Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Tuesday — May 28
BackBack

Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Tuesday — May 28

Stocks to buy today: Experts have recommended buying these eight shares today — IHC, Infosys, BoB, Voltas, Godrej Consumer Products, Jindal Saw, Band of India, and AU Bank

Stock market today: The Nifty 50 index has reverted from the upper band of the 'Rising Channel', suggesting a potent resilience in the near term, believe analysts. (Photo: iStock)Premium
Stock market today: The Nifty 50 index has reverted from the upper band of the 'Rising Channel', suggesting a potent resilience in the near term, believe analysts. (Photo: iStock)

Stock market today: Despite strong global market sentiments, the Indian stock market ended flat on Monday. The Nifty 50 index finished 24 points lower at 22,932 after touching a new peak of 23,110 mark. The BSE Sensex ended 19 points lower at the 75,390 mark after touching a new lifetime high of 76,009. However, the Bank Nifty index gained 310 points and closed at 49,281. Cash market volumes on the NSE were flat compared to the previous day. The mid-cap index closed 0.63 percent higher even as the advance-decline ratio remained negative at 0.62:1.

Trade setup for Tuesday

On the outlook for Nifty today, Osho Krishan, Sr. Analyst - Technical & Derivative Research at Angel One, said, "The Nifty 50 index has reverted from the upper band of the 'Rising Channel', suggesting a potent resilience in the near term. Also, the advance-decline ratio favouring the bears portrays the exhaustion among the bulls. At the current juncture, the upper band of the channel placed around 23150-23200 is likely to be an intermediate hurdle. On the other hand, the neckline of the breakout around 22800-22750 is expected to provide a cushion to the benchmark. For now, the index is likely to hover within the range above with bullish biases, and one needs to act accordingly and use proper risk management."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 28

On the outlook for Bank Nifty today, here is Rahul Ghose, CEO of Hedged. Said, "Bank Nifty showed strength and managed to trade above the opening range for the day 49050 to 49220; it traded above the CPR throughout the day, which indicates the upward momentum continues to be strong. The change in OI shows the increased ITM Put writing for the strike 49500 and below levels. The PCR opened at 1.12 levels made the high at 1.39 in the mid-session, to fall & close for the day at 0.98."

The India VIX index performed well for the day. In the opening range, it tested 18.44 on the downside and 26.2 on the upside. Although it remained flat for most of the session, it managed to close 7 percent higher at 23.36 than last week's levels.

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended eight buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] Indian Hotels Company or IHC: Buy at 581, target 618, stop loss 560.

Indian Hotels share price is currently trading at 581, displaying a ready breakout of a rounding bottom chart pattern with significant volume, indicating strong bullish momentum. Additionally, the stock is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, suggesting the potential for sustained upward price movement.

2] Godrej Consumer Products: Buy at 1329, target 1410, stop loss 1290.

Godrej Consumer Products Limited (GODREJCP) has exhibited a notable resurgence in its stock price. It recently rebounded from a support level at 1290, which is also close to its 20-day EMA levels, and is presently trading at around 1328.95. The fact that the stock trades above all the essential Exponential Moving Averages (EMA) suggests significant strength.

Ganesh Dongre's shares to buy today

3] Infosys: Buy at 1472, taret 1520, stop loss 1430.

We have seen major support in Infosys's share, around 1430. So, at the current juncture, the stock has again seen a reversal price action formation at the 1472 price level, which may continue its rally until its next resistance level of 1520. So, traders can buy and hold this stock with a stop loss of 1430 for the target price of 1520 in the near term.

4] Voltas: Buy at 1408, target 1450, stop loss 1380.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until 1450. So, holding the support level of 1380, this stock can bounce toward 1450 in the short term. Hence, the trader can use a stop loss of 1380 for the target price of 1450.

5] Bank of Baroda: Buy at 270, target 282, stop loss 263.

We have seen strong support in this stock, around 263 rupees. So, at the current juncture, BoB share price has again seen reversal price action and bullish candlestick pattern formation at the 270 price level, which may continue its rally until its next resistance level of 282. Hence, traders can buy and hold this stock with a stop loss of 263 for the target price of 282 in the near term.

Shiju Koothupalakkal's buy or sell stocks

6] Jindal Saw: Buy at 565.75, target 587, stop loss 554.

The stock has indicated a series of higher lows on the daily chart. Currently, with a positive bullish candle formation on the daily chart, it has improved the bias. With the RSI well placed, it has much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of 587, keeping the stop loss of 554.

7] Bank of India: Buy at 132.45, target 140, stop loss 129.50.

After the decent erosion, the stock has witnessed consolidation, taking support near the 121 zone. It has indicated a decent pullback to improve the bias, anticipating a further rise. The RSI reversing from the highly oversold zone has signalled a buy, and with the chart looking good, we suggest buying the stock for an initial upside target of 140, keeping the stop loss of 129.50.

8] AU Small Finance Bank: Buy at 634.60, target 665, stop loss 622.

After taking support near the 600 zone for the second time, the stock has indicated a pullback to move past the 50EMA level of the 621 zone to improve the bias, and further rise can be anticipated. The RSI is well placed, indicating a trend reversal after the gradual slide, and has much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of 665, keeping the stop loss of 622.

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.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates 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: 28 May 2024, 08:23 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