Equity Market Today: Absent any major significant indications, Indian equity markets ended lower on Monday. The Nifty 50 index ended marginally lower at 24,320, while the BSE Sensex fell 36 points to close at 79,960. The Bank Nifty index fell 234 points to close at 52,425. Cash market trading volumes on the NSE fell 7% to Rs 1.45 trillion. Broad market indices fell more than the front-runners, despite the gainers-to-losses ratio declining to 0.65:1.
Tuesday Trade Setups
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The short-term trend for Nifty remains positive. The range action will continue for the next one or two sessions, following which we may see further upside above 24,400. A sustained rise above the crucial hurdle of 24,400 could signal a sharp upswing in the market going forward.”
Commenting on the outlook for Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty closed down 0.45% at 52,425.80. The index has been moving in the range of 51,996 to 53,357 for the past few sessions. A breakout on either side of this zone would confirm the trend and push the index higher in that direction. The daily RSI is hovering around the 60 level, indicating potential strength. The 20-DMA at 51,600 is also acting as another key support level.”
Announcing his equity market strategy for intraday trades, Rajesh Bhosale, Equity Technical Analyst at Angel One said, “There was significant stock-specific rotation, which suggests traders are looking out for opportunities outside the index. FMCG and Oil & Gas sectors came into focus today and bucked the trend. Such opportunities are likely to arise in the future and traders should be vigilant in identifying such themes.”
Today’s First Quarter Results
Six publicly listed companies are scheduled to report their first-quarter 2024 results on Tuesday. They are Delta Corporation, GM Breweries, Elaya LifeSpaces, RS Software, Rajnish Wellness and Ventura Textiles Corporation.
Expert stock buying and selling ideas
On stocks to buy today, stock market experts Sumeet Bagadia, executive director, Choice Broking, and Ganesh Dongre, senior manager, technical research, Anand Rathi, have recommended five short selling stocks to buy – National Aluminium Company, Zuari Industries, Bajaj Auto, Ashok Leyland and Bank of Baroda.
Sumeet Bagadia’s Stocks to Buy Today
1]National Aluminium Company or NALCO: Buy at ₹206.30, target ₹222, stop loss ₹198.
NALCO is currently trading at ₹206.31. The stock has recently seen a significant increase in trading volumes on the daily chart, preparing for a range breakout and indicating a possible breakout. If the price closes above the ₹208 level, it could reach the short-term target of ₹222. Meanwhile, the immediate support level lies at ₹200. These levels can be considered as an opportunity to buy at lower prices.
2]Zuari Industries: Buy at ₹413, target price ₹435, stop loss ₹399.
Zuari Industries stock has recently seen a notable change in market behavior. The stock has moved from a small decline and sideways stability to a promising upward trend. The breakout has been supported by a steady upward trend marked by strong bullish momentum and a notable surge in trading volume.
How to buy or sell Ganesh Dongre shares
3]Bajaj Auto: Buy at ₹9530, target ₹9800, stop loss ₹9400.
Recent short-term trend analysis has revealed a noteworthy bullish reversal pattern. This technical pattern suggests that the stock may see a temporary dip and reach around Rs 9,800. Currently, the stock is holding a key support level at Rs 9,400. Given the current market price of Rs 9,530, a buying opportunity is emerging. This suggests that investors are keen to buy the stock at the current price and anticipate it rallying towards the identified target of Rs 9,800.
4]Ashok Leyland: Buy at ₹226, target price is ₹235 and stop loss is ₹222.
The daily chart of this stock shows a breakout at the price level of Rs 226, indicating a possible uptrend. Complementing this breakout, the Relative Strength Index (RSI) is still trending up, indicating increasing buying momentum. Considering these technical indicators, traders can consider buying at lows and entering the stock at lower prices. A stop loss of Rs 222 is recommended to manage risk. The short-term target price for this strategy is Rs 235, suggesting potential profits as the stock continues its upward trajectory.
5]Bank of Baroda: Buy at ₹262 with target price of ₹272 and stop loss of ₹255.
On the daily chart, the stock is exhibiting a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, which strongly suggests a possible upside. This technical pattern is considered bullish and suggests that the stock price may move higher. Given this setup, traders can consider buying this stock and place a stop loss at ₹255 for risk management. The target price for this trade is ₹272, with an opportunity to make profits as the stock continues to exhibit bullish movement.
Disclaimer: The views and recommendations expressed above are those of the individual analyst or brokerage firm and not of Mint. We recommend checking with a certified professional before making any investment decisions.
