Buy or sell stocks today: Indian equity markets closed lower on Friday last week on the back of weakness in the global economy. Among the major indices, the Nifty 50 index fell 65 points to end at 23,501, while the BSE Sensex fell 269 points to end at 77,209. The Nifty Bank index fell 121 points to end at 51,661. The NSE’s spot market trading volume was ₹1.87 lakh crore, helped by index rebalancing inflows.The smallcap index ended marginally higher, despite its advance-to-loss ratio declining to 0.81:1.
Trade Setups for Monday
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Though Nifty has made a high, there is no confirmation yet of a major reversal pattern forming at the higher levels. Only further weakness below the 23,300 levels can be considered as a near-term top reversal pattern. A further sustained upward bounce is likely to counteract the negativity.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty reached an all-time high of 51,957 after a brief period of consolidation and closed at 51,398.05, up 1.90%. The move formed a strong daily bullish candle. Importantly, Bank Nifty is likely to surpass the previous high of June 3 and move higher towards the 127.8% Fib extension level of 52,550. The RSI is currently at 64, reflecting sustained momentum.”
Global Market News
Asian shares were mostly lower on Friday as a drop in Nvidia shares on Wall Street dragged stocks lower. But European shares rose. The euro zone’s economic recovery slowed sharply in June as a manufacturing slump gained momentum and service sector activity worsened. The preliminary HCOB composite purchasing managers’ index compiled by S&P Global fell to 50.8 from 52.2 in May.
On the US stock market, the Dow Jones Industrial Average rose 0.04% on Friday, while the S&P 500 and Nasdaq fell 0.16%, but the Small Cap 2000 Index ended up 0.23% higher.
Expert stock buying and selling ideas
On which stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Blocking, 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]Zensar Technologies: purchase ₹752, Target ₹790, stop loss ₹725.
Zensar Technologies’ daily chart analysis paints a favorable outlook for the coming week, pointing to a steady uptrend. Notably, the stock has been experiencing a notable rising high and low pattern on a weekly basis, and the company’s recent uptrend has effectively broken through the neckline and established a new weekly high. This breakout indicates the stock’s potential to continue to rise significantly.
2]Whirlpools: purchase ₹Target, 1847 ₹1950, Stop Loss ₹1785.
Whirlpool’s current trading price is ₹1847.20. Stock prices have been consistently ₹The 1785 level has been established as a reliable support zone. The expected trading range for this stock is ₹After 1800 ₹In 1888, a flat movement within this range is expected. ₹The 1890 level is stock prices ₹It will reach 1950 levels in the next few days.
How to buy or sell Ganesh Dongre shares
3]Indigo: purchase ₹4300, Target ₹4450, Stop Loss ₹4210.
in ₹At 4210, the stock hit a major support level and reached a key milestone in recent trading. ₹At 4,300, the stock is showing a clear reversal in price movement, suggesting that the upward momentum may continue. Traders who do not want to miss out on this opportunity could consider buying and holding the stock with a cautious stop loss. ₹4210. The expected target for this transaction is ₹4450 represents the next key resistance level. This strategy will allow traders to take advantage of the expected rally in stock prices over the coming weeks.
4]Indus Tower: purchase ₹336, Target ₹355, Stop Loss ₹326.
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. ₹355. Currently, the stock price is holding an important support level. ₹326.
In this scenario, the stock price ₹It will reach the 355 level in the near future. Traders may want to consider taking long positions with strategic stop losses. ₹326, effectively manage risk. The target price for this transaction is ₹355 reflects the expected upside based on identified technical signals.
Five] Price Earnings Ratio stainless: purchase ₹1437, Target ₹1490, Stop Loss ₹1400.
The stock price has consistently received strong support. ₹1400, which is encouraging for its current trajectory. Lately, it has been showing promising reversal patterns. ₹It has reached the 1437 level, suggesting further upside potential. The stock may continue to rise towards the next resistance level. ₹1490. Traders should consider buying and holding this stock with conservative stop losses in place. ₹1400 to reduce risk. The target price for this trade is ₹1490, and 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. You are advised to check with a qualified professional before making any investment decisions.
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