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

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.