Stock Market Today: Indian equity markets ended lower on Monday after a better-than-expected US employment report led to weaker global signals. The Nifty 50 index fell 30 points to end at 23,259, while the BSE Sensex fell 203 points to end at 76,490. The Bank Nifty index fell 22 points to end at 49,780. Trading volumes in the NSE spot market have been declining after the excitement surrounding the elections came to an end. The broader market indices ended in the positive but remained firm with a gainer-loss ratio of 1.92:1.
Tuesday Trade Setups
Commenting on today’s outlook for Nifty, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Nifty is currently touching the downside gap hurdle around 23,250 and the bearish weekly candlestick pattern like last week’s hangman is still intact. Despite heading towards all-time highs, the market has not been able to gain strength to move further up,” and added, “The short-term trend for Nifty remains positive. However, a downside correction is likely in the near term as it is touching a key hurdle near 23,300. Immediate support is at 23,100 levels.”
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Commenting on the outlook for Bank Nifty today, Hrishikesh Yedve, Vice President, Technical and Derivatives Research, Ashit C Mehta said, “Bank Nifty index opened flat and maintained strength in the first half. However, profit booking was observed in the second half and it eventually ended flat to negative at 49,781 levels. Technically, on a weekly basis, the index has formed a hangman candlestick pattern. As per this pattern, 51,130-51,140 will act as resistance for the index. On the downside, the index’s immediate support is near 49,000 levels, followed by 34-DEMA support at 48,580 levels.”
Expert stock buying and selling ideas
When it comes to 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 buy or sell stocks.
Sumeet Bagadia’s Stocks to Buy Today
1]Zensar Technologies: purchase ₹688.40, target ₹730, Stop Loss ₹665.
Daily chart analysis of Zensar Technologies stock reveals a notable change in market trend, moving from minor declines and sideways stabilization to a promising upward recovery. The breakout has been accompanied by a stabilization of upward movement characterized by a Bullish Engulfing pattern. A notable surge in trading volumes further confirms the strong bullish sentiment.
2]VA Techwa Bag: purchase ₹1153.35, target ₹1222, Stop Loss ₹1111.
VA Tech Wabag is currently trading at an all-time high of 1177.3, displaying significant bullish momentum. Significant trading volume is fueling the recent breakout above the key resistance of the 1100 level, a key technical development that highlights the strength of the stock. This discovery increases the likelihood that the uptrend will continue, providing a positive outlook for investors.
How to buy or sell Ganesh Dongre shares
3]Punjab National Bank (PNB): purchase ₹126, Target ₹135, Stop Loss ₹120.
This stock has received a lot of support. ₹120. Therefore, at this time, the stock price is once again experiencing reversal price formation. ₹The 126 price level is likely to continue rising to the next resistance level. ₹135. A trader can buy this stock with a stop loss and hold it. ₹Target price is 120 ₹135 in the near future.
4]Allwell: purchase ₹345, Target ₹365, Stop Loss ₹338.
In the short term, the stock is showing a bullish reversal pattern and technically, ₹If the 365 support level is maintained, ₹338, this stock could rebound ₹In the short term, it is 365. Therefore, traders should place their stop losses at ₹Target price is 338 ₹365.
5]LT: purchase ₹3542, Target ₹3650, stop loss ₹3480.
This strain is approximately ₹3480. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 3,542 price level is likely to continue rising to the next resistance level. ₹3650. Traders can buy this stock with a stop loss and hold it. ₹Target price: 3480 ₹In the short term, 3650.
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not that of Mint. We recommend that you check with a qualified professional before making any investment decisions.
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