Stock Market Today: After a sell-off on Tuesday, Indian stock markets recovered for a second straight day on Thursday. The Nifty 50 index rose 201 points to close at 22,821, while the BSE Sensex surged 692 points to close at 75,074. The Bank Nifty index rose 237 points to close at 49,291. The gain-loss ratio rose to 6.29:1, but the broader market index outperformed India’s major indexes.
Friday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities, said, “The short-term trend of the Nifty 50 index remains positive amidst high volatility. Having recently crossed the hurdle of 22,250 levels (midpoint of Tuesday’s long bear candlestick), Nifty may move towards the next upper hurdle of 23,200 (upper limit of long bear candlestick) in the near term. The immediate support for Nifty today lies at 22,640 levels.”
Read also: Buy or Sell: Vaishali Parekh Recommends 3 Stocks to Buy Today — June 7
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty closed at 49,291.90, up 0.48%. It is now above its 20-day and 50-day moving averages. The index closed above the 61.8% Fib retracement, which remains at 49,180, giving it a solid base. The immediate resistance is at 49,700, above which the index can take towards 50,200-50,350 levels. The Relative Strength Index (RSI) on the daily chart is yet to indicate a positive crossover, but once this occurs, we expect the bullish momentum to continue for further gains.”
Asked about the reasons for the rise in stocks on Dalal Street, Siddhartha Khemka, head of retail research at Motilal Oswal said, “Investors heaved a sigh of relief as confidence was boosted after two key allies expressed their support for forming a new government with the Bharatiya Janata Party. Global factors also contributed to today’s rise in stocks as the US Federal Reserve’s September meeting rekindled the possibility of a rate cut following a weaker than expected employment data. All eyes will be on the formation of the government this weekend and the RBI’s policy outcome and comments 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 stocks to buy or sell.
Sumeet Bagadia’s Bagadia Stocks to Buy Today
1]VA Techwa Bag: purchase ₹1078, Target ₹1150, Stop Loss ₹1035.
VA Tech Wabags is exhibiting strong bullish momentum and is trading at an all-time high. ₹1087. The recent breakout above a key resistance ₹The 1040 level is a significant technical development supported by robust trading volumes, strengthening the stock’s strength. The breakout suggests that the uptrend may continue, providing an optimistic outlook for investors.
2]Infosys: purchase ₹1472.25, target ₹1545, Stop Loss ₹1435.
Infosys shares currently trading ₹1472.25 was recently broken above ₹A strong bullish candle formed on the daily chart at 1454. The immediate support is ₹The 1435 level is also close to the short-term (20-day) EMA level and the current price is showing strong bullish momentum. ₹Level 1545.
Ganesh Dongre’s trading of Dongre shares
3]SBI: purchase ₹818, Target ₹850, Stop Loss ₹800.
This stock contains approximately ₹800. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 818 price level can continue to rise to the next resistance level. ₹850. Traders can buy and hold this stock with a stop loss. ₹Target price is 800 ₹850 in the near future.
4]Bell: purchase ₹277, Target ₹295, Stop Loss ₹265.
In the short-term trend, the stock is showing a bullish reversal pattern and technically, ₹295. Therefore, if the support level holds, ₹1355, the stock may rebound towards the level ₹295 in the short term. Therefore, traders should place their stop losses at ₹Target price is 265 ₹295.
5]Bandhan Bank: purchase ₹191, Target ₹200, Stop Loss ₹185.
This stock has received a lot of support. ₹185. Therefore, at this time, the stock price is once again experiencing reversal price formation. ₹The 191 price level is likely to continue rising to the next resistance level. ₹191. A trader can buy this stock with a stop loss and hold it. ₹Target price is 185 ₹200 in the near future.
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not that of Mint. You are advised to check with a qualified professional before making any investment decisions.
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