Stock market today: Trade setup for Nifty 50 to global cues, five stocks to buy or sell on Friday — June 14
- Stocks to buy today: Experts have recommmended buying these five buy or sell stocks — Usha Martin, Grasim Industries, IGL, HCL Tech, and M&M
Stock market today: Despite weak global market sentiments on the hawkish US Fed meeting outcome, the Indian stock market ended higher for the third straight session. The Nifty 50 index finished 75 points higher at 23,398, and the BSE Sensex scaled 204 points north and ended at 76,810. However, the Bank Nifty index went off 48 points and closed at 49,846. Cash market volumes on the NSE rose about 7% to ₹1.29 lakh crore. The broad market indices rose more than the Nifty even as the advance-decline ratio fell to 1.52:1.
Trade setup for Friday
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be range-bound with a positive bias. Previously, such sideways range movements at the higher tops eventually resulted in a downward correction in the market from the highs. Nifty continued to face stiff resistance around 23,400 to 23,500 levels, and immediate support is at 23,280 levels."
Speaking on the outlook for the Bank Nifty today, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened with a gap up but subsequently lost momentum and finally closed the day on a negative note at 49,847. Technically, the Bank Nifty, on a daily scale, has formed a bearish Marubozu candlestick pattern following the formation of a tri-star doji, indicating weakness. On the downside, immediate support for the index is placed near 49,000 levels, where the 21-DEMA is."
On the global triggers that may dictate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "MarketMarket is hopefully waiting for a favourable union budget, which is likely to be announced next month. Sentiments were boosted after domestic inflation fell to a 1-year low, and domestic April IIP data came in better than expected. The market has been consolidating over the last few days with a positive bias and is slowly and gradually increasing. Robust domestic macros, healthy monsoon prediction, and strong earnings expectations will likely support the uptrend."
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, recommended five buy or sell stocks.
Sumeet Bagadia's stocks to buy today
1] Usha Martin: Buy at ₹415, target ₹440, stop loss ₹399.
Usha Martin's daily chart analysis reveals a notable shift in market dynamics, transitioning from minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects an up move, potentially signalling an upside breakout from a narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.
2] Grasim Industries: Buy at ₹2458, target ₹2580, stop loss ₹2390.
Grasim Industries' current stock price of approximately ₹2395 reflects several promising indicators for traders and investors. The RSI (Relative Strength Index), which measures a stock's momentum and strength, is currently at a respectable 58.26 level. This suggests that GRASIM is in a healthy trading range and not overbought or oversold, indicating stability and potential for further upward movement.
Ganesh Dongre's buy or sell stocks
3] IGL: Buy at ₹487, target ₹510, stop loss ₹475.
We have seen significant support in this stock at around ₹475. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹487 price level, which may continue its rally till its next resistance level of ₹510. So, traders can buy and hold this stock with a stop loss of ₹475 for the target price of ₹510 in the near term.
4] HCL Technologies: Buy at ₹1445, target ₹1520, stop loss ₹1410.
In the short term, the stock has seen a bullish reversal pattern; technically, a reduction could be possible until ₹1520. So, holding the support level of ₹1410, this stock can bounce toward ₹1520 in the short term. Hence, the trader can use a stop loss of ₹1410 for the target price of ₹1520.
5] Mahindra & Mahindra or M&M: Buy at ₹2870, target ₹2930, stop loss ₹2830.
We have seen significant support in this stock at around ₹2830. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹2870 price level, which may continue its rally till its next resistance level of ₹2930. So traders can buy and hold this stock with a stop loss of ₹2830 for the target price of ₹2930 in the near term.
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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