Stock market today: Friday’s profit booking ended the Indian stock market’s five-day winning streak in the previous session. The Nifty 50 index fell by 150 points to end at 22,419 levels, the BSE Sensex index fell by 609 points to end at 73,730 levels, while the Bank Nifty index corrected by 293 points to end at 48,201 levels. However, despite his solid 1.06:1 ratio, the overall market continued to rise northward. The small-cap index rose by 0.27%, and the mid-cap index rose by 0.83%.
Monday trading setup
Commenting on the outlook for Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan, BNP Paribas, said, “Nifty faced selling pressure throughout the day and ended the day weakly, down ~120 points. On the chart, Nifty is facing selling pressure from the resistance zone at 22560 – 22625. The decline is expected to continue unless this zone is definitively broken, but significant support is currently within the form. The support parameters of the 40-day moving average and the rising 50% Fibonacci retracement level of 21777-22626 are located.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 29
Commenting on the outlook for Bank Nifty today, Hrishikesh Yedve of AVP Technical Derivatives Research at Asit C Mehta said, “The Nifty Bank index started with a gap up but could not sustain at a higher level and remained on the day. It closed negative at 48,201. For the past few days, the index has crossed the 48,500 level, but if Banknifty closes above 48,500, the rally could extend to Banknifty’s short-term support level. The resistance values are shown at 47,000 and 46,600, and the resistance levels are 48,500 and 49,500. ”
Rajesh Bhosale, Technical Analyst at Angel One, today revealed the intraday trading strategy for the Indian stock market and said, “Despite Friday’s pullback, the market has largely adopted a ‘buy the buy’ strategy and is bullish. “We maintained the basic tone.”
Buy and sell stock ideas with experts
Stock market experts on what stocks to buy today – Sumeet Bagadia, Executive Director, Choice Broking. Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher. And Virat Jagad, his technical analyst at Bonanza Portfolio, recommended six stocks to buy or sell today.
Sumeet Bagadia Stocks to Buy Today
1]Hadco: buy at INR2228, target INR240, stop loss INR221.
HUDCO Industries recently showed a strong breakout from a key resistance zone. INRFrom 220 INROn the daily chart, it is at $190, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.
2] voltas: buy at INR1454.75, target INR1530, stop loss INR1411.
Daily chart analysis of Voltas stock price shows a steady increase in the stock price over the next week, indicating a favorable outlook. Notably, the stock has produced a notable high-low pattern, with the company’s recent upward swing effectively breaking through the neckline and establishing a new weekly high. This breakout indicates the potential for a significant increase in the stock price.
Shiju Koothupalakkal Stocks to Buy Today
3]Bajaj Auto: buy at INR8974, target INR9330, stop loss INR8800.
The stock is showing a positive bullish candlestick after a gradual decline gained support near the stock price. INRThe 8640 zone has improved the bias, and the RSI, which indicates a trend reversal, is a buy signal for further upside. I recommend buying stocks with as your first goal. INRMaintain stop loss at 9330 level INR8800 level.
4]NHPC: buy at INR92.55, target INR97, stop loss INR90.
Stock prices mostly maintain support INRThe 87 zone is close to the important 50 EMA level and witnessed a decent decline with support from this level. The RSI has recovered nicely and is now in a good position, indicating a trend reversal that could be a buy signal with significant upside potential based on current levels. We recommend buying the stock at the initial target price. INRmaintain stop loss at 97 INR90 levels.
5]Railway telephone: buy at INR403.60, target INR425, stop loss INR388.
RailTel stock price has formed a low formation pattern on the daily chart and is receiving support nearby. INRIt has reached the 350 zone and is moving above the important level of the 50 EMA. INR380 has improved its bias and the RSI is rising, indicating strength and allowing for further positive movement. Since the chart looks good, I recommend buying the stock with the first goal in mind. INR425 maintain stop loss INR388 levels.
Buying and selling shares of Virat Jagad
6]Engineers India Ltd.: buy at INRfrom 1560 INR1565, stop loss INR1680, stop loss INR1500.
Engineers India Ltd. has broken out of an inverted head-and-shoulders pattern on the daily chart, suggesting a possible uptrend. A bullish candlestick formed, confirming the positive sentiment. A trade above both the fast (50) and slow (200) Exponential Moving Average (EMA) increases upward momentum. An increase in transaction volume on the day of purchase suggests active interest from buyers. The Relative Strength Index (RSI) staying in the higher range indicates that a bullish trend is underway. These technical indicators collectively support the notion of a bullish trajectory for Engineers India.
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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