Active Stocks
Tue May 21 2024 15:59:52
  1. Tata Steel share price
  2. 174.30 3.81%
  1. NTPC share price
  2. 371.90 1.50%
  1. Power Grid Corporation Of India share price
  2. 325.45 2.71%
  1. Tata Motors share price
  2. 951.15 -0.19%
  1. State Bank Of India share price
  2. 830.55 1.18%
Business News/ Markets / Stock Markets/  Stock market today: 4 stocks to buy or sell on Tuesday — April 16 amid Iran-Israel conflict
BackBack

Stock market today: 4 stocks to buy or sell on Tuesday — April 16 amid Iran-Israel conflict

Stock market today: Experts have recommended four stocks to buy today — COLPAL, Gujarat Gas, Mangalam Cement, and Cigniti Technologies

Stock market today: The short-term trend of the Nifty 50 index continues to be weak, say experts. (Photo: Pixabay)Premium
Stock market today: The short-term trend of the Nifty 50 index continues to be weak, say experts. (Photo: Pixabay)

Day trading guide for stock market today: The Indian stock market witnessed sharp selling for the second day in a row on Monday as global equity bias continues to remain weak on the rising Iran-Iran conflict. The Nifty 50 index crashed 246 points or 1.10 percent and closed at the 22,272 level, the BSE Sensex tanked 845 points or 1.14 percent and finished at the 73,399 mark whereas the Bank Nifty index nosedived 791 points or 1.63 percent and ended at 47,773 level. In the broad market, the small-cap index crashed 1.54 percent whereas the mid-cap index tanked 1.50 percent.

Iran-Israel conflict in focus

Iran's unprecedented attack on Israel has marked a new tension in the Middle East conflict. Iran has defended itself saying the attack was in response to an alleged airstrike done by Israel at its consular offices in Syria in which two generals with its paramilitary Revolutionary Guard were killed on April 1.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be weak. The next lower levels to be watched are around 22,000. Immediate resistance for Nifty today is placed at 22,400 levels."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 16

On factors that may dictate the Indian stock market today, Ruchit Jain, Lead Research at 5paisa.com said, "Given the global uncertainty, we believe the near-term momentum would be more influenced by the Middle East news flows and the global markets movement. Hence, traders should prefer to stay light on trading positions and be very selective in stock-specific trades."

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended four stocks to buy or sell today.

Also Read: Day trading stocks to buy: Anand Rathi recommends three shares to buy today — 16th April

Sumeet Bagadia's stocks to buy today

1] Colgate Palmolive: Buy at 2673.30, target 2820, stop loss 2585.

Colgate-Palmolive (COLPAL) has exhibited a noteworthy rebound from the support level of 2585, currently trading at approximately 2673.30 levels. The stock's positioning above its 50-day and 200-day Exponential Moving Averages (EMA) signals a positive trend, reflecting strength in its current trajectory. The momentum indicator, Relative Strength Index (RSI), comfortably rising to 51.22 levels, underscores the stock's robust performance.

2] Gujarat Gas: Buy at 573, target 620, stop loss 246.

Gujarat Gas share price is currently trading at 527.95. Recent observations on the daily chart reveal a breakout above a trendline, accompanied by significant trading volume. Market sentiment suggests the potential for further upward movement, with a target of around 620. Substantial support is noted near 546.

Mitesh Karwa's buy or sell stocks

3] Mangalam Cement: Buy at 854 to 856, target 900, stop loss 829.

Mangalam Cement share price is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 900. One can initiate a buy on a dip in the range of 854 to 856 with a stop loss below 829 on a daily closing basis.

4] Cigniti Technologies: Buy at 1273 to 1275, target 1333, stop loss 1240.

Cigniti Technologies share is seen to be breaking out of a rounding bottom formation on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 1333. One can initiate a buy on a dip in the range of 1273 to 1275 with stop loss below 1240 on a daily closing basis.

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 16 Apr 2024, 08:44 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started