs that the market is looking forward to Union Budget 2024, Siddhartha Khemka, head of retail research at Motilal Oswal said, “In the upcoming budget, the focus will remain on fiscal consolidation and growth-oriented measures to address rural stresses. Hence, we expect the market to maintain positive momentum as the budget announcement nears. Globally, investors will be tracking the US consumer confidence data released yesterday.”
Expert stock buying and selling ideas
On 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 short selling stocks to buy – Axis Bank, GRSE, IndiGo, Havells India and DLF.
Sumeet Bagadia’s Stocks to Buy Today
1]Axis Bank: purchase ₹1272.75, target ₹1345, Stop Loss ₹1225.
Axis Bank stock is exhibiting strong bullish momentum and is currently trading at its all-time high. ₹1278.75. The recent breakout above key resistance ₹The 1245 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]GRSE: purchase ₹1946, Goal ₹2050, Stop Loss ₹1875.
GRSE has recently shown a strong breakout from the key resistance zone of 1650-1888 on the daily chart and is consolidating its move with higher highs and lower lows. The breakout has been supported by a notable increase in trading volumes, indicating strong bullish sentiment.
How to buy or sell Ganesh Dongre shares
3]Indigo: purchase ₹4230, Target ₹4330, Stop Loss ₹4180.
in ₹At 4230, the stock hit a major support level and reached a key milestone in recent trading. ₹At 4,230, the stock is showing a clear 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 cautious stop loss. ₹4180. The expected target for this transaction is ₹4330 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]Havells India: purchase ₹Target, 1915 ₹1960, Stop Loss ₹1880.
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. ₹As of 1960, stock prices are holding key support levels. ₹1880.
In this scenario, the stock price ₹In the near future, it will reach the 1960 level. Traders may want to consider taking long positions with strategic stop losses. ₹In 1880, to effectively manage risk. The target price for this trade is ₹In 1960, it reflected an expected upward movement based on identified technical signals.
5]DLF: purchase ₹827, Target ₹845, Stop Loss ₹810.
The stock has consistently found strong support near Rs 810, which is encouraging for its current trajectory. It has recently shown a promising reversal pattern near Rs 827, suggesting further upside potential. The stock may continue its rise towards the next resistance level of Rs 845. Traders may consider buying and holding the stock with a cautious stop loss at Rs 810 to mitigate risk. The target price for this trade is Rs 845 and is expected to play out in the near term.
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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