Stock Market Today: Indian equity markets rebounded strongly, erasing the previous day’s losses and closing higher. The Nifty 50 index rose 735 points to close at 22,620, while the BSE Sensex surged 1,303 points to close at 74,382. The Bank Nifty index also rose strongly, up 2,126 points to close at 49.054. Across the broader market, the midcap index outperformed India’s major indexes, with its advance-to-loss ratio surging to 3.49:1.
Thursday Trade Setups
Nagaraj Shetty, Senior Technical Research Analyst at HDFC Securities, suggested that the Nifty index had overcome a key hurdle and closed higher. He noted that the next key hurdle to watch is near the 23,200 level, and expects volatility to continue in the near term with the 22,300 level providing immediate support.
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Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty rebounded 4.08%, recovering almost half of yesterday’s losses to close at 49,054.60. On the daily chart, the index formed a bullish inside bar. The index closed above its 20-day and 50-day moving averages. On the hourly chart, support is seen at the 47,300 level, while resistance is at 49,650 and then 50,050. A pullback to the 48,500 zone could be a good buying opportunity for short term traders.”
Speaking about what will drive the Indian equity market, Siddhartha Khemka, head of retail research at Motilal Oswal said, “Expectations of a good monsoon are driving buying interest in FMCG and auto stocks. The narrative surrounding government formation and Reserve Bank of India’s monetary policy will take centre stage in the near term. Despite the decline in seats, we expect the government to continue to focus on investment-led growth, capex, infrastructure development and manufacturing in the long term.”
“In the near term, we expect markets to remain focused on the government formation process and keep a close eye on key cabinet portfolios such as finance, defence, roads, energy, commerce and railways. Once the election dust settles, we expect focus to return to fundamentals,” Khemka added.
Expert stock buying and selling ideas
Speaking of stocks to buy today, stock market 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
1]Zydus Wellness: purchase ₹1895.35, target ₹1999, Stop Loss ₹1830.
Zydus Wellness shares are exhibiting strong bullish momentum and are currently trading at a 52-week high price. ₹1859.35. Above recent important resistance ₹The 1815 level is a significant technical development supported by solid trading volumes, strengthening the stock’s strength. The breakout suggests that the uptrend may continue, providing an optimistic outlook for investors.
2]Vijaya Diagnostics: purchase ₹850, Target ₹900, Stop Loss ₹820.
The daily chart of Vijaya Diagnostic shows that the market has undergone a major change in direction, moving from slight declines and sideways consolidation to a promising upward trend. The current trading session is showing upward momentum, breaking out of a narrow range pattern on the daily chart. This development is consistent with a short-term positive trend supported by a notable increase in trading volumes.
How to buy or sell Ganesh Dongre shares
3]Axis Bank: purchase ₹1182, Target ₹1222, Stop Loss ₹1162.
Axis Bank’s share price is about ₹1162. At this time, stock prices are once again experiencing reversal price formation. ₹The 1,182 price level is likely to continue rising to the next resistance level. ₹1222. This thorough analysis provides a safe basis for traders to buy this stock and hold with a stop loss of a target price of 1162. ₹1222 in the near future.
4]LT: purchase ₹3420, Target ₹3550, Stop Loss ₹3370.
In the short term, the stock is showing a bullish reversal pattern. Technically, ₹If the support level at 3550 holds, ₹3370, this stock could rebound ₹In the short term, it is 3550. Therefore, traders should place their stop losses at ₹Target price: 3370 ₹3550.
5]Bandhan Bank: purchase ₹191, Target ₹200, Stop Loss ₹185.
This stock has received a lot of support. ₹185. Therefore, at this time, the stock price is once again experiencing reversal price formation. ₹The 191 price level is likely to continue rising to the next resistance level. ₹191. A trader can buy this stock with a stop loss and hold it. ₹Target price is 185 ₹200 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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