Stock Market Today: After posting positive movements in the first four sessions of last week, Indian equity markets slid into profit-taking zone on Friday. The Nifty 50 index fell 33 points to end at 24,010, while the BSE Sensex fell 210 points to end at 79,032. The Bank Nifty index fell 469 points to end at 52,342. However, the overall market outperformed the major indices to end on a positive note. The smallcap index closed 0.56 per cent higher than the previous session, while the midcap index ended 0.41 per cent higher.
Trade Setups for Monday
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term uptrend in Nifty is sustained. After a sharp rise, Nifty is now struggling at the resistance levels of 24,000-24,100 levels. Any dip from here is likely to act as a buying opportunity. The immediate support is at 23,800 levels.”
Commenting on Bank Nifty’s outlook for today, Hrishikesh Yedve, Vice President, Technical and Derivatives Research, Ashit C Mehta said, “Bank Nifty opened with a gap up but failed to sustain the higher levels, leading to profit booking. Ultimately, the index closed negative at 52,342. From a technical perspective, the index is forming a bearish candlestick near the trendline resistance. Hence, 53,200 will be a hurdle for Bank Nifty in the near term. If the index sustains above 53,200 levels, the upside can extend towards 54,000.”
Speaking about the factors that could shape the Indian equity market today, Siddhartha Khemka, Senior Group Vice President & Head of Research, Brokerage & Distribution, Motilal Oswal said, “Nifty and Sensex have crossed historic milestones with both the indices hitting new all-time highs of 24,174 and 79,671 respectively. We expect this positive momentum to continue steadily with the equity market action. However, the market will remain somewhat volatile due to economic data due to be released next week. Sectors like automobiles will be in focus as OEMs release their monthly vehicle sales numbers.”
Focus on the 2024 budget
Mahavir Lunawat, Managing Director, Pantomas Capital Advisors, advised investors to remain vigilant about developments surrounding the Union Budget 2024 and said, “In the pre-Budget consultations, economists urged Finance Minister Nirmala Sitharaman to prioritise capital expenditure for economic expansion, maintain fiscal discipline and mitigate the inflation risks associated with indiscriminate subsidies. Industry bodies like CII and PHDCCI made a case for reforms such as tax incentives, increased capital expenditure and addressing food inflation through initiatives like expanding PLI scheme and FIRST. The agriculture and MSME sectors emphasised the need for rationalisation of subsidies, enhanced infrastructure investments and supportive policies for exports and start-ups. The Budget is expected to focus on these priorities and is likely to introduce measures such as subsidy reforms, infrastructure strengthening, SME incentives and tax adjustments aimed at boosting economic growth, job creation and strengthening India’s economic resilience on the global stage.”
Expert stock buying and selling ideas
In terms of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, recommend the following five stocks to buy on the sell-off: Garware Hi-Tech, Grasim Industries, IGL, Canara Bank and RCF.
Sumeet Bagadia’s Stocks to Buy Today
1]Garware Hitech: purchase ₹2356.40, target ₹2470, Stop Loss ₹The year 2270.
Garware Hitech’s current trading price is ₹2356.4. After a period of small declines and flat stability, stock prices have recently ₹It is rising sharply at 2200 and is rising with a lot of volume. It may rise further, ₹2470 level. On the downside, significant support is evident. ₹The year 2270.
2]Grasim Industries: purchase ₹2670.45, target ₹2800, Stop Loss ₹The year 2575.
Grasim Industries’ daily chart analysis paints a favorable outlook for the coming week, pointing to a steady uptrend. Notably, the stock is experiencing a notable upward trend in highs and lows, 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.
How to buy or sell Ganesh Dongre shares
3]IGL: purchase ₹504, Target ₹525, stop loss ₹485.
This stock has received a lot of support. ₹485. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 504 price level can continue to rise to the next resistance level. ₹525. A trader can buy this stock with a stop loss and hold it. ₹Target price is 485 ₹It will be 525 in the near future.
4]Canara Bank: purchase ₹119, Target ₹126, Stop Loss ₹115.
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. ₹126. Currently, the stock price is holding an important support level. ₹115.
In this scenario, the stock price ₹In the near future, it will hit the 126 level. Traders may want to consider taking long positions with strategic stop losses. ₹115, effectively manage risk. The target price for this trade is ₹126, reflecting an expected upside based on identified technical signals.
5]RCF: purchase ₹193, Target ₹202, Stop Loss ₹185.
The stock price has consistently received strong support. ₹185, which is encouraging for its current trajectory. Recently, it has shown promising reversal patterns, ₹It has touched the 193 level, suggesting further upside potential. The stock may continue its rise towards the next resistance level. ₹202. Traders may consider buying and holding this stock, with a conservative stop loss. ₹185 to reduce risk. The target price for this trade is ₹202, and there are high expectations for 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 those of Mint. We recommend that you check with a qualified professional before making any investment decisions.
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