Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Wednesday — May 29
BackBack

Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Wednesday — May 29

Stocks to buy today: Experts have recommended buying five buy or sell stocks for today — Hero MotoCorp, HDFC Life, Muthoot Finance, HCL Tech, and Kotak Mahindra Bank

Stock market today: In terms of levels, 22800-22700 is likely to be seen as immediate support for Nifty today. (Photo: Pixabay)Premium
Stock market today: In terms of levels, 22800-22700 is likely to be seen as immediate support for Nifty today. (Photo: Pixabay)

Stock market today: Following weak global cues, the Indian stock market ended lower for the third straight session. The Nifty 50 index, which represents the performance of the 50 largest and most liquid Indian companies, went down 44 points and closed at 22,888, whereas the BSE Sensex, which is a benchmark index of the Bombay Stock Exchange, shed 220 points and closed at 75,170. The Bank Nifty index, which represents the performance of the banking sector, lost 139 points and finished at 49,142. 

Cash market volumes on the NSE, which is the National Stock Exchange of India, fell nearly 16 percent compared to the previous day. The broad market indices fell more than the Nifty, even as the advance-decline ratio, which measures the number of advancing stocks to the number of declining stocks, dropped sharply to 0.4:1, indicating a bearish market sentiment."

Also Read: Stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks today

Trade setup for Wednesday

Providing his expert analysis on the Nifty 50 index, Osho Krishan, a seasoned Sr. Analyst in Technical & Derivative Research at Angel One, stated, "From a technical standpoint, there has been a subtle shift in the price chart for Nifty, but the recent small-bodied candlestick formations clearly indicated the exhaustion of the bullish strength and could trigger a price-wise correction post-rally. In terms of levels, 22800-22700 is likely to be seen as immediate support. Conversely, 23000 poses a significant hurdle, followed by the lifetime high zone around 23100."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 29

On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty halted its gaining streak, ending the session at 49,142.15, down 0.28%. The appearance of a shooting star on the daily chart in the previous session suggests higher-level resistance. A break below the immediate support level of 49,100 could push the index towards 48,800. For the uptrend to resume, Bank Nifty must decisively break above the 49,400 mark."

When asked about the outlook of the Indian stock market today, Siddhartha Khemka, the Head of Retail Research at Motilal Oswal, expressed, "We anticipate Nifty to maintain a sideways to marginally positive trend, buoyed by reduced FII selling, predictions of above-normal monsoon, and the last leg of Q4 results. These factors could potentially open up profitable opportunities for investors."

Expecting the volatility to continue further on Dalal Street, Rahul Ghose, CEO of Hedged.in said, "The rise in India VIX after forming the day low at 22.03 gradually increased to test the day's high at 24.48 and likely to close around the high, build pressure on Nifty on the upside, which traded, below the opening range 22957 to 22992, most of the day. The bearish OI build-up in 23000 Calls indicates that 23000 shall be a hurdle for Nifty to cross in the last expiry week of the May series."

Buy or sell stock ideas by experts

For those seeking stock recommendations, market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have carefully selected five stocks for potential buy or sell opportunities, ensuring a comprehensive and well-informed approach.

Sumeet Bagadia's stocks to buy today

1] Hero MotoCorp: Buy at 5185, target 5525, stop loss 5020.

Hero MotoCorp's share price is currently 5185. It recently consolidated within 4965 to 5200 levels and exhibits signs of a bullish trend, indicating a potential bullish breakout accompanied by robust trading volume. However, it's important to note that there are risks associated with this trade, such as a potential decrease in stock prices if the bullish trend reverses. Buying on dips is recommended within the range of 5100 levels."

2] Muthoot Finance: Buy at 1745.40, target 1850, stop loss 1685.

Muthoot Finance share is currently trading at 1745.4. After minor falls and sideways consolidation, the stock has lately broken the neckline levels of 1720 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching 1850 levels. On the downside, considerable support is evident near 1685.

Ganesh Dongre's buy or sell stocks

3] HDFC Life: Buy at 578, target 600, stop loss 560.

We have seen significant support in this stock, around 560. So, at the current juncture, the stock has again seen a reversal price action formation at the 578 price level, which may continue its rally till its next resistance level of 600. So, traders can buy and hold this stock with a stop loss of 560 for the target price of 600 in the near term.

4] HCL Technologies: Buy at 1358, target 1420, stop loss 1320.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until 1420. This means that the stock's price could potentially decrease before it starts to increase. So, holding the support level of 1320, this stock can bounce toward 1420 in the short term. Hence, the trader can use a stop loss of 1320 for the target price of 1420. It's important to note that the stock's price could be influenced by current market trends, such as changes in investor sentiment or economic conditions."

5] Kotak Mahindra Bank: Buy at 1698, target 1740, stop loss 1665.

We have seen significant support in this stock, around 1665. So, at the current juncture, the stock has again seen a reversal price action formation at the 1698 price level, which may continue its rally till its next resistance level of 1740. This means that the stock's price could potentially increase due to positive financial performance. So, traders can buy and hold this stock with a stop loss of 1665 for the target price of 1740 in the near term. It's important to note that the stock's price could be influenced by the company's financial performance, such as its quarterly earnings or revenue growth."

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: 29 May 2024, 07:39 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