Stock Market Today: Despite positive global market sentiment, Indian equity markets ended flat on Monday. The Nifty 50 index ended at 22,932, down 24 points after touching a record high of 23,110. The BSE Sensex ended at 75,390, down 19 points, after hitting an all-time high of 76,009. However, the Bank Nifty index rose 310 points to close at 49,281. Trading volume in the NSE spot market remained unchanged from the previous day. The midcap index ended up 0.63 per cent higher, though the advance/loss ratio remained negative at 0.62:1.
Tuesday Trade Setups
Commenting on the outlook for Nifty today, Osho Krishan, Senior Analyst (Technical & Derivatives Research), Angel One said, “Nifty 50 index has reversed from the upper limit of the ‘ascending channel’, suggesting strong resilience in the near term. Also, the rate of upswing and downswing in favour of the bears indicates exhaustion for the bulls. At present, the upper limit of the channel around 23150-23200 is likely to act as an intermediate hurdle. Meanwhile, the breakout neckline around 22800-22750 is expected to provide a cushion to the benchmark. For now, the index is likely to remain within the above range with a bullish bias; therefore, it is necessary to act accordingly and exercise appropriate risk management.”
Read also: Buy or Sell: Vaishali Parekh Recommends 3 Stocks to Buy Today — May 28
Commenting on the outlook for Bank Nifty today, Rahul Ghose, CEO, Hedged said, “Bank Nifty showed strength and managed to trade above the day’s opening range of 49050-49220. It continued to trade above CPR throughout the day, indicating that the upside momentum remains strong. Changes in OI indicate an increase in ITM put writing for strikes of 49500 and below. PCR opened at 1.12 levels and hit a mid-day high of 1.39 before declining to close the day at 0.98.”
India’s VIX index had a strong day on the day, opening at 18.44 on the downside and 26.2 on the upside, before trading flat during the trading session and closing at 23.36, 7% higher than last week’s level.
Expert stock buying and selling ideas
Speaking of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, and Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher have recommended eight stocks to buy or sell today.
Sumeet Bagadia’s Stocks to Buy Today
1]Indian Hotel Company (IHC): purchase ₹581 – Target ₹618, Stop Loss ₹560.
Indian Hotel stock price now ₹At 581, it is poised to break out of a rounded bottom chart pattern with significant volume, signaling strong bullish momentum. Additionally, the stock is above major exponential moving averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This placement above key EMAs reinforces the bullish outlook and suggests a sustained upswing in price.
2]Godrej Consumer Products: purchase ₹1329, Target ₹1410, Stop Loss ₹1290.
Godrej Consumer Products Limited (GODREJCP) stock price has been showing a notable recovery and has recently bounced off the support levels. ₹1290 is close to the 20-day EMA level and is currently trading around 1290. ₹1328.95. The fact that the stock is trading above all significant exponential moving averages (EMAs) suggests great strength.
Ganesh Dongre stocks to buy today
3]Infosys: purchase ₹1472, Turret ₹1520, Stop Loss ₹1430.
Infosys stock price is about ₹1430. So, at this time, the stock is again experiencing reversal price formation. ₹The 1472 price level is likely to continue rising to the next resistance level. ₹1520. Traders can buy and hold this stock with a stop loss. ₹Target price: 1430 ₹1520 in the near future.
4]Volta: purchase ₹1408, Target ₹1450, Stop Loss ₹1380.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹If the support level at 1450 holds, ₹1380, this stock could rebound ₹In the short term, it is 1450. Therefore, traders should place their stop losses at ₹Target price: 1380 ₹1450.
5]Bank of Baroda: purchase ₹270, Target ₹282, Stop Loss ₹263.
The stock is finding strong support near Rs 263. So, at the moment, BoB stock price is again witnessing reversal price action and bullish candlestick pattern formation. ₹The 270 price level is likely to continue rising to the next resistance level. ₹282. Therefore, a trader can buy this stock with a stop loss and hold it. ₹Target price is 263 ₹282 in the near future.
How to buy or sell Shiju Koothupalakkal shares?
6]Jindal Soh: purchase ₹565.75, target ₹587, Stop Loss ₹554.
The stock is showing a series of higher highs and higher lows on the daily chart. Currently, the bias is improving with a positive bullish candle formation on the daily chart. With the RSI in a good position, there is a good chance that the positive move will continue in the future. The initial upside target is ₹587, hold stop loss ₹554.
7]Bank of India: purchase ₹132.45, target ₹140, Stop Loss ₹129.50.
Stock prices have stabilized after a significant drop, ₹121 zone. It is showing a significant pullback to improve the bias and we are expecting further upside. The RSI has reversed from the oversold zone and is giving a buy signal and as the chart is looking good, I would suggest buying the stock at the first upside target of 121. ₹140, hold stop loss ₹129.50.
8]AU Small Finance Bank: purchase ₹634.60, target ₹665, Stop Loss ₹622.
After receiving support nearby ₹The stock, which has breached the 600 zone for the second time, is showing signs of a decline above the 50 EMA level. ₹The bias is improving at the 621 zone, which gives us hope for further upside. The RSI is in a good position and is indicating a trend reversal after a moderate decline, which gives us a good chance of a continued positive movement. I suggest buying the stock at the initial upside target of 621. ₹665, hold stop loss ₹622.
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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