Stock Market Today: Indian stock markets ended higher for the second consecutive day on the back of strong sentiment in global markets following Wall Street’s overwhelming rally. The Nifty 50 index ended marginally higher at 24,302, while the BSE Sensex rose 62 points to 80,049. The Bank Nifty index rose 14 points to 53,103. Trading volumes in the NSE cash market increased by around 2%. ₹1.38 lakh crore. The advance/loss ratio fell to 1.19:1, but the broader market index outperformed the Nifty 50 index.
Friday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said, “The overall trend of Nifty remains good on short to long time frame charts. Though Nifty has made higher highs, there is no confirmation yet of a reversal pattern forming at a new all-time high. However, since it has hit the hurdle around 24,400 levels (1.618% Fib extension), a consolidation/small dip is likely in the coming sessions. The immediate support is at 23,990 (10-day EMA).”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, Samco Securities, said, “Bank Nifty recorded a record high of 53,357.70 and closed at 53,103.70, ending almost flat. The index received support from the ascending trend line, accentuating the positive trend. As the opening price and intraday high remain the same, if Bank Nifty sinks below 52,800, there are chances of a short-term pullback and it could move towards 52,200. The daily RSI is indicating strength and is at 67 levels.”
Commenting on the outlook for the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “The release of pre-quarter business update gives confidence of a strong Q1 earnings outlook. With recent data pointing to a softening in the US economy, expectations of a rate cut have further boosted sentiment. We expect the momentum to continue and Nifty to stabilise in a broader range. Investors will be keeping an eye on the US non-farm payrolls and unemployment rate due to be released today.”
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 short selling stocks to buy – Bharat Dynamics Limited, Aurobindo Pharma Limited, Exide Industries, Bank of Baroda and HCL Technologies.
Sumeet Bagadia’s Stocks to Buy Today
1]Bharat Dynamics: purchase ₹1684, Target ₹1770, Stop Loss ₹1625.
Bharat Dynamics stock price is currently ₹1683.9. After a small decline and sideways correction, the stock price recently broke through the neckline level. ₹It has risen sharply from 1650 and is rising with a lot of volume. It is expected to rise, ₹The level of 1770. On the downside, significant support is evident. ₹1625.
2]Aurobindo Pharma: purchase ₹1254.65, target ₹1355, Stop Loss ₹1200.
Aurobindo Pharma stock price has bounced off the support range and broken through minor resistance, demonstrating resilience. ₹The 1225 level is also close to the 20-day EMA level, indicating that stock prices are showing signs of strength. ₹At the 1254.65 level, the pair is maintaining a position above several important moving averages including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, indicating bullish sentiment.
How to buy or sell Ganesh Dongress shares
3]Exide Industries: purchase ₹566 – Target ₹585, Stop Loss ₹545.
On the daily chart of this stock, ₹The 566 price level was observed, suggesting a potential uptrend. The Relative Strength Index (RSI) complementing this breakout is still trending up, indicating that buying momentum is building. Considering these technical indicators, traders can consider buying at lows and entering the stock at lower prices. To manage risk, ₹The recommended target price for this strategy is 545. ₹585 in the coming weeks, suggesting profits could be made as the stock continues its upward trajectory.
4]Bank of Baroda: purchase ₹270, Target ₹282, Stop Loss ₹264.
On the daily chart, the stock is exhibiting a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, which strongly suggests a possible upside. This technical pattern is considered bullish and suggests that the stock price may move higher. Given this setup, traders may consider buying this stock and place a stop loss on it. ₹264 for risk management purposes. The target price for this trade is ₹At 282, an opportunity to make profits arises as the stock continues to show bullish movement.
5]HCL Technologies: purchase ₹1520, Target ₹1570, Stop Loss ₹1470.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹If the support level at 1570 holds, ₹1470, this stock could rebound ₹In the short term, 1570. Therefore, traders should place their stop losses at ₹Target price: 1470 ₹1570.
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.
