Stock Market Today: Despite strong global market sentiment, Indian equity markets remained flat and ended flat on Thursday. The Nifty 50 index was marginally lower at 24,315, while the BSE Sensex fell 24 points to close at 79,897. The Bank Nifty index rose 81 points to close at 52,270. After rising for three consecutive sessions, India’s VIX index fell over 3 percent to end at 14.
Friday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The underlying trend for Nifty remains volatile with positive inclinations. A sustained move above 24,500 is expected to lead to a breakout to the next upside objective of 24,900 soon. The immediate support for Nifty today is 24,150.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty closed at 52,270.65, up 0.16%. On the daily chart, Bank Nifty is forming a long-legged doji, indicating indecisiveness in the short term. The index is below its 10-day moving average (DMA) and on the hourly chart, it is making lower lows and highs, suggesting a bearish trend. The immediate support level is at 52,000, which coincides with its 20-DMA. If the index sinks below 51,900, we expect the bearish trend to continue. Conversely, if it breaks the resistance at 52,530, the index can move towards the 53,000-53,200 zone.”
Commenting on the outlook for the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “The market is moving sideways in the absence of any fresh catalysts or inflation data releases. However, sectoral and stock-specific movements continue as we enter the Q1 earnings season and the Union Budget is on the horizon. The market today will react to the US inflation data due on Thursday. Attention will be on the IT sector as TCS’s Q1 earnings are in line with expectations. At the same time, the commentary will also be closely monitored. The market is generally firm with buying at every dip, supported by strong domestic inflows backed by foreign institutional buying over the past few days.”
Today’s First Quarter Results
Eleven companies listed on the Indian stock market will report their first quarter 2024 results on Friday, including HCL Technologies, Indian Renewable Energy Development Agency (IREDA), Oriental Hotels, Vipul and Setco Automotive.
Expert stock buying and selling ideas
In terms of 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 – CESC, CMS Info Systems, Ashok Leyland, SBI and Affle India.
1]CESC: purchase ₹192, Target ₹201, Stop Loss ₹185.
CESC’s daily chart analysis suggests a positive outlook for the coming week and a sustained uptrend. Notably, the stock has formed a pattern of significantly higher highs and higher lows, and the recent uptrend has broken through the neckline to establish a new weekly high for the stock. This breakout suggests the stock may continue to move higher.
2]CMS Information System: purchase ₹527.30, target ₹555, Stop Loss ₹510.
CMS Infosystems shares are showing strong bullish momentum and are trading at all-time highs. ₹532. The breakout is accompanied by a strengthening of an upward trend characterized by higher highs and lower lows, supported by solid trading volume, strengthening the stock’s strength. The breakthrough suggests that the upward trend may continue, providing an optimistic outlook for investors.
How to buy or sell Ganesh Dongre shares
3]Ashok Leyland: purchase ₹227, Target ₹238, Stop Loss ₹222.
On the daily chart of this stock, ₹The 227 price level was observed, suggesting a potential uptrend. The Relative Strength Index (RSI) complementing this breakout is still trending up, indicating that buying momentum is building. Considering these technical indicators, traders can consider buying at lows and entering the stock at lower prices. To manage risk, ₹The recommended target price for this strategy is 222. ₹238 in the coming weeks, suggesting profits could be made as the stock continues its upward trajectory.
4]State Bank of India (SBI): purchase ₹857 – Target ₹890, Stop Loss ₹834.
On the daily chart, the stock is exhibiting a short-term reversal pattern. Specifically, a bullish engulfing pattern is forming, which strongly suggests a possible upside. This technical pattern is considered bullish and suggests that the stock price may move higher. Given this setup, traders may consider buying this stock and place a stop loss on it. ₹834 for risk management. The target price for this trade is ₹890, creating an opportunity to make profits as the stock continues its bullish movement.
5]Afre India: purchase ₹1410, Target ₹1450, Stop Loss ₹1375.
In the short term, the stock is exhibiting a bullish reversal pattern. Technically, ₹If the support level at 1450 holds, ₹1375, this stock could rebound ₹In the short term, it is 1450. Therefore, traders should place their stop losses at ₹Target price is 1375 ₹1450.
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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