Stock Market Today: Indian equity markets were flat on Friday despite global market sentiment boosted by talk of a US Federal Reserve rate cut. The Nifty 50 index ended marginally higher at 24,168, while the BSE Sensex fell 53 points to close at 79,478. The Bank Nifty index fell 443 points to close at 52,290. However, the broader market outperformed the major indices on Dalal Street. The smallcap index was up 0.70 per cent in the previous trade, while the midcap index was up 0.75 per cent.
Trade Setups for Monday
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Previously, a similar formation was seen on June 24th which saw a sustained uptrend in the following week. This is a positive sign. The underlying trend for Nifty remains positive. In the next few sessions, an upside breakout hurdle is likely to be hit at 24,400-24,500 levels. The immediate support for Nifty today lies at 24,170 levels.”
Commenting on the outlook for Bank Nifty today, Hrishikesh Yedve, Vice President, Technical and Derivatives Research, Ashit C Mehta said, “Bank Nifty opened with a gap down and remained under pressure throughout the day led by HDFC Bank. Eventually Bank Nifty closed lower at 52,660 levels. From a technical perspective, the index is trending in the range of 52,000-53,200. A breakout on either side will determine the future direction of the index.”
Releasing an intraday trading strategy for the Indian equity market, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “After rallying around 7 per cent last month, we expect the market to stabilise in the higher zone. Equity and sectoral moves are expected this week as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will be keeping an eye on inflation data to be released by India, US and China.”
Today’s First Quarter Results
As the earnings season for Q1 FY2025 gets underway, three publicly listed companies are set to announce their results for Q1 FY2024 today. The three publicly listed companies are Shalby, Khoobsurat, and SecUR Credentia.
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 – Zydus Wellness, Voltamp, Coromandel International, Exide Industries and IRCTC.
Sumeet Bagadia’s Stocks to Buy Today
1]Zydus Wellness: purchase ₹2118.25, target ₹2222, Stop Loss ₹2050.
Analysis suggests that the outlook for ZYDUSWELL based on the daily chart is positive. The stock has been exhibiting a consistent pattern of higher highs and lower lows over the past five days, with the recent breakout above the neckline indicating a possible upside. Increasing trading volumes and the stock continues to trade above its Volume Weighted Average Price (VWAP) in the near term. ₹2105 further supports the bullish scenario.
2]Voltamtrans: purchase ₹13219.85, target ₹13950, Stop Loss ₹12780.
VOLTAMP is exhibiting strong bullish momentum and is currently trading at an all-time high. ₹13468.90. The recent breakout above key resistance ₹The 12,500 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.
How to buy or sell Ganesh Dongre shares
3]Coromandel International: purchase ₹From 1580 ₹1592, Target ₹1640, Stop Loss ₹1555.
A notable bullish reversal pattern has emerged in a recent short-term trend analysis of the stock. This technical pattern suggests that the stock may reverse briefly and reach around $1,000. ₹1640. The stock is currently holding a key support level. ₹1555. Considering the current market price ₹At 1592, a buying opportunity is emerging, which suggests that investors are looking to buy the stock at the current price and watch it rise towards a specific target. ₹1640.
4]Exide Industries: purchase ₹568 – Target ₹588, Stop Loss ₹545.
This strain is approximately ₹545. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 568 price level is likely to continue rising to the next resistance level. ₹588. A trader can buy this stock with a stop loss and hold it. ₹Target price is 545 ₹588 in the near future.
5]IRCTC: purchase ₹From 1020 ₹1030, Target ₹1070, Stop Loss ₹970.
A noteworthy bullish reversal pattern has emerged in the recent short-term trend analysis of the stock price. This technical pattern indicates that the stock price will temporarily reverse and possibly reach a low of approximately ₹1070. Currently, the stock is holding a key support level. ₹970.
In this scenario, the stock price ₹It will hit the 1070 level in the near future. Traders may want to consider taking long positions with a strategic stop loss at 1070. ₹970, effectively manage risk. The target price for this trade is ₹1070 reflects an expected upside based on identified technical signals.
Disclaimer: The views and recommendations expressed above are those of the individual analyst or brokerage firm, and not Mint, and you are advised to check with a qualified professional before making any investment decisions.
3.6 Million Indians visited us in a single day and chose us as their platform for Indian general election results. Check out the latest updates here!
