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Stock market today: Following the mixed trend in global markets, the Indian stock market lost all its gains by the close of trade on Tuesday. The Nifty 50 index, which tracks the performance of the 50 largest companies listed on the National Stock Exchange (NSE), closed marginally higher at 23,264, while the BSE Sensex, a benchmark index that tracks the performance of the 30 largest and most actively traded stocks on the Bombay Stock Exchange (BSE), closed 33 points lower at 76,456. The Bank Nifty index, which tracks the banking sector, closed 75 points lower at 49,705. Cash market volumes on the NSE were lower at USD 1.25 billion. Broad market indices closed positively, although the increase-to-decrease ratio fell slightly to 1.72:1.

Trading setup for Wednesday

Commenting on the Nifty outlook today, Nagaraj Shetti, senior technical research analyst at HDFC Securities, said, “Nifty is at the hurdle of 23,400-23,500 today, which is a big challenge for the market to sustain the new all-time highs. Hence, there is a possibility of a market fall. The immediate support for the Nifty 50 index is at 23,050.”

Also read: Buy or sell: Vaishali Parekh recommends three stocks to buy today – June 12

Commenting on today’s Bank Nifty outlook, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty ended the session at 49,705.75, down 0.15%, forming a small-bodied bearish candle. The index failed to break above the 50,000 mark but remains above its short-term moving average. There could be some slight weakness if the index falls below 49,600, which would result in a test of 49,300-49,100 levels. However, the main trend remains strong as long as the 49,000 level is held. Bank Nifty could consolidate further for a few more days.”

The trigger is the global markets

Commenting on the global triggers that could dominate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, “Globally, investors are cautiously awaiting the US CPI data and the Fed’s earnings that will be released today. The Fed’s comments could give the market direction. So far, investors are expecting a rate cut towards the end of the year, so any deviation from that could affect the market in either direction.”

Buy or sell stock ideas from experts

When it comes to 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, recommend five stocks to buy or sell.

These are the Sumeet Bagadia shares you should buy today

1) Polycab India: Buy at 6998, Target 7540, Stop Loss 6730.

The current trading price of POLYCAB is 6997.90. The stock has recently been poised to break out of the range on the daily chart, with a significant increase in trading volume suggesting a possible breakout. If the price manages to break above the 7000 mark, it could have the potential to achieve short-term targets of 7540. On the other hand, immediate support levels are at 6900. These levels can be considered as buying opportunities during price dips.

2) Hot tub: Buy at 1741.25, Target 1830, stop loss 1680.

WHIRLPOOL’s daily chart analysis offers a positive outlook for the week ahead, suggesting a steady rise. Notably, the stock has exhibited a notable pattern of higher highs and higher lows over the week, and the company’s recent upward swing has effectively broken the neckline and reached a new weekly high. This break suggests the possibility of a significant upward move in the stock price following.

Buy or sell Ganesh Dongres shares

3) ICICI Bank: Buy at 1118, Destination 1160, Stop Loss 1100.

We have significant support for this stock at around 1100. At the present time, the stock has again formed a price reversal formation at 1100 price level, which could continue its rise to the next resistance level of 1160. Traders can therefore buy and hold this stock with a stop loss of 1100 for the price target of 1160 in the near future.

4) Berger colors: Buy at 494, Target 520, stop loss 480.

In the short term, the stock has undergone a bullish reversal pattern. Technically, a pullback could be possible until 520. Holding the support level of 480, this stock can recover towards 520 in the short term. Therefore, the trader can set a stop loss of 480 for the price target of 520.

5) Tata Motors: Buy at 986, destination 1020, Stop Loss 955.

We have seen significant support for this stock, around 986. At the present time, the stock has again experienced a price reversal formation on 986 price level, which could continue its rise to the next resistance level of 1020. Traders can therefore buy and hold this stock with a stop loss of 955 for the price target of 1020 in the near future.

Disclaimer: The views and recommendations above are those of individual analysts, experts and brokerage firms and not of Mint. We advise investors to seek advice from certified experts before making any investment decisions.

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