Friday Trade Setups
Commenting on the outlook for the Nifty 50 index, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The fundamental trend for Nifty remains positive. A sustained move above 24000-24100 levels may soon drag Nifty towards another Fibonacci extension resistance around 24380-24400. The immediate support for Nifty today is at 23800 levels.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, Samco Securities said, “Bank Nifty hit new all-time highs for the third consecutive day, peaking at 53,180.75 before settling at 52,811.30 with a marginal decline of 0.11% on Thursday. Resistance at 2.618 Fib level near 53,300 suggests a potential barrier. Following a bearish candlestick on the daily chart, Bank Nifty is likely to stabilize within a range with limited momentum. Support is currently at 52,200-52,000 levels. A breakout above 53,080 could signal continuation of the uptrend towards 53,450-53,500 levels.”
Commenting on the outlook for the Indian equity market today, Vikram Kasat, Head of Advisory at Prabhudas Lilladher said, “The importance of the undercurrents will be felt only when the tide turns. While index-heavy stocks are doing well, the broader market has started to slide. The need of the hour as a trader is to remain highly stock-specific and agile. IT stocks are likely to lead the way today. The Bajaj twins are also a good prospect. The IT index has surged today ahead of earnings season.”
US inflation data in focus
“Global markets, including Dalal Street investors, are eagerly awaiting the release of US inflation data which is expected to be released today. The US inflation data is significant for global assets as it gives an indication of a possible rate cut by the US Federal Reserve in the near future,” said Avinash Gorakshkar, head of research at Profit Mart Securities.
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 short selling stocks to buy – Asahi Songwon, Bayer Crop, Tata Motors, DMart and Apollo Hospitals.
Sumeet Bagadia’s Stocks to Buy Today
1]Asahi Songwon: purchase ₹446.90, target ₹4465, Stop Loss ₹430.
Asahi Songwon’s share price has recently risen significantly above a key resistance zone. ₹From 410 ₹On the daily chart, it is at 435. This breakout has been accompanied by a consolidation of an upward movement characterized by higher highs and higher lows. A notable surge in trading volume further confirms the strong bullish sentiment.
2]Bayer Crops: purchase ₹@ 6653.90, target ₹7000, Stop Loss ₹6430.
BayerKrop shares are showing strong bullish momentum and are currently trading at an all-time high. ₹6825 level. It has surpassed a recent key resistance ₹The 6,600 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]Tata Motors: purchase ₹972, Target ₹995, Stop Loss ₹945.
This stock has received a lot of support. ₹945. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 972 price level is likely to continue rising to the next resistance level. ₹995. Traders can buy and hold this stock with a stop loss. ₹Target price is 945 ₹It will be 995 in the near future.
4]D-Mart: purchase ₹4930, Target ₹5100, Stop Loss ₹4750.
An analysis of the stock’s recent short-term trend shows a notable bullish reversal pattern emerging. This technical pattern suggests that the stock may see a temporary decline, possibly to around $100. ₹5100. Currently, the stock is holding a key support level. ₹4750.
In this scenario, the stock price ₹If the price reaches the 5100 level in the near future, traders may consider taking long positions with strategic stop losses. ₹4750, effectively manage risk. The target price for this trade is ₹5100 reflects the expected upside based on identified technical signals.
5]Apollo Hospitals: purchase ₹6190, Target ₹6350, Stop Loss ₹6060.
The stock price has consistently received strong support. ₹6060 is encouraging for the current trajectory. It has recently shown a promising reversal pattern around 6060. ₹The 6,190 level is suggesting further upside potential. The stock price may continue to rise towards the next resistance level. ₹Traders can consider buying and holding the stock with a conservative stop loss at 6,350. ₹6060 to reduce risk. The target price for this trade is ₹6350, we look forward to seeing further developments in the near future.
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 certified professional before making any investment decisions.
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Published date: June 28, 2024, 7:48 AM
