Stock market today: Trade setup for Nifty 50 to global markets, five stocks to buy or sell on Tuesday — Sept 10

  • Stocks to buy todaty: Experts have recommended five shares to buy today — Doms Industries, Glenmark Life Sciences, NCC, Reliance Industries, and Tata Power

Asit Manohar
Updated10 Sep 2024, 09:17 AM IST
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Stock market today: Experts believe the short-term uptrend of Nifty seems to have reversed, and the market is expected to shift into a near-term downward correction ahead.
Stock market today: Experts believe the short-term uptrend of Nifty seems to have reversed, and the market is expected to shift into a near-term downward correction ahead.(Photo: Pixabay)

Stock market today: Following a partial recovery in the global markets, the Indian stock market snapped a three-day losing streak on Monday. The Nifty 50 index went up 84 points and closed at the 24,936 mark, the BSE Sensex surged 375 points and closed at 81,559, whereas the Bank Nifty index finished 540 points higher at 51,117. Cash market volumes on the NSE fell 17.5% compared to the previous session – the lowest since May 29. The broad market indices ended in the red even as the advance-decline ratio ended at 0.60:1.

Trade setup for Tuesday

Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term uptrend of Nifty seems to have reversed down, and the market is expected to shift into near-term downward correction ahead. Having broken below the immediate support at 25,000 levels, the next lower support is around 24,500. Immediate resistance for Nofty today is placed at 25,050."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "Bank Nifty opened on a negative note on Monday but, after initial volatility, the index recovered and settled the day on a positive note at 51,118. Technically, the index formed a piercing line candle on the daily scale, indicating strength. If the index holds today's low of around 50,370, a pullback rally towards 51,500-51,800 could be possible in the short term."

Global markets today

Asian stocks reversed early losses to rise marginally on Tuesday following Wall Street's overnight rally, though concerns about a still-struggling Chinese economy kept sentiment in check. MSCI's broadest index of Asia-Pacific shares outside Japan lasted up 0.2% after falling 1.11% in the previous session, hitting a one-month low. Japan's Nikkei last traded 0.4% higher, helped by gains in financial and consumer names.

Stocks to buy today

Regarding shares 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 buying these five shares: Doms Industries, Glenmark Life Sciences, NCC, Reliance Industries, and Tata Power.

Sumeet Bagadia's stocks to buy today

1] Doms Industries: Buy at 2732.05, target 2888, stop loss 2626.

DOMS is exhibiting bullish solid momentum, trading at an all-time high of 2774.60. The recent breakout above the crucial resistance at 2666 levels is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] Glenmark Life Sciences: Buy at 1204.95, target 1270, stop loss 1160.

GLS daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's shares to buy today

3] NCC: Buy at 310, target 325, stop loss 300.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around 325. Currently, the stock is maintaining a crucial support level at 300. Given the current market price of 310, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of 325.

4] Reliance Industries: Buy at 2930, target 3040, stop loss 2870.

On the daily chart of this stock, support at the 2870 level has been observed, signalling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at 2870 is recommended. The target price for this strategy is 3040 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

5] Tata Power: Buy at 420, target 445, stop loss 410.

On the short-term chart, this stock is forming an inherently bullish rounding bottom pattern. Currently priced at 420, this formation signals a potential upward trend. To effectively manage risk, a stop loss of 410 is recommended. The target price for this strategy is 445 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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First Published:10 Sep 2024, 09:17 AM IST
Business NewsMarketsStock MarketsStock market today: Trade setup for Nifty 50 to global markets, five stocks to buy or sell on Tuesday — Sept 10

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