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Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to India VIX today, eight stocks to buy or sell on Tuesday — May 14
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Stock market today: Trade setup for Nifty 50 to India VIX today, eight stocks to buy or sell on Tuesday — May 14

Stocks to buy today: Experts have recommended eights buy or sell stocks for today — Sun Pharma, ICICI Bank, SBI, Federal Bank, HCL Tech, GMR Infra, Olectra Green, and BHEL

Stock market today: The Nifty 50 index closed near the support level of 21800–21900 zone whereas the 50-stock index has immedite resistance at 22,300 mark, say experts.Premium
Stock market today: The Nifty 50 index closed near the support level of 21800–21900 zone whereas the 50-stock index has immedite resistance at 22,300 mark, say experts.

Stock market today: Despite a downturn in morning session, the Indian stock market showcased its resilience by demonstrating a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754. Notably, cash market volumes on the NSE escalated to Rs.0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades, underlining the market's resilience.

Trade setup for Tuesday

On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "The Nifty 50 index closed near the support level of 21800–21900 zone. If the 50-stock index holds this support level, then upward movement can be seen for the Nifty in the upcoming days. Now the next resistance for the frontline index will be at 22,300. In the previous session, we have seen the gap down opening and then continuously Nifty has seen upward movement in the market for the rest of the day. After this, majorly all the indices closed in positive territory except oil and gas, textile and automobile sector at the end of the day. So, we may see further short covering in upcoming trading sessions, if Nifty holds its support at 21800-21900 level."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 14

"On the Bank Nifty front, the frontline index witnessed short covering in the second half of the trading session and closed in positive territory. So, immediate resistance for Bank Nifty today stands at 48,500 and support at 47,000 to 47,300 level," said Dongre.

On the outlook for the India VIX today, Sumeet Bagadia, Executive Director at Choice Broking said, "The India VIX Index finally breached the resistance placed at 19, which signals further upsidde in the volatility index of the Indian stock market. The index is now facing hurdle at 22 mark. Once it breaches this hurdle decisively, we may expect the India VIX Index to touch 25 mark soon."

Buy or sell stock ideas by experts

Regarding stocks to buy today, Sumeet Bagadia of Choice Broking; Ganesh Dongre of Ananad Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — have meticulously recommended eight buy or sell stocks for today, providing you with a well-informed guide for your trading decisions.

Sumeet Bagadia's stocks to buy today

1] Sun Pharma: Buy at 1525, tartget 1620, stop loss 1480.

Sun Pharma share price is presently valued at 1525.15. It recently consolidated at the bottom and is showing signs of a breakout, indicating a bullish reversal accompanied by robust trading volume. These patterns suggest a strong potential upward trajectory for the stock, instilling optimism in the potential of this investment. The Relative Strength Index (RSI) is currently at 48.67 and trending upwards, indicating a significant surge in buying momentum. Both RSI and Stochastic RSI are in the overbought region, suggesting that positional traders may consider holding their positions and implementing a trailing stop-loss strategy.

2] ICICI Bank: Buy at 1128, target 1200, stop loss 1100.

ICICI Bank share price has demonstrated noteworthy resilience, staging a rebound from a pivotal support level at 1100. The stock, currently trading at 1128, exhibits a positive trajectory, indicative of underlying strength. Significantly, ICICI Bank share is trading above key moving averages reinforces the stock's robust position.

Ganesh Dongre's shares to buy today

3] State Bank of India or SBI: Buy at 810, target 850, stop loss 797.

We have seen a major support in this stock around 797. So, at the current juncture, SBI share price has again seen a reversal price action formation at the 810 price level, which may continue its rally till its next resistance level of 850. So traders can buy and hold this stock with a stop loss of 797 for the target price of 850 in the near term.

4] Federal Bank: Buy at 162, target 170, stop loss 155.

In the short-term trend, Federal Bank share price has seen a bullish reversal pattern, technically retrenchment could be possible till 170. So, holding the support level of 155, Federal Bank share can bounce toward the level 170 in the short term. Hence, the trader can go along with a stop loss of 155 for the target price of 170.

5] HCL Tech: Buy at 1313, target 1365, stop loss 1280.

We have seen a strong support in this stock around 1280. So, at the current juncture, HCL Tech share has again seen a reversal price action and bullish candlestick pattern formation at the 1313, which may continue its rally till its next resistance level of 1365. Hence, traders can buy and hold this stock with a stop loss of 1280 for the target price of 1365 in the near term.

Shiju Koothupalakkal's buy or sell stocks

6] GMR Infra: Buy at 82.35, target 85, stop loss 81.

GMR Infra share price has bottomed out near 78 zone with consolidation witnessed and currently has indicated a positive candle formation on the daily chart to improve the bias with anticipation of further rise in the coming sessions. The RSI is well placed and has indicated a trend reversal to signal a buy with further upside potential visible from current rate. We suggest to buy the stock for an initial target of 85 keeping the stop loss of 81.

7] Olectra Green: Buy at 1625, target 1720, stop loss 1594.

Olectra Green share price after the decent erosion has indicated signs of bottoming out and with a pullback witnessed has improved the bias with rising volume participation. The RSI has picked up quite well from the oversold zone and has indicated a trend reversal to signal a buy. We suggest to buy the stock for an initial target of 1720 keeping the stop loss of 1594.

8] BHEL: Buy at 283.30, target 296, stop loss 277.

BHEL share price after a short correction has stabilised and taken support near 267 level witnessing a pullback with a positive candle formation on the daily chart to improve the bias. With the RSI also cooling off from the highly overbought zone, currently is well placed indicating a trend reversal to signal a buy. With the chart looking good, we suggest buying the stock for an initial target of 296 keeping the stop loss of 277 level.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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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: 14 May 2024, 08:08 AM IST
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