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Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Thursday — May 16
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Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Thursday — May 16

Stocks to buy today: Market experts have recommended these eight buy or sell stocks for today — V Guard, Vesuvius India, IOC, NTPC, Persistent System, Praj Industries, Amara Raja Energy, and Olectra Green

Stock market today: Immediate support for Nifty today is placed at 22,070 levels, say experts. (Photo: AP)Premium
Stock market today: Immediate support for Nifty today is placed at 22,070 levels, say experts. (Photo: AP)

Stock market today: The Indian stock market, despite strong global cues, snapped a three-day winning streak on Wednesday. The Nifty 50 index closed at the 22,200 mark, the BSE Sensex closed at the 72,987 mark, and the Bank Nifty index finished at 47,687. Cash market volumes on the NSE rose about 9 percent to Rs.1.01 lakh crore. The broad market indices ended positively, even as the advance-decline ratio remained firm at 1.46:1.

Trade setup for Thursday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, expects a further upmove after a minor dip or consolidation. He sees a sustainable move above the immediate resistance of 22,300 levels opening the doors for the higher target of 22,600 soon. Immediate support for Nifty today is placed at 22,070 levels.

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty opened on a positive note but was unable to sustain at higher levels, resulting in profit booking and settling the day on a negative note at 47,687. Technically, the index still respects a bullish engulfing candle, indicating strength. The bullish momentum will continue as long as the index remains above 46,983. On the upside, the 21-DEMA is placed near 48,060, which will serve as the first hurdle for the index, followed by 48,500."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 16

On the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "The relentless FIIs selling and India VIX at elevated levels put pressure on the market. We expect the market to consolidate in a broader range as the election polling progresses and the result season nears the end."

Buy or sell stock ideas by experts

Today's stock recommendations come from seasoned market experts, Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. Their insights and experience make these recommendations a valuable resource for your trading decisions.

Sumeet Bagadia's stocks to buy today

1] V Guard: This stock presents a promising opportunity. Buy at 367, with a target of 388, and a stop loss at 354. This strategy could lead to significant gains in your portfolio.

The analysis behind the recommendation for V Guard is comprehensive. The stock's current price of 366.85 indicates a solid foundation established at the support level of 354. The consolidation and base formation at this support level signify stock performance stability. Additionally, VGUARD exhibits resilience by trading above crucial moving averages, affirming its inherent strength. This thorough analysis should give you confidence in the recommendation.

2] Vesuvius India: Buy at 5200, target 5550, stop loss 5020.

Vesuvius shares are exhibiting bullish, solid momentum, currently trading at an all-time high of 5266.65. The recent breakout above the crucial resistance at 5085 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.

Ganesh Dongre's shares to buy today

3] IOC: Buy at 162, target 170, stop loss 156.

We have seen significant support in this stock, around 156. So, at the current juncture, the IOC share price has again seen a reversal price action formation at the 162 price level, which may continue its rally until its next resistance level of 170. So, traders can buy and hold this stock with a stop loss of 156 for the target price of 170 in the near term.

4] Persistent System: Buy at 3470, target 3550, stop loss 3410.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until 3550. So, holding the support level of 3410, this stock can bounce toward 3550 in the short term. Hence, the trader can use a stop loss of 3410 for the target price of 3550.

5] NTPC: Buy at 362, target 375, stop loss 354.

We have seen strong support in the NTPC share price of around 354 rupees. So, at the current juncture, the stock has again seen reversal price action and bullish candlestick pattern formation at the 362 price level, which may continue its rally until its next resistance level of 375. Hence, traders can buy and hold this stock with a stop loss of 354 for the target price of 375 in the near term.

Shiju Koothupalakkal's buy or sell stocks

6] Praj Industries: Buy at 523, target 544, stop loss 512.

After witnessing the short correction, the stock, currently taking support near the 497 zone, has indicated a decent pullback, moving past the confluence of the 50EMA and 100-period MA at the 520 zone to improve the bias. The RSI is well placed and has confirmed a trend reversal to signal a buy. With upside potential visible from the current rate, we suggest buying the stock for an initial target of 544, keeping the stop loss at 512.

7] Amara Raja Energy: Buy at 1123, target 1165, stop loss 1100.

The stock has indicated a flag pattern on the daily chart and recently, with a decent pullback witnessed taking support near the 1015 zone, has improved the bias to anticipate further rise. The RSI has cooled off from the highly overbought zone and currently is well placed, showing strength and has the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of 1165, keeping the stop loss of 1100.

8] Olectra Green: Buy at 1710, target 1790, stop loss 1675.

After the correction, the stock once again took support near the 1560 zone and indicated a pullback with a positive candle formation to improve the bias, anticipating a further rise. The RSI has consolidated near the oversold zone and indicated a trend reversal to signal a buy. With the chart looking attractive, we suggest buying the stock for an initial target of 1790, keeping the stop loss of 1675.

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.

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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: 16 May 2024, 08:04 AM IST
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