Stock Market Today: Indian equity markets remained choppy after a weak start but ended modestly higher on Monday. The Nifty 50 index rose 36 points to end at 23,537, while the BSE Sensex gained 131 points to end at 77,341. The Bank Nifty index rose 42 points to end at 51,703. Trading volumes in the NSE spot market fell sharply. ₹1.20 lakh crores.The broader market indices rose marginally more than the Nifty, despite the advance/loss ratio declining to 0.99:1.
Tuesday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term trend for Nifty remains positive amidst the range movement. Having bounced back from close to the lower limit of 23,300, Nifty may test the upper limits of 23,650-23,700 in the near term. The immediate support for Nifty today lies at 23,350.”
Read also: Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today — June 25
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities, said, “Bank Nifty rose 0.08% to close marginally higher at 51,703.95. Having opened lower, Bank Nifty found support at the previous swing high of June 3. The daily MACD and RSI indicators remained positive, indicating continued bullish strength. A breakout above the 52,000 level could push the index towards the 52,440-52,500 range.”
IPO Market Today
Stanley Lifestyles’ IPO bidding closes today, while a new mainboard public offering, Allied Blenders and Distillers’ IPO, is scheduled to list on India’s primary market during trading on Tuesday. DEE Development Engineers’ IPO and Acme Fintrade India’s IPO are also expected to remain in focus today as they are scheduled to list on Wednesday i.e. tomorrow.
Expert stock buying and selling ideas
Coming to the stocks to buy today, stock market experts Sumeet Bagadia, executive director, Choice Broking, and Ganesh Dongre, senior manager, technical research, Anand Rathi, recommended five short selling stocks to buy on Tuesday – Gujarat Gas, Punjab National Bank, Hindustan Copper, Titagarh Rail and Sundram Fasteners.
Sumeet Bagadia’s Stocks to Buy Today
1]Titagarh Railway System: purchase ₹1610, Target ₹1700, Stop Loss ₹1555.
The current market situation for the stock, trading at around $1,000, indicates that it is in a favorable position. ₹Level 1610. ₹The 1550 level has been observed, indicating the resilience of the stock.Furthermore, the stock is trading above key moving averages including the short-term (20-day), medium-term (50-day) and long-term (200-day) EMA, indicating sustained strength.
2]Sandrum Fasteners: purchase ₹1330, Target ₹1400, Stop Loss ₹1285.
Sundrum Fasteners’ daily chart analysis shows a favorable outlook for the coming week, with a steady uptrend expected. In particular, the stock price has been experiencing a notable upward trend in high and low prices, 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.
How to buy or sell Ganesh Dongre shares
3]Gujarat Gas: purchase ₹608, Target ₹635, Stop Loss ₹595.
Based on recent price movement and technical analysis, this stock ₹The stock price reversed at the 595 level. ₹608, suggesting a possible uptrend. This reversal pattern occurring near a key support level suggests the stock may continue to rise in the coming weeks.
Traders may want to consider buying and holding this stock and target the price. ₹The next resistance level is at 635. Therefore, the observed support is ₹595 and the recent reversal ₹608. Stock prices seem to be heading up ₹635. A trader can buy a stock, hold it, and set a stop loss. ₹595 Targeting prices while effectively managing risk ₹In the short term, 635.
4]Punjab National Bank (PNB): purchase ₹125, Target ₹132, Stop Loss ₹121.
The stock has recently exhibited a bullish reversal pattern, suggesting upward momentum. This technical formation suggests a possible retracement which could signal an upswing in the stock price. Based on the current trend, the stock is expected to find support. ₹121 is important to maintain the upward trajectory.
By entering a long position with a stop loss ₹121, traders can take advantage of the bullish trend and target price. ₹132. This approach balances potential benefits with risk management.
5]Hindustan Copper: purchase ₹332, Target ₹345, Stop Loss ₹324.
In the recent trading sessions, the stock has been finding firm support around Rs 324, indicating strong investor interest at this level. Currently, notable price action suggests a potential reversal around this vicinity. ₹At 332, it is indicating bullish sentiment in the market. This bullish formation suggests that the stock may continue its upward momentum towards the next key resistance level. ₹345.
Traders looking to take advantage of this opportunity would initiate a buy position with a stop loss. ₹324 could be a wise strategy. This stop loss level coincides with the observed support and protects against potential downside risk. The expected target for this trade is ₹345, indicating that stock prices are expected to continue to rise.
Overall, the technical analysis points to a favorable risk-reward ratio for traders considering a long position in this stock. ₹345 offers an opportunity to make profits, provided the stock maintains its current bullish trajectory in the near term.
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.
3.6 Million Indians visited us in a single day and chose us as their platform for Indian General Election Results. Check out the latest updates here!
