Stock Market Today: Indian stock markets ended higher for the third consecutive day despite weak global market sentiment following the hawkish US Fed outcome. The Nifty 50 index rose 75 points to close at 23,398 and the BSE Sensex rose 204 points to 76,810. However, the Bank Nifty index rose 48 points to close at 49,846. Cash market volumes on the NSE rose around 7% to 49,846. ₹1.29 lakh crore. The advance/loss ratio fell to 1.52:1, but the broader market index rose more than the Nifty.
Friday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term trend for Nifty continues to remain range bound with positive bias. Previously, such sideways range movement at higher levels would eventually lead to a downward correction in the market from the highs. Nifty continues to face strong resistance at 23,400-23,500 levels with immediate support at 23,280 levels.”
Read also: Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today — June 14
Commenting on the outlook for Bank Nifty today, Neeraj Sharma, Vice President, Technical and Derivatives Research, Ashit C Mehta said, “Bank Nifty index opened with a gap up but later lost momentum and eventually closed negative at 49,847. Technically, Bank Nifty is forming a bearish Marubozu candlestick pattern on the daily chart followed by a bearish Tri-Star Doji formation. On the downside, the index’s immediate support is around the 49,000 levels where the 21-DEMA is located.”
Speaking about the global factors that could shape the Indian equity market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “The market is looking forward to a favourable Union Budget that is likely to be announced next month. Better than expected domestic April IIP data with domestic inflation falling to a one-year low has boosted sentiment. The market has been stable with a positive bias for the past few days, leading to a slow and gradual upturn. Robust domestic macro, healthy monsoon forecasts and robust earnings expectations are likely to support the uptrend.”
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 Stocks to Buy Today
1]Usha Martin: purchase ₹415, Target ₹440, Stop Loss ₹399.
Usha Martin’s daily chart analysis reveals a notable change in market behavior, moving from minor declines and sideways stabilization to a promising upward bounce. The current trading session is showing an upward trend, suggesting a possible breakout from the narrow range momentum to the upside. This development is consistent with the short-term positive trend and is further reinforced by the surge in trading volumes.
2]Grasim Industries: purchase ₹2458, Target ₹2580, Stop Loss ₹The year 2390.
Grasim Industries’ current share price is approximately ₹2395 is reflecting some encouraging indicators for traders and investors. The Relative Strength Index (RSI), which measures the momentum and strength of a stock, is currently at a healthy level of 58.26, suggesting that GRASIM is in a healthy trading range, neither overbought nor oversold, remaining stable and likely to move higher.
How to buy or sell Ganesh Dongre shares
3]IGL: purchase ₹487 – Target ₹510, Stop Loss ₹475.
This strain is approximately ₹475. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 487 price level can continue to rise to the next resistance level. ₹510. A trader can buy this stock with a stop loss and hold it. ₹Target price is 475 ₹In the short term, 510.
4]HCL Technologies: purchase ₹1445, Target ₹1520, Stop Loss ₹1410.
In the short term, the stock is showing a bullish reversal pattern and technically, ₹If the support level at 1520 holds, ₹1410, this stock could rebound ₹In the short term, 1520. Therefore, traders should place their stop losses at ₹Target price is 1410 ₹1520.
5]Mahindra & Mahindra or M&M: purchase ₹2870, Target ₹2930, Stop Loss ₹2830 years.
This strain is approximately ₹2830. Therefore, at this time, the stock is again experiencing reversal price formation. ₹The 2,870 price level is likely to continue rising to the next resistance level. ₹2930. Traders can buy and hold this stock with a stop loss. ₹Target price is 2830 ₹2930 in the near future.
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not those of Mint. We recommend that you check with a qualified professional before making any investment decisions.
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