Stock market today: Trade setup for Nifty 50, Q1 results today to US Fed meeting; five stocks to buy or sell on Tuesday

Stock market today: Ahead of the central bank policy meetings in the United States, UK and Japan, the Indian stock market started the week with marginal gains. The Nifty 50 index finished at 24,842, adding 7 points in the previous close. The BSE Sensex went up 23 points and closed at 81,355, whereas the Bank Nifty index ended 92 points higher at 51,388. Broad market indices showed a decent rise even as the advance-decline ratio rose to 1.33:1.

Trade setup for Tuesday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The near-term uptrend status of Nifty remains intact. The market could show more choppy movement or a minor dip in the next 1-2 sessions before surging higher soon. Immediate support is at 24600 levels. Overhead resistance is to be watched at around 25000-25100 levels."

Speaking on the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty ended the session at 51,406.25, gaining 110.30 points or 0.22%. Despite this rise, Bank Nifty formed a shooting star pattern during the daily timeframe, indicating a short-term probable weakness. The index remains below its 20-day Moving Average (DMA), with immediate support around the 50-day DMA at 50,800. A drop below the 50 DMA could weaken the short-term bullish trend."

US Fed meeting in focus

"Focus has been given to the US Fed meeting as the US central bank is expected to give a timeline for the US Fed rate cut in 2024. suppose the US Federal Reserve gives a rate cut timeline. In that case, we can expect a sharp upside in the Indian stock market as it would pressure the US bond and currency market," said Avinash Gorakshkar, Head of Research at Profitmart Securities. He said that till the US Fed meeting outcome becomes public, the Indian stock market is expected to remain sideways to positive.

Q1 results today

A total of 87 mainboard companies will be declaring their Q1 results 2024 on Tuesday. Those 87 mainboard stocks are IOC, Varun Beverages, Indus Towers, GAIL India, Tata Consumer Products, Torrent Power, Dixon Technologies, Exide Industries, Star Health & Allied Insurance Company, Ajanta Pharma, PTC Industries, etc.

Stocks to buy today

Regarding intraday stocks for today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended these five buy or sell stocks: Affle India, Artemis Medicare Services, RCF, Pidilite Industries, and Wipro.

Sumeet Bagadia's stock recommendations today

1] Affle India: Buy at ₹1496.50, target ₹1560, stop loss ₹1440.

Affle India is presently trading at ₹1496.50. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action. A robust support level is situated at ₹1440. This confluence of support factors enhances the stock's stability and resilience.

2] Artemis Medicare Services: Buy at ₹260.70, target ₹275, stop loss ₹251.

Artemis Medicare Services' daily chart analysis offers a favourable view for the following week, indicating a steady upward advance. Notably, the stock has produced a notable higher high and higher low pattern in the weekly frame, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's shares to buy today

3] RCF: Buy at ₹215, target ₹224, stop loss ₹208.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹224. The stock is currently maintaining a crucial support level at ₹208. Given the current market price of ₹215, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹224.

4] Pidilite Industries: Buy at ₹3152, target ₹3210, stop loss ₹3110.

On the short-term chart, this stock is forming an inherently bullish rounding bottom pattern. Currently priced at ₹3152, this formation signals a potential upward trend. To effectively manage risk, a stop loss at ₹3110 is recommended. The target price for this strategy is ₹3210 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

5] Wipro: Buy at ₹525, target ₹545, stop loss ₹508.

On the daily chart of this stock, a breakout at the ₹525 price level has been observed, signalling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss of ₹508 is recommended. The target price for this strategy is ₹545 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.