Stock market today: Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, whereas the BSE Sensex went off 53 points and closed at 79,478. The Bank Nifty index crashed 443 points and ended at 52,290. However, the broad market outperformed the frontline indices on Dalal Street. The small-cap index ended 0.70 percent higher while the mid-cap index went up 0.75 percent in the previous session.
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “Previously, a similar type of formation on 24th June has resulted in a sustainable upside move for the subsequent week. This is a positive indication. The underlying trend of Nifty continues to be positive. There is a possibility of an upside breakout hurdle around 24,400 to 24,500 levels in the next few sessions. Immediate support for Nifty today is placed at 24,170 levels.”
On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, said, "The Bank Nifty opened with a gap down and remained under pressure throughout the day, led by HDFC Bank. Finally, Bank Nifty settled the day negatively at 52,660 levels. From a technical standpoint, the index is consolidating in the band of 52,000-53,200. Either side's breakout will set the index's further direction."
Unveiling the Indian stock market strategy for intraday trading, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, “After a run-up of ~7% in the last month, we expect the market to consolidate at a higher zone. In this week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will look for inflation data that India, the US, and China will release.”
Q1FY25 earnings season has begun, and three listed companies are going to declare their Q1 results 2024 today. Those three listed entities are Shalby, Khoobsurat, and SecUR Credentia.
Regarding stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended buying these five buy-or-sell stocks: Zydus Wellness, Voltamp, Coromandel International, Exide Industries, and IRCTC.
1] Zydus Wellness: Buy at ₹2118.25, target ₹2222, stop loss ₹2050.
The analysis suggests a positive outlook for ZYDUSWELL based on the daily chart. The stock has shown a consistent higher high and higher low pattern over the past five days, with a recent breakout above the neckline indicating a potential upward movement. The increase in trading volume and the stock trading above the Volume-Weighted Average Price (VWAP) for the short term of ₹2105 further support a bullish scenario.
2] Voltamp Transformers: Buy at ₹13219.85, target ₹13950, stop loss ₹12780.
VOLTAMP is exhibiting strong bullish momentum, currently trading at an all-time high of ₹13468.90. The recent breakout above the crucial resistance at ₹12500 levels is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.
3] Coromandel International: Buy at ₹1580 to ₹1592, target ₹1640, stop loss ₹1555.
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 ₹1640. The stock is currently maintaining a crucial support level at ₹1555. Given the current market price of ₹1592, 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 ₹1640.
4] Exide Industries: Buy at ₹568, target ₹588, stop loss ₹545.
We have seen significant support in this stock, around ₹545. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹568 price level, which may continue its rally till its next resistance level of ₹588. So, traders can buy and hold this stock with a stop loss of ₹545 for the target price of ₹588 in the near term.
5] IRCTC: Buy at ₹1020 to ₹1030, target ₹1070, stop loss ₹970.
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 ₹1070. Currently, the stock is holding a crucial support level at ₹970.
Given this scenario, the stock could rebound towards the ₹1070 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹970, to manage risk effectively. The target price for this trade is ₹1070, reflecting the anticipated upward movement based on the identified technical signals.
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.
