Stock market today: Trade setup for Nifty 50 to Q1 results today, five stocks to buy or sell on Friday — August 2

Stock market today: The Indian stock market extended the bull trend for the fifth straight session on Thursday. The Nifty 50 index decisively conquered the psychological 25,000 peak. The 50-stock index took just 24 sessions to scale the last 1,000 points.

The frontline index achieved this feat despite various challenges, such as FIIs' selling, the initial adverse reaction to the Union Budget, developments on the Hamas conflict, deepening US-China trade tensions, and uninspiring Q1FY25 results. The BSE Sensex finished 126 points higher at 81,867, while the Bank Nifty index ended 50 points higher at 51,603.

Trade setup for Friday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The crucial hurdle of 25,000 to 25,100 remains intact, and the Nifty was not able to break above this area decisively. Chances of further consolidation or minor dip are not ruled out in the short term. Immediate support for Nifty today is at 24,750.”

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a positive tone but witnessed profit booking at higher levels and ended the day on a flat to positive note at 51,564. Technically, the index is still consolidating in the band of around 51,000-52,300. Moreover, the Bank Nifty faces rejection from a falling trend line at 52,300 levels. Thus, 52,000-52,300 will serve as a resistance zone for the Bank Nifty, while 51,000 will act as strong support."

Q1 results today

A total of 93 listed companies will declare their Q1FY24 results today. Those 93 listed companies include Titan Company, LIC Housing Finance, Hindustan Zinc, Delhivery, Narayana Hrudayalaya, Computer Age Management Services or CAMS, IDFC, Shree Renuka Sugars, 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: Voltas, HDFC Bank, HUL, Aditya Birla Capital, and GMR Infra.

Sumeet Bagadia's stock recommendations today

1] Voltas: Buy at ₹1536.65, target ₹1615, stop loss ₹1500.

2] HDFC Bank: Buy at ₹1638.80, target ₹1750, stop loss ₹1585.

Ganesh Dongre's shares to buy today

3] HUL: Buy at ₹2715, target ₹2800, stop loss ₹2675.

4] Aditya Birla Capital: Buy at ₹220, target ₹230, stop loss ₹215.

5] GMR Infra: Buy at ₹102, target ₹112, stop loss ₹96.

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.