Stock market today: Trade setup for Nifty 50 to Hindenburg latest news, five stocks to buy or sell on Monday — August 12

Stock market today: Following positive global market sentiments on cooling US recession fears, the Indian stock market finished higher on Friday. The Nifty 50 index surged 250 points to 24,367, the BSE Sensex shot up 819 points to 79,705, and the Bank Nifty index finished 327 points higher at 50,484. Cash market volumes on the NSE were about one percent lower than the previous day. The mid-cap index rose more than the Nifty 50 index even as the advance-decline ratio moderated to 1.58:1.

Trade setup for Monday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The range movement of few sessions is now on the verge of upside breakout. A decisive move above 24,450 levels could pull Nifty towards the next hurdle of 24,700 levels in the near term. Immediate support for Nifty today is at 24,100."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened with a gap up but faced selling pressure near 50,700 levels, finally concluding the day on a positive note at 50,485. Technically, the index has formed a hammer pattern on the weekly scale, indicating strength. If the index sustains above 50,710, it could trigger a fresh rally towards 51,000-51,200. Therefore, a buy-on-dips strategy should be adopted for Bank Nifty. On the downside, 49,650 will act as firm support for the index."

Hindenburg latest news

Speaking on the outlook of the Indian stock market after Hindenburg Research allegations against the SEBI chief and her husband, Ambareesh Baliga, an Indian market expert said, "There will be some impact, though one will after that need to watch out for whether fresh buying into the market comes at a lower level, as a support or not."

"Much will depend upon the kind of reaction opposition political parties give after the Hindenburg Research fresh claims," a SEBI registered equity research analyst said on the condition of anonymity.

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: Tips Industries, Oil India Ltd, ICICI Bank, Laurus Labs, and DLF.

Sumeet Bagadia's stock recommendations for today

1] Tips Industries: Buy at ₹716.35, target ₹755, stop loss ₹690.

Tips Industry's daily chart analysis of share price offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, 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.

2] Oil India Ltd: Buy at ₹644, target ₹675, stop loss ₹618.

Oil India's share is in a long-term uptrend and is currently trading at ₹643.95. It has recently experienced a breakout from a consolidation phase. It has found support near its short-term (20-day) EMA, which indicates strong buying interest. This breakout, supported by strong trading volumes, suggests a robust bullish trend. If OIL maintains its position above the 650 level, it is well-positioned to move towards the upward target of ₹675.

Ganesh Dongre's buy or sell stocks

3] ICICI Bank: Buy at ₹1180, target ₹1210, stop loss ₹1160.

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 ₹1210. The stock is currently maintaining a crucial support level at ₹1160. Given the current market price of ₹1180, 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 ₹1210.

4] Laurus Labs: Buy at ₹426, target ₹450, stop loss ₹415.

We have seen significant support in this stock, around ₹415. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹426 price level, which may continue its rally till its next resistance level of ₹450. Hence, traders can buy and hold this stock with a stop loss of ₹415 for the target price of ₹450 in the near term.

5] DLF: Buy at ₹830, target ₹850, stop loss ₹815.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that the stock's price could temporarily retrace, possibly to around ₹860. Currently, the stock is holding a crucial support level at ₹815.

Given this scenario, there is potential for the stock to rebound towards ₹850 shortly. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹815 to manage risk effectively.

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.