Stock market today: Trade setup for Nifty 50 to Q1 results today, five stocks to buy or sell on Tuesday — July 16

Stock market today: Despite mixed trends from the global markets, the Indian stock market ended higher on Monday. The Nifty 50 index gained 84 points and closed at the 24,586 mark; the BSE Sensex shot up 145 points and finished at 80,664, whereas the Bank Nifty index ended 177 points higher at 52,455. Cash market volumes on the NSE were 15.5 percent lower at ₹1.32 lakh crore. The mid-cap index outperformed the Nifty 50 index in the broad market even as the advance-decline ratio improved to 1.09:1. Most sectors ended in the green, with buying seen in PSU Bank, Oil & Gas, Realty, and Healthcare. PSU's Banking sector was up 3 per cent after media reports suggested that the government may introduce amendments to the Banking Regulation Act 1949 and other laws to push reforms during the upcoming Budget session.

Trade setup for Tuesday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The near-term trend of Nifty remains positive. Having sustained above the hurdle of 24,400 levels (1.618% Fibonacci extension), there is a higher possibility of a further gradual upside move in Nifty towards 24,950 in the next week. Immediate support for Nifty today is at 24,450."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty ended the session at 52,455.90, gaining 177 points or 0.34%. It continues to trade in a narrow range but remains above the crucial support 52,000. However, the index would weaken if it slips below 51,750, where the support of the rising trend line lies. Moving above 52,800 would resume the bullish trend. The primary trend remains positive, and any short-term correction is seen as a buying opportunity for the next session."

Q1 results 2024

Twenty-three listed companies will declare their Q1 results today. These include Bajaj Auto, L&T Finance, CRISIL, Alok Industries, Jubilant Ingrevia, Just Dial, Agro Tech Foods, BMW Industries, Aditya Birla Money, and others.

Buy or sell stock ideas by experts

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: UTI AMC, Oracle Financial Services Software or OFSS, Max Financial Services, KFin Technologies, and Bajaj Auto.

Sumeet Bagadia's stock recommendations today

1] UTI AMC: Buy at ₹1077, target ₹1130, stop loss ₹1040.

UTIAMC daily chart analysis 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] OFSS: Buy at ₹10922.75, target ₹11500, stop loss ₹10555.

OFSS has recently exhibited a robust breakout from the critical resistance zone of ₹10050 to ₹10550 on the daily chart. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Ganesh Dongre's buy or sell stocks

3] Max Financial Services: Buy at ₹1037, target ₹1080, stop loss ₹1010.

On the daily chart of this stock, a breakout at the ₹1037 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 ₹1010 is recommended. The target price for this strategy is ₹1080 in the near term, suggesting a potential gain as the stock continues its upward trajectory.

4] KFin Technologies: Buy at ₹756, target ₹785, stop loss ₹735.

On the daily chart, the stock has shown a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, a strong indicator of potential upward movement. This technical pattern is considered bullish, suggesting that the stock may experience a price rise. Given this setup, traders might consider buying this stock, setting a stop loss at ₹735 to manage risk. The target price for this trade is ₹785, providing an opportunity for gains as the stock continues to demonstrate bullish behaviour.

5] Bajaj Auto: Buy at ₹9675, target ₹9950, stop loss ₹9500.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹9950. So, holding the support level of ₹9500, this stock can bounce toward ₹9950 in the short term. Hence, a trader can use a stop loss of ₹9500 for the target price of ₹9950.

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