Stock Market Today: Despite strong sentiments in global markets on rumours of a US Federal Reserve rate cut, Indian equity markets remained flat last Friday. The Nifty 50 index closed marginally higher at 24,168, while the BSE Sensex fell 53 points to close at 79,478. The Bank Nifty index fell 443 points to close at 52,290. However, the broader market outperformed the major indices on Dalal Street. The smallcap index was up 0.70% and the midcap index was up 0.75% in the previous session.
Trade Setups for Monday
Commenting on the outlook for Nifty today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Previously, a similar formation was seen on June 24th which saw a sustained uptrend in the following week. This is a positive sign. The underlying trend for Nifty remains positive. The upside breakout hurdle is likely to be breached at 24,400-24,500 levels in the next few sessions. The immediate support for Nifty today lies at 24,170 levels.”
Commenting on the outlook for Bank Nifty today, Hrishikesh Yedve, Vice President, Technical and Derivatives Research, Ashit C Mehta said, “Bank Nifty began with a gap down and remained under pressure throughout the day led by HDFC Bank. Eventually Bank Nifty ended the day declining at 52,660 levels. From a technical perspective, the index is consolidating in the range of 52,000-53,200. A breakout on either side will determine the future direction of the index.”
Releasing an intraday trading strategy for the Indian equity market, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “After rallying around 7 per cent last month, we expect the market to stabilise in the higher zone. Equity and sectoral action is expected this week as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will be keeping an eye on inflation data coming out from India, US and China.”
Today’s First Quarter Results
As the earnings season for Q1 FY2025 gets underway, three publicly listed companies are set to announce their results for Q1 FY2024 today. The three publicly listed companies are Shalby, Khoobsurat, and SecUR Credentia.
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 – Zydus Wellness, Voltamp, Coromandel International, Exide Industries and IRCTC.
Sumeet Bagadia’s Stocks to Buy Today
1]Zydus Wellness: Buy at ₹2118.25, target ₹2222, stop loss ₹2050.
Analysis suggests that ZYDUSWELL’s outlook is bright based on the daily chart. The stock has been exhibiting a consistent pattern of higher highs and lower lows for the past five days and the recent breakout above the neckline indicates a potential upside trend. Increasing trading volumes and the stock trading above its Volume Weighted Average Price (VWAP) of ₹2105 in the near term further support the bullish scenario.
2]Voltamp Transformers: Buy at ₹13219.85, target ₹13950, stop loss ₹12780.
VOLTAMP is exhibiting strong bullish momentum and is currently trading at an all-time high of ₹13468.90. The recent breakout above the key resistance of ₹12500 level is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakout suggests that the uptrend may continue, providing an optimistic outlook for investors.
How to buy or sell Ganesh Dongre shares
3]Coromandel International: Buy at ₹1580 to ₹1592, target ₹1640, stop loss ₹1555.
Recent short-term trend analysis has revealed a noteworthy bullish reversal pattern. This technical pattern suggests that the stock may see a temporary downturn and reach around Rs 1640. Currently, the stock is holding a key support level at Rs 1555. Given the current market price of Rs 1592, a buying opportunity is being created. This suggests that investors are keen to buy the stock at the current price and anticipate it rising towards the identified target of Rs 1640.
4]Exide Industries: Buy at ₹568, target ₹588, stop loss ₹545.
The stock has seen major support around Rs 545. So, as of now, the stock is again seeing a reversal price action formation at the price level of Rs 568 and the upside may continue till the next resistance level of Rs 588. So, traders can buy and hold the stock with a stop loss of Rs 545 for a target price of Rs 588 in the short term.
5]IRCTC: Buy at ₹1020-₹1030, target ₹1070, stop loss ₹970.
A recent short-term trend analysis of the stock has revealed a notable bullish reversal pattern has emerged. This technical pattern suggests that the stock may temporarily rally back to around Rs 1,070. Currently, the stock is holding a critical support level at Rs 970.
In this scenario, the stock price may recover to ₹1070 levels in the near future. Traders may consider taking a long position with a strategic stop loss at ₹970 to effectively manage risk. The target price for this trade is ₹1070, reflecting the expected upside based on the identified technical signals.
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.
