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Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to Modi 3.0. Five stocks to buy or sell on Monday — June 10

Stock market today: Trade setup for Nifty 50 to Modi 3.0. Five stocks to buy or sell on Monday — June 10

  • Stocks to buy today: Experts have recommended buying these five buy or sell stocks — TVS Motor, Trent, Equitas Small Finance Bank, Sobha, and LT Foods

Stock market today: The Modi Cabinet's oath ceremony signals that the Modi 3.0 will remain under the stronghold of the BJP, the Indian stock market is expected to take this positively,

Stock market today: Buoyed by the dovish commentary by the RBI and hike in FY25 GDP growth forecast, the Indian stock market ended higher for the third straight session on Friday last week. The Nifty 50 index gained 468 points and closed at 23,290, whereas the BSE Sensex surged 1618 points and ended at 76,693. The Bank Nifty index finished 511 points higher at 49,803. However, the India VIX Index gained 0.49 percent and finished at 16.88. The small-cap index ended 2.18 percent higher in the broad market, whereas the mid-cap index finished 1.28 percent.

Modi Cabinet 2024 in focus

On Modi 3.0 effect on the Indian stock market, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "The Modi 3.0 government has come in place after the oath ceremony of the Modi cabinet on Sunday evening. As the oath ceremony signals that the government will remain under the stronghold of the BJP, the Indian stock market is expected to take this positively, and we may see the extension of the positive bias on Monday deals."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 10

Trade setup for Monday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be positive. Having reached the overhead resistance of around 23,300 to 23,400 levels, there is a possibility of a minor dip in the market from the highs in the short term, and that could be a buying opportunity. Immediate support for Nifty today is placed at 22,900 levels."

Also Read: Kronox Lab Sciences IPO listing date today. GMP, experts signal strong debut

Speaking on the outlook for Bank Nifty today, Rupak De, Senior Technical Analyst at LKP Securities, said, "Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests the potential for further upward movement if the resistance is breached."

Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "Global cues have added to the positivity with European Central Bank announcing interest rate cut by 25 bps for the first time in nearly five years, moving faster than its US and UK counterparts. Now, hopes have revived that the US Fed might cut interest rates in the September meeting based on recent macro data points. Next week, we will focus on allocating key cabinet portfolios such as finance, defence, roads, energy, commerce, and railways. The market will continue to be volatile with upward biasedness."

Buy or sell stock ideas by experts

Speaking on stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended five stocks to buy or sell on Monday.

Sumeet Bagadia's stocks to buy today

1] TVS Motor: Buy at 2407.65, target 2525, stop loss 2323.

TCS Motor daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by a Bullish Pattern in the weekly chart. A noticeable surge in trading volume further validates the strong bullish sentiment.

2] Trent: Buy at 4964.60, target 5200, stop loss 4800.

Trent's share price is exhibiting bullish solid momentum, currently trading at an all-time high of 5010.40. The recent breakout above the crucial resistance at 4777 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 buy or sell stocks

3] Equitas Small Finance Bank: Buy at 97.25, target 105.30, stop loss 93.

The banking stock looks positive on the chart pattern and may show some upside soon.

4] Sobha: Buy at 2086, target 2255, stop loss 1985.

The realty stock has made a strong base at around 1985 and has given a strong positive move after making a base around this level. In this bull trend, one can expect the stock to touch the 2255 range.

5] LT Foods: Buy at 244.65, target 270, stop loss 235.

LT Foods shares have made a strong positive move after making a base at around 235. On the chart pattern, the stock is facing a hurdle at 270 and can test this range in the near term.

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.

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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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