Stock Market Today: Domestic benchmark equity indices Sensex and Nifty 50 ended Thursday in positive territory after a sluggish start, boosted by gains in key sectors and an improving global economic outlook.
The 30-stock BSE Sensex index rose 141.34 points or 0.18 percent to end at 77,478.93, while the Nifty 50 index rose 51.00 points or 0.22 percent to end at 23,567.00.
The trading session began flat but picked up momentum as the day progressed. Of the Nifty 50 companies, 28 were up and 21 down, indicating a broadly positive market outlook.
Small and mid-cap indexes outperformed large-cap indexes, signaling a bigger market rebound.
Also read: Stock market today: Sensex up 141.34 points, Nifty 50 crosses 23,500; Metal, real estate, banking stocks do well, auto sluggish
The initiative was led by companies such as Hindalco, Grasim Industries, JSW Steel, Bharat Petroleum Corporation Ltd (BPCL) and Adani Ports.
Vinod Nair, head of research, Geojit Financial Services, said that domestic markets ended the day on a positive note despite significant volatility. In the near term, market attention is expected to be focused on the upcoming Union Budget and monsoon season. On the global scale, lower US Treasury interest rates have allowed substantial foreign institutional inflows in the past few days. Fertiliser stocks have risen significantly on the back of prospects of GST cut and MSP hike.
Friday Trade Setups
According to Prashant Tapse, research analyst and senior vice president of research at Mehta Equities, the trading thesis revolves around the market’s increasing bet that a soft landing is underway in the United States.
The immediate target for the Nifty 50 is seen to be the psychological 23,750 mark, followed by an aggressive target being placed at the 24,000 mark.
The crucial boundary is 23,350, which is the make-or-break support for Nifty 50. The 200-DMA for Nifty 50 is at 21,310.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — June 21
Expert stock buying and selling ideas
Equity experts Sumeet Bagadia, Executive Director, Choice Broking, and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, have recommended five stocks to buy or sell today.
Sumeet Bagadia’s Stocks to Buy Today
Buy Stovecraft Inc. for cash ₹574.3; Stop Loss ₹550; target price is ₹610
Stove Craft’s daily chart analysis reveals a notable change in market behavior, transitioning from minor declines and sideways stability to a promising uptrend. The current trading session is showing an upward trend, suggesting a possible reversal of the narrow range momentum to an uptrend. This development is consistent with a short-term positive trend, which is further reinforced by a surge in trading volumes.
Key technical indicators such as the Relative Strength Index (RSI) of 71.85 are highlighting the stock’s positive momentum. Not only is the RSI showing a positive signal, but the stock is also trading above important moving averages, specifically the 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs). This convergence suggests a sustained strength in Stove Craft’s price movement.
Based on the above analysis, we recommend buying Stovecraft with cash at CMP. ₹Goal of 574.3 ₹610 Stop Loss ₹550.
Buy Thirumalai Chemicals Ltd for cash ₹326.8; Stop Loss ₹315; target price is ₹345
Daily chart analysis of Thirumalai Chemicals Ltd. gives a positive outlook for the coming week, pointing to a steady uptrend. Notably, the company’s stock price has been experiencing a notable upward trend in high and low prices, and the company’s recent uptrend has seen it effectively break through the neckline and establish a new weekly high. This breakout indicates that the stock price may continue to rise significantly.
Along with the positive momentum, trading volumes are increasing, indicating growing market interest. The stock has formed a strong bullish candlestick, indicating that the uptrend is likely to continue, and the daily strength indicator RSI(14) is trending up, indicating a positive trend. Moreover, Thirumalai Chemicals is currently trading above the crucial 20-day, 50-day and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Considering the overall chart pattern, the analysis suggests favorable long-term trading opportunities for investors.
Based on the above analysis, we recommend buying Thirumalai Chemicals with cash on CMP. ₹Goal of 326.8 ₹Stop Loss of 345 ₹315.
Also read: Chandan Taparia’s recommendation: How to trade IDFC Bank, Vedanta, Exide Ind shares on June 21st?
Ganesh Dongre stocks to buy today
Buy Birla Corporation Ltd ₹1,575; Stop Loss ₹1,520; target price is ₹1,650
This stock is ₹1,520. So, at this point, the stock is once again experiencing a reversal price formation. ₹The 1,575 price level is likely to continue rising to the next resistance level. ₹1,650, so traders can buy this stock with a stop loss and hold. ₹Target price is 1,530 ₹1,650 in the coming weeks.
Buy Punjab National Bank ₹129; Stop Loss ₹124; target price is ₹135
In the short term trend, the stock is showing a bullish reversal pattern and technically it can fall to Rs 135. Therefore, if the support level of Rs 124 holds, the stock can rebound to Rs 135 levels in the short term, therefore traders can proceed with the trade with a stop loss of Rs 124 against a target price of Rs 135.
Buy Ramco Cements Ltd ₹867; Stop Loss ₹850; target price is ₹890
This stock is ₹850, so at the moment, the stock is again seeing a reversal price action formation ₹The 867 price level can continue to rise to the next resistance level. ₹890, so traders can buy and hold this stock with a stop loss of 850 for the target price. ₹890 in the coming weeks.
Also Read: Nifty 50 Stock Price Live Updates: Nifty 50 Price Live Blog for 21 June 2024
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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