Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Stock Markets/  Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell today
BackBack

Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell today

Stocks to buy today: Experts have recommended seven shares to buy today — Infosys, Tata Consumer, NHPC, BF Utilities, Sarda Energy, UPL, and CLEAN

Stock market today: Though Nifty today is placed near the hurdle, still there is no sign of any reversal forming at the highs, say experts. (Photo: AP)Premium
Stock market today: Though Nifty today is placed near the hurdle, still there is no sign of any reversal forming at the highs, say experts. (Photo: AP)

Day trading guide for the stock market today: Despite global rating agency Fitch downgrading its outlook for China, the global market sentiments have remained positive. After the strong US inflation figures, the market is buzzing with the US Fed rate cut in the near term. As the Indian stock market is opening after the stock market holiday, Dalal Street is expected to react to the strong US CPI data. However, stock market experts are expecting the positive trends to further continue.

Day trading guide for the stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The Nifty 50 index is currently placed at the hurdle of around 22,800 levels (ascending resistance trend line and 1.618% Fibonacci extension). Though Nifty today is placed near the hurdle, still there is no sign of any reversal forming at the highs. Immediate support for Nifty today is placed at 22,615 levels. A decisive move above 22,800 levels is expected to open further upside momentum for the market ahead."

Unveiling stock market strategy after the profit-booking trigger in the early morning session, Rajesh Bhosale, Technical Analyst at Angel One said, "Going ahead, the nature of the correction that unfolds will be pivotal. A price-based correction could trigger broad market profit-taking, whereas a time-wise correction might maintain the benchmark index within a range while individual stocks continue to outperform. Amidst this uncertainty, it's advisable to avoid aggressive bets and instead continue with disciplined stock-specific trades, ensuring proper exit strategies are in place. Key levels to monitor include 22,800 to 22,850 as significant resistance, followed by psychological resistance at 23,000, with immediate support observed around 22,600 to 22,550."

Buy or sell stock ideas by experts

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

Sumeet Bagadia's stock recommendations

1] Infosys: Buy at 1498, target 1580, stop loss 1468.

Infosys share is currently valued at 1498. Recently, a reversal from the bottom, indicated by a neutral candlestick pattern at the bottom, suggests a bullish reversal, accompanied by robust trading volume. These patterns indicate a strong potential upward trajectory in the stock.

2] Tata Consumer: Buy at 1145, target 1220, stop loss 1107.

Tata Consumer Products Limited (TATACONSUM) is currently exhibiting positive technical signals in its trading pattern. The stock is trading at 1145 levels where the stock has crossed 1135 which was its 20 and 50 Day EMA levels. Its robust support base lies near 1107 levels.

Shiju Koothupalakkal's stocks to buy today

3] NHPC: Buy at 92.85, target 97, stop loss 90.50.

The stock has indicated a higher low formation pattern on the daily chart taking support near the 90.50 zone and has given a pullback to improve the bias. We anticipate a further rise in the coming session with the RSI also improving indicating strength. We suggest buying the stock for an initial target of 97 level keeping the stop loss of 90.50 level.

4] BF Utilities: Buy at 829, target 875, stop loss 819.

The stock has witnessed a short correction and indicated a higher low formation pattern on the daily chart taking support near the 810 zone and has given a decent pullback to improve the bias to anticipate for a further rise in the coming session. With the RSI well placed and on the improvement indicating strength, we suggest buying the stock for an initial target of 875 level keeping the stop loss of 819 level.

5] Sarda Energy: Buy above 230, target 244, stop loss 224.

The stock has indicated a bullish candle formation on the daily chart maintaining above the confluence of 50EMA and 200 period MA zone of 216 level indicating strength and has scope for further upward movement in the coming sessions. The RSI is steadily on the rise gaining strength and has further upside potential to carry on with the positive move. We suggest buying the stock for an initial target of 244 keeping the stop loss of 224.

Drumil Vithlani's shares to buy today

6] UPL: Buy at 503 to 505, target 520, stop loss 497.

UPL is seen to be breaking out of a Rectangle pattern on the daily time frame and making a Strong bullish candlestick which is why a buy recommendation is initiated for targets up to 520 One can initiate a buy on a dip in the range of 503-505 with stop loss below 497 on daily closing basis. The price is trading above the short-term EMA (20) indicating an uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

7] Clean Science and Technology: Buy at 1360 to 1362, target 1405, stop loss 1339.

CLEAN is seen to be breaking out of the Rectangle pattern on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 1405. One can initiate a buy-on dip in the range of 1360 with a stop loss below 1339 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.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

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: 12 Apr 2024, 10:53 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