Stock Market Today: Trading Setup for Nifty 50, Q1 Results Today Until Budget 2024, 5 Stocks to Buy or Sell on Monday

Stock Market Today: After a sharp move on Thursday, the Indian stock market witnessed a decisive sell-off last Friday. Stock market experts believe that the sell-off on Dalal Street was triggered by weak global market trends and rising tensions between the US and China. The Nifty 50 index corrected 269 points to close at 24,530, while the BSE Sensex lost 738 points to close at 80,604. The Bank Nifty index plunged 355 points to close at 52,265. Cash market volumes on the NSE fell 8.8 per cent, hampered by technical glitches. The broader market indices fell more than the Nifty, even as the advance-decline ratio fell to 0.18:1, a 1.5-month low.

Trading setup for Monday

Commenting on Nifty’s outlook today, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities, said, “The short-term trend of Nifty seems to have reversed from its all-time highs. Formation of candlestick patterns like daily and weekly patterns indicate the possibility of more weakness in the market going forward. The next lower supports to watch are around 24,200 and 24,000. The immediate resistance for Nifty today is placed at 24,850.”

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Commenting on Bank Nifty’s outlook today, Om Mehra, Technical Analyst, SAMCO Securities said, “Bank Nifty closed the session at 52,265.60, down 0.67%. Bank Nifty formed a bearish harami pattern on the daily candle, indicating short-term weakness. Bank Nifty is near its support zone around 52,100; if this level is broken on closing basis, it may extend up to 51,700 zone. With the daily MACD indicator slightly tilted to the negative side, a sell-on-rise strategy would be suitable for the near term.”

Budget 2024 in pictures

Siddhartha Khemka, Head of Retail Research, Motilal Oswal, today spoke about the outlook for the Indian equity market and said, “Overall, markets were affected by renewed tensions between the US and China, resulting in profit taking globally. Moreover, the Microsoft outage affected many large organizations, airlines and stock exchanges globally. Investors are also cautious ahead of the Union Budget 2024 this week on July 23, which will determine the next direction for the market. The earnings season is also set to gain momentum, resulting in stock-specific actions. Apart from Budget 2024, the US Core PCE and PMI data will be key events to watch.”

Q1 results today

Forty-four companies listed on Indian stock exchanges are set to announce their results for the first quarter of 2024 on Monday. These companies include IOB, IDBI Bank, Suzlon Energy, UCO Bank, Coforge, Zensar Technologies, Jana Small Finance Bank and Cyient DLM.

Buy or sell stock ideas by experts

In terms of 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 buying these five buy or sell stocks: Kalyan Jewellers, Emami, HCL Technologies, Ashok Leyland and Max Financial Services Ltd or MFSL.

Sumeet Bagadia Stocks You Can Buy Today

1) Kalyan Jewellers: Buy at 526, goal 565, stop-loss 505.

Kalyan Jewellers stock price has broken out of the consolidation phase and is showing an uptrend with higher highs and lower lows, indicating strong bullish momentum. Recent candles are showing minimal lower wicks, indicating robust buyer control. Increased volume is supporting the breakout, suggesting that the stock can rise further if it maintains its current trajectory above the recent highs.

2) Emami: Buy at 800, target 860, stop loss 765.

Emami stock is currently showing bullish continuation patterns, recovering from support levels and then making solid upward movements. The stock is clearly showing an upward trend and strong bullish characteristics. Recently, it has experienced a significant price increase, supported by a noticeable increase in trading volume. This suggests a strong market interest that accompanies the recent price increase.

Ganesh Dongre’s Buy or Sell Shares

3) HCL technologies: Buy at 1595, goal 1630, stop-loss 1560.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests a temporary pullback in the stock’s price, which may be around the 1630. The stock is currently holding a crucial support level at 1560. Given the current market price of 1595, a buying opportunity arises. This suggests that investors are considering buying the stock at its current price, expecting an increase towards the identified target of 1630.

4) MFSL: Buy at 1008, target 1045, stop-loss 990.

A breakout has been observed on the daily chart of this stock, indicating a potential uptrend. In addition to this breakout, the Relative Strength Index (RSI) is still rising, indicating increasing buying momentum. Given these technical indicators, traders may consider buying on declines, and entering the stock at a lower price. To manage risk, a stop loss of 990 is recommended. The target price for this strategy is 1045 in the short term, indicating a potential profit as the stock price continues its upward trend.

5) Ashok Leyland: Buy at 224, goal 230, stop loss 219.

On the daily chart, the stock has shown a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, a strong indicator of a potential upward movement. This technical pattern is considered bullish, suggesting that the stock may experience a price increase. Given this setup, traders may consider buying this stock and setting a stop loss at 219 to manage risk. The target price for this transaction is 230, which offers an opportunity for profit as the stock continues to show bullish behavior.

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