Stock market today: Indian stock markets closed higher for the third straight day on Monday on positive global market sentiment. The Nifty 50 index hit a new high of 22,529 and the BSE Sensex hit a new lifetime high of 74,254. The Bank Nifty index rose 453 points to end at 47,578 points. However, the broader market continues to outperform the Dalal Street frontier index. The small-cap index soared nearly 3%, while the mid-cap index rose 1.64%.
“Domestic equities started the new financial year on a strong note, hitting new record highs. The momentum from the previous day continued on the back of positive economic data releases from the US and China. Nifty widened the gap and strengthened throughout the session. It maintained a rise of 135 points (+0.6%) to close at 22462 levels.The overall market outperformed significantly, with Nifty Midcap100/Nifty SMallcap100 gaining 1.7%/3.3%.Automobiles and All sectors except FMCG ended higher, with real estate and metals being the largest Indian housing demand showed solid growth in Q1 2024, with unsold inventory decreasing by 7%; This led to a rise in real estate stocks. Metal stocks also saw some buying following the release of solid PMI data from China. However, “interest in auto stocks was subdued as monthly sales numbers varied. Overall, global sentiment was buoyed by weaker-than-expected US PCE data and strong US GDP data that strengthened expectations for rate cuts,” said Siddhartha Khemka. She completed her PhD in Retail Research from Motilal Oswal.
Today’s stock market day trading guide
Commenting on the outlook for Nifty 50 today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The overall broad trend of Nifty remains positive and the market currently faces significant overhead resistance at 22500-22550 levels.” We’re trying to break through the line.” Nifty is currently sitting at an important hurdle around the 22500 level, but the overall chart pattern remains positive and we are unlikely to see a sharp decline from here. Any consolidation or pushback can be a buying opportunity. Eventually, Nifty may show a definitive value. The upside will break above the 22,500 level, and the short-term upside target will be around 22,800. For now, support is at the 22200 level. ”
Commenting on the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at Samco Securities, said, “Bank Nifty has remained flat after closing with a significant gap up, rising 454 points to 47,578. 47,500 strike saw a fierce battle with Bank Nifty,” he said. Call and put writer. The call his writer (the bears) was ultimately able to keep the put his writer (the bulls) quiet throughout his day by keeping the pressure on. The total OI of the call side at 47,500 strikes is compared to 1,57,224 contracts The number of contracts on the put side stands at 1,49,483 for him and the option activity at 47,500 strikes is the future direction of bank his Nifty It will give you hints about sex. ”
Siddhartha Khemka of Motilal Oswal commented on the factors that could affect the Indian stock market today: “All eyes are on the RBI monetary policy scheduled to be announced this Friday, and the status quo is expected to remain.” “However, the comments will be closely watched. The market is expected to continue its upward trend.” Although the momentum is positive, the path ahead could be shaky against the backdrop of the election and this month’s fourth-quarter results. ”
Buy and sell stock ideas with experts
Stock market experts on the best day trading stocks to buy today – Sumeet Bagadia, Executive Director, Choice Broking. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. Bonanza Portfolio Research Analyst Mitesh Kalwa has recommended his seven stocks to buy or sell today.
Sumeet Bagadia’s Intraday Stocks Today
1]TCS: buy at INR3916.75, target INR4150, stop loss INR3800.
TCS stock price is currently INRIt has reversed from its recent bottom at 3916.75, indicating a strong bullish trend.Possibility of breakout mentioned above INR3950 is the stock price INR4150 level. Additionally, TCS is trading above major exponential moving averages (EMAs) including 20-day, 50-day, 100-day, and 200-day EMAs. This shows a solid bullish trend and suggests that the uptrend could continue. The Relative Strength Index (RSI) is currently at 41.9 and trending upwards, indicating increasing buying momentum. Collectively refers to these technical indicators.
2]McDowell-N: buy at INR1158.30, target INR1230, stop loss INR1121.
McDowell’s stock price is currently INR1158.30 level and has recently experienced a pullback from the support level. INR1121 is also the 50-day EMA level.This rebound is due to the stock price INR1121 level and giving upward momentum.
Shiju Koothupalakkal Day Trading Stocks
3]Borosil Renewable Energy: buy at INR543.50, target INR575, stop loss INR530.
After witnessing considerable erosion from the peak zone at the 669 level, the stock consolidated near the 100 period MA. INRAt the 495 level, a positive candlestick formation is currently above the 50 EMA level. INR524 has improved its bias to expect further gains in the coming days. The RSI remains stable and shows strength, allowing for further positive movement. We recommend buying the stock at the initial target of 575 while maintaining the stop loss. INR530.
4]Paragmilk: buy at INR214.50, target INR230, stop loss INR208.
The stock witnessed a decent correction from the peak zone. INR290 level and stable near the important 200 period MA. INRSupport remains near the 198 zone INR190 levels. Currently, the bias has slightly improved above the 200 period MA due to the formation of a positive candlestick on the daily chart. INRThe RSI is also flat after the decline indicated a trend reversal suggesting buying. We recommend buying stocks for the initial upside target. INRMaintain a strict stop loss of 230 INR208 levels.
5]Amara Raja Energy: buy at INR795, target INR840, stop loss INR777.
After the slide, the stock price received support near INRA consolidation with the 750 zone was witnessed, forming a positive candlestick formation on the daily chart and moving above the important 100 period MA. INRImprove bias at 787 level. The RSI leveled off and then gave a buy signal for a further positive move. We recommend buying stocks for the initial upside target. INRMaintain stop loss at 840 INR777.
Mitesh Kalwa Stocks to Buy Today
6]Prestige: buy at INRFrom 1264 INR1367, target INR1300, stop loss INR1245.
PRESTIGE is seen breaking out of a bullish pattern on the daily time frame and forming a bullish candlestick, and a buy recommendation is initiated against the following targets: INR1300. You can start buying on a push in the range. INRFrom 1264 INR1267 below stop loss INR1245 on a daily closing price basis.
7]LT Food: buy at INRFrom 199 INR200, goal INR212, stop loss INR194.
LTFOODS is seen breaking out of the downward trendline on the daily time frame and forming a bullish candlestick, and a buy recommendation is initiated against the following targets: INR212. You can initiate a buy push in the following range. INRFrom 199 INRThere is a stop loss below 200 INR194 on a daily closing price basis.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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