Stock market today: Nifty 50 to Q1 results today, five stocks to buy or sell on Thursday — July 18

Buy or sell stocks for today: Despite falling European markets and mixed Asian stock market cues, the Indian stock market ended at a record-closing high on Tuesday. The Nifty 50 index closed 26 points higher at 24,613, the BSE Sensex gained 51 points and ended at 80,716, whereas the Bank Nifty index finished 59 points lower at 52,396. Cash market volumes on the NSE were 5.1 percent lower at ₹1.25 lakh crore. The mid-cap index ended negatively even as the advance-decline ratio remained above par at 1.05:1.

Trade setup for Thursday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The near-term uptrend of Nifty remains intact. Though Nifty is consolidating at higher levels, there is still no confirmation of any significant reversal pattern building at the highs. Further upside move from here could pull Nifty towards 24,900 in the near term. The immediate support for Nifty today is at 24,450 levels."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "Bank Nifty index opened adversely, consolidated in a narrow zone, and finally settled the day on a negative note at 52,397 levels. Technically, on the daily scale, the index consolidates in a narrow band but holds above the 21-day Exponential Moving Average (DEMA) support, which is positioned near 51,960. At the same time, the recent swing low is situated near 51,750. As long as the index holds above 51,750, a buy-on-dips strategy should be adopted for Bank Nifty. On the upside, 52,800 and 53,000 will serve as strong resistance levels."

Q1 results today

A total of 34 listed companies will declare their Q1 results 2024. Those listed companies include Infosys, Havells India, Polycab India, JSW Infra, Tata Communications, Persistent Systems, Tata Technologies, Dalmia Bharat, Tanla Platforms, MAstek, South Indian Bank, Rallis India, etc.

Buy or sell stock ideas by experts

Regarding 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: Suzlon, Tech Mahindra, Jindal Steel, Adani Total Gas, and Siemens.

Sumeet Bagadia's stocks to buy today

1] Suzlon: Buy at ₹55.70, target ₹60, stop loss ₹53.90.

The SUZLON share is currently trading at ₹55.70. The stock recently broke out of a rounding pattern with good volume, indicating a strong uptrend.

The Relative Strength Index (RSI) for the SUZLON share price stands at 67.4, suggesting there is still room for potential upside. Additionally, the Stochastic RSI shows a positive crossover, further supporting the bullish sentiment. Notably, the stock is trading above all major moving averages, highlighting its strength in the market.

Considering these technical indicators and the prevailing market conditions, the current level of ₹55.70 presents a favourable buying opportunity for SUZLON. The trade target is ₹60, with a recommended stop-loss of ₹53.9 to manage potential risks.

2] Tech Mahindra: Buy at ₹1515, target ₹1620, stop loss ₹1450.

Tech Mahindra Share, a prominent player in the technology sector, has demonstrated resilience by bouncing back after a retest of the breakout level at ₹1485. Currently trading at ₹1515 per share, the stock has recently broken above ₹1485, signalling robust strength. This positive sentiment is further reinforced as TECHM trades above its 20, 50, and 200-day moving averages, indicating bullish momentum.

Ganesh Dongre's buy or sell stocks

3] Jindal Steel: Buy at ₹1010, target ₹1050, stop loss ₹992.

This stock forms an inherently bullish rounding bottom pattern on the daily chart. Currently priced at ₹1010, this formation signals a potential upward trend. To effectively manage risk, a stop loss of ₹992 is recommended. Setting a stop loss at ₹992 helps limit potential downside risk while allowing the stock to fluctuate naturally.

The target price for this strategy is ₹1050 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

4] Adani Total Gas: Buy at ₹906, target ₹950, stop loss ₹880.

The stock has formed a triple bottom pattern on the daily chart, a bullish technical pattern indicating a potential short-term reversal. This formation occurs when the stock price hits the same support level three times, creating a clear and distinct support zone. Adding to this bullish sentiment, a bullish engulfing pattern has emerged. It is a strong indicator of potential upward movement, signalling that buying pressure is starting to overcome selling pressure. Given this technical setup, traders might consider buying this stock. To manage risk effectively, setting a stop loss at ₹880 is prudent. The target price for this trade is set at ₹950.

5] Siemens: Buy at ₹7470, target ₹7900, stop loss ₹7350.

In the short-term trend, the stock has seen strong support at the price level of ₹7300 to ₹7350; technically, a reduction could be possible till ₹7900. So, holding the support level of ₹7350, this stock can bounce toward the level of ₹7900 in the short term. Hence, the trader can go along with a stop loss of ₹7300 for the target price of ₹7900.

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.