Stock Market Today: Indian stock markets rose for the third consecutive trading day on Wednesday. The Nifty 50 index rose 147 points to close at 23,868, while the BSE Sensex surged 620 points to close at 78,674. The Bank Nifty index rose 264 points to close at 52,870. Across the broader market, the smallcap index ended up 0.15 per cent, while the midcap index lost 0.29 per cent.
Thursday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities, said, “After moving into a range-bound movement in mid-June, Nifty is now experiencing a decisive upward breakout from its range-bound movement. The current upward momentum may meet resistance at the higher highs around 24000-24100 levels (1.786% Fib extension of key bottom/high/trough for 2020-2022). We expect another round of consolidation or slight weakness from the higher highs. Immediate support is at 23650 levels.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty hit a record high of 52,988.30 and closed at 52,870.50, up 0.50%. The index closed above the ascending trendline connecting the previous highs, indicating continued bullish momentum. Further, Bank Nifty has consistently remained near the upper Bollinger band indicating strong bullish momentum. After consecutive gains, there may be some consolidation in the 52,200-53,000 zone. However, a breakout of 53,040 levels could see the index rise towards 53,280-53,350 levels.”
Commenting on the outlook for the Indian equity market today, Siddhartha Khemka, Senior Group Vice President & Head – Research Brokerage & Distribution, Motilal Oswal said, “Banking and financial sentiment improved following the announcement of a decline in current account deficit on Tuesday. General optimism around the Union Budget, increased Foreign Investment Institutions (FII) inflows and robust domestic economic data contributed to the positive market movement. We expect the ongoing upward trend to continue further.”
India VIX Index
“The India VIX has been declining continuously in June after approaching 32 during the Lok Sabha elections. The India Volatility Index is expected to remain at 13-14.50 before the Union Budget 2024 announcement. After the budget announcement, the India VIX index is expected to touch the normal level of 12,” said Sumeet Bagadia, executive director, Choice Broking.
Expert stock buying and selling ideas
In terms of stocks to buy today, stock market experts Sumeet Bagadia of Choice Broking and Ganesh Dongre, Senior Manager Technical Research at Anand Rathi have recommended five stocks to buy or sell today – VA Tech Wabag, V-Mart Retail, IGL, HCL Technologies and M&M.
Sumeet Bagadia’s Stocks to Buy Today
1]VA Techwa Bag: purchase ₹1323.60, target ₹1400, Stop Loss ₹1275.
Daily chart analysis of VA Tech Wabag shows a steady uptrend with a favorable outlook for the coming week. In particular, the stock has been 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 that the stock price may continue to rise significantly.
2]V-Mart Retail Stores: purchase ₹2940, Target ₹3100, Stop Loss ₹2860 years.
V-Mart Retail recently showed a strong breakout from the key resistance zone of 2700-2850 on the daily chart and has been consolidating its move with higher highs and lower lows. The breakout has been supported by a notable increase in trading volumes, indicating a robust bullish sentiment.
How to buy or sell Ganesh Dongre shares
3]IGL: purchase ₹475, Target ₹510, Stop Loss ₹460.
This strain is approximately ₹460. So, at this point in time, the stock is once again experiencing reversal price formation. ₹The 475 price level is likely to continue rising to the next resistance level. ₹510. Traders can buy and hold this stock with a stop loss. ₹Target price is 460 ₹In the short term, 510.
4]HCL Technologies: purchase ₹1445, Target ₹1520, Stop Loss ₹1410.
In the short term, the stock is showing a bullish reversal pattern and technically, ₹If the support level at 1520 holds, ₹1410, this stock could rebound ₹In the short term, 1520. Therefore, traders should place their stop losses at ₹Target price is 1410 ₹1520.
5]M&M: purchase ₹2857, Target ₹2930, Stop Loss ₹2810.
This strain is approximately ₹2810. Therefore, at this time, the stock is again experiencing reversal price formation. ₹The 2857 price level can continue to rise to the next resistance level. ₹2930. Traders can buy and hold this stock with a stop loss. ₹Target price is 2810 ₹2930 in upcoming sessions.
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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