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Business News/ Markets / Stock Markets/  Stock market today: Ashok Leyland, ICICI Bank to NCC — 7 buy or sell stock ideas by experts
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Stock market today: Ashok Leyland, ICICI Bank to NCC — 7 buy or sell stock ideas by experts

Buy or sell stock ideas: Experts have recommended seven shares to buy today — Ashok Leyland, NCC, Zydus Life, Sumitomo Chemical, Tamilnadu Newsprint, ICICI Bank, and Pitti Engineering

Stock market today: The near-term trend of the Nifty 50 index remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side, believe analysts. (Photo: iStock)Premium
Stock market today: The near-term trend of the Nifty 50 index remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side, believe analysts. (Photo: iStock)

Stock market today: On account of weak global cues, the Indian stock market ended flat on Friday last week. Out of three frontline indices, the Nifty 50 and the BSE Sensex ended flat whereas the Bank Nifty index surged 0.90 percent by adding around 432 points on the previous session. The board market also outshined the Nifty 50 index as both small-cap and mid-cap indices finished 0.50 percent higher on the last session of the week gone by.

"The domestic markets registered gains for the week gone by as they remained well supported by strong macroeconomic data in the form of PMI numbers. At the current juncture, the earnings season too is expected to register satisfactory growth. The expectations for growth were seconded by RBI in its policy by way of strong projections for FY25. The domestic news flow is fairly supportive of the market sentiments, the volatility may largely induced by global developments, specifically expectations around the timing of the US Fed rate action," said Dr. Joseph Thomas, Head of Research at Emkay Wealth Management.

Stock market today

On the outlook for the stock market today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The near-term trend of the Nifty 50 index remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side. Hence a range expansion could be watched around 22,600 and 22,300 levels on either side. Therefore, a decisive move above 22600 levels could bring quick upside towards 22,800 levels and a slide below 22,300 levels is likely to open fresh round weakness from the highs."

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "The Bank Nifty index outperformed the Nifty 50 index during the week breaching above the previous peak zone of 48,160 levels and is almost on the verge of retesting the all-time high of 48,636 levels in the coming days. Once confirmation is established, the index would have the next target of 49,800 levels with most of the frontline banking stocks looking well poised for the pickup."

Buy or sell stock ideas for today

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended 7 buy or sell stocks for today.

Sumeet Bagadia's stock recommendations today

1] Ashok Leyland: Buy at 176, target 189, stop loss 170.

Ashok Leyland share, having rebounded from the support levels around 171, aligned with its 50-day Exponential Moving Average (EMA), currently hovers around 176 levels. A noteworthy resistance is evident near the 179 level, which, upon surpassing, could catalyze a further ascent towards the target of 189 and beyond. With the stock trading above key moving averages, its bullish momentum remains intact.

2] NCC: Buy at 272.70, target 288, stop loss 263.

NCC share price is currently trading at 272.7. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of 266.5 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching 288 levels. On the downside, substantial support is evident near 263.

Shiju Koothupalakkal's stocks to buy today

3] Zydus Life: Buy at 1006, target 1055, stop loss 982.

Zydus Life share price after the decent rally witnessed has taken a breather to slip down taking support near 973 levels and once again regained the upward move to improve the bias. We expect a decent pullback to the extent of achieving the target of 1055 levels keeping the strict stop loss of 982 levels.

4] Sumitomo Chemical: Buy at 380, target 396, stop loss 372.

The stock after the decent correction has bottomed out near the 336 zone and indicated a decent pullback to improve the base moving past the 50EMA at 370 levels to anticipate for further rise in the coming days. The RSI on the rise has indicated strength to carry on with the positive move and we suggest buying the stock for an initial target of 396 keeping the stop loss of 372 level.

5] Tamilnadu Newsprint & Papers: Buy at 271.80, target 286, stop loss 266.

The stock has witnessed a decent erosion and recently took support near the 246 zone it has consolidated and indicated a decent pullback to move past the 200 period MA and 50EMA levels to improve the bias. The RSI has recovered significantly from the highly oversold zone to indicate a trend reversal and signal a buy. With the chart looking attractive, we suggest buying the stock for an initial target of 286 keeping the stop loss of 266.

Mitesh Karwa's shares to buy today

6] ICICI Bank: Buy at 1080 to 1083, target 1140, stop loss 1057.

ICICI Bank 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 1140. One can initiate a buy on a dip in the range of 1080 to 1083 with a stop loss below 1057 on a daily closing basis.

7] Pitti Engineering: Buy at 750 to 752, target 765, stop loss 743.

The stock is seen to be breaking out of a downwards-sloping parallel channel on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 765. One can initiate a buy-on dip in the range of 750 to 752 with a stoploss below 743 on a daily closing basis.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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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.
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Published: 08 Apr 2024, 09:24 AM IST
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