Indian Stock MarketIndian stock market indexes Nifty 50 and Sensex hit fresh record highs on Tuesday despite mixed global signals.
Nifty 50 hit an all-time high of 24,443.60 while Sensex peaked at 80,397.17 during the session. Nifty 50 rose 113 points or 0.46 percent to close at 24,433.20 while Sensex rose 391 points or 0.49 percent to close at 80,351.64. Both the indices closed at their highest ever levels.
Wednesday Trade Setups
Commenting on the outlook for Nifty today, Rupak De, Senior Technical Analyst, LKP Securities said, “Nifty remained firm throughout the day and maintained support level at 24,300. Sentiment is likely to remain positive as long as it remains above 24,300 where put selling is taking place in large volume. On the upper end, the range of 24,500-24,600 could act as immediate resistance zone. Overall, sentiment is likely to remain in favour of bulls in the near term as long as the index does not dip below 24,300.”
Commenting on the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities said, “Bank Nifty index is showing stable movement and is hovering in the range of 52700-52100. A decisive break on either side will result in a trend move. The index continues to be in dip-buying mode and a break above 52700 will see it move further towards 53000 where the highest open interest is building on the call side. However, if the index fails to sustain the support of 52100-52000, it may move further down towards 51700-51500 levels.”
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 buying five short selling stocks – Tega, Welcorp, Indigo, ATGL and Navinfluor.
Sumeet Bagadia’s Stocks to Buy Today
1]Tega Industries: Purchase ₹1845.15, target ₹1940, Stop Loss ₹1777
TEGA is currently ₹1845.15. After a period of small declines and flat stability, stock prices have recently ₹It has risen sharply from 1800 and is rising with considerable volume. It may rise further, ₹1940 levels. On the downside, there is significant support near the 1940 levels. ₹1777.
Additionally, TEGA is trading above major exponential moving averages (EMAs) including the 20-day, 50-day, 100-day, and 200-day EMAs, indicating strong bullish momentum and indicating that prices may continue to rise. The Relative Strength Index (RSI) is at 69.03, indicating an upward trajectory, confirming the pick-up in buying momentum.
In summary, taking into account technical analysis and current market conditions, TEGA: ₹The 1940 price target is contingent on the implementation of prudent risk management measures.
To effectively manage your risk, we recommend setting a Stop Loss (SL). ₹1777 to protect your investment in the event of an unexpected market reversal.
2]Welcorp: Purchase ₹643.55, target ₹675, Stop Loss ₹620
WELCORP Industries has recently shown a strong breakout from the key resistance zone between 600 and 630 on the daily chart and is consolidating its move with higher highs and lower lows. The breakout has been supported by a notable increase in trading volumes, indicating strong bullish sentiment.
Key technical indicators, especially the Relative Strength Index (RSI), are highlighting the stock’s positive momentum. Not only is the RSI signaling a favorable trend, but it is also consistent with the stock trading above important moving averages such as the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). This convergence highlights the sustained strength of WELCORP Industries’ price movement.
To sum up, a conclusive breakout, favorable volume, and positive alignment of key technical indicators suggest a bullish outlook for WELCORP Industries. Traders and investors may consider this analysis to be an indication that the stock’s uptrend may continue.
Based on the above analysis, I would recommend buying WELCORP Industries for cash at CMP 643.55 with a price target of 675 and a stop loss of 620.
How to buy or sell Ganesh Dongre shares
3]Indigo: Purchase ₹4305, Target ₹4450, Stop Loss ₹4230
A recent short-term trend analysis of the stock has seen the emergence of a prominent bullish reversal pattern. This technical pattern suggests that the stock may see a temporary downturn and reach around Rs 4,450. Currently, the stock is holding a key support level at Rs 4,230. Given the current market price of Rs 4,305, a buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price in anticipation of a rally towards the identified target of Rs 4,450.
4]ATGL: Buy ₹993, Target ₹1030, Stop Loss ₹970
The daily chart of this stock shows a breakout at the price level of Rs 990, indicating a possible uptrend. Complementing this breakout, the Relative Strength Index (RSI) is still trending up, indicating increasing buying momentum. Considering these technical indicators, traders can consider buying at lows and entering the stock at lower prices. A stop loss of Rs 970 is recommended to manage risk. The target price for this strategy is Rs 1030 for the coming weeks, suggesting potential profits as the stock continues its upward trajectory.
5]Navin Fluorine International Limited: Purchase ₹3695, Target ₹3800, Stop Loss ₹3600
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 to be bullish in nature and suggests that the stock price may move higher. Given this setup, traders may consider buying the stock with a stop loss set at Rs 3,600 for risk management. The target price for this trade is Rs 3,800, which offers an opportunity to make profits as the stock continues to show bullish movement.
Disclaimer: The views and recommendations provided in this analysis are those of the individual analyst or brokerage firm, and not of Mint. Because market conditions change rapidly and individual circumstances may differ, investors are strongly advised to consult with a qualified professional before making any investment decisions.
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