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Business News/ Markets / Stock Markets/  Stock market today: Trade setup for Nifty 50 to Sensex, 7 stocks to buy or sell on Tuesday — April 23
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Stock market today: Trade setup for Nifty 50 to Sensex, 7 stocks to buy or sell on Tuesday — April 23

Stocks to buy today: Experts have recommended seven buy or sell stocks for today — LIC Housing Finance, SBI, LT, TVS Motor, DACL, Havells India, and Triveni Engineering

Stock market today: The immediate hurdle for Nifty today is placed at 22300 – 22500. On the downside 22000 is the key support to watch out for, say experts.Premium
Stock market today: The immediate hurdle for Nifty today is placed at 22300 – 22500. On the downside 22000 is the key support to watch out for, say experts.

Stock market today: Following strong global market sentiments, the Indian stock market extended the pullback rally for the second straight session on Monday. The 50-stock index Nifty 50 index shot up 189 points and closed at the 22,336 level, the Bombay Sensitive index BSE Sensex scaled 560 points and ended at the 73,648 mark whereas the Bank Nifty index gained 350 points and finished at the 47,924 level. However, the broad market indices outperformed the Nifty 50 index. The small-cap index gained to the tune of 1.26 percent whereas the mid-cap index ascended 0.93 percent on the previous session.

Stock market today: Trade setup for Tuesday

On the outlook for Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, "The Nifty 50 index witnessed an extremely volatile day of trade on Monday. It opened with a huge gap down, however, witnessed a pullback during the day to close around the highs for the day. On the daily charts, we can observe that the Nifty index has managed to hold on to the rising support channel and closed above it. The positive divergence on the hourly momentum indicator has now been confirmed by the price action and we expect the pullback to continue over the next few trading sessions. The immediate hurdle for Nifty today is placed at 22300 – 22500. On the downside 22000 is the key support to watch out for."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 23

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty index exhibited continued bullish strength as it witnessed follow-up buying from lower levels. Currently, it is approaching a crucial resistance level of around 48000, marked by the highest open interest on the call side. A decisive break above this level is anticipated to trigger further short-covering moves. Meanwhile, immediate support lies at 47600-47500 levels, suggesting that any dip towards this support zone could present a buying opportunity."

Triggers that may dictate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, "Today, investors would react to Reliance Q4 results which were declared on Monday evening. This week, the US will be releasing GDP and core PCE data which will provide direction to the market while stock-specific actions will be seen as we progress into the earnings season."

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended seven stocks to buy or sell today.

Sumeet Bagadia's stocks to buy today

1] LIC Housing Finance: Buy at 663.20, target 706, stop loss 640.

LIC Housing Finance share is currently quoting 663.20 apiece. IC Housing Finance share price has recently formed an inverted head and shoulders breakout with a significant increase in trading volume, indicating a strong bullish trend. If the price manages to close above the 664 level, it may have the potential to reach short-term targets of 706. On the other hand, immediate support levels are located at 655. These levels can be considered as opportunities to buy on dips.

2] SBI: Buy at 766, target 825, stop loss 735.

SBI share price is currently positioned at a crucial juncture in its trading dynamics. With a robust support base at 735 levels, near its 50-day Exponential Moving Average (EMA), the stock stands resilient. Trading at approximately 766.10 levels, the SBI share price exhibits strength by maintaining levels above key moving averages.

Shiju Koothupalakkal's shares to buy today

3] TVS Motor: Buy at 1943, target 2020, stop loss 1905.

TVS Motor share has witnessed a decent correction from 2313 levels and currently has shown signs of bottoming out near the 1873 zone with a pullback witnessed and the daily chart looks very attractive with a favourable risk-reward ratio. The RSI has indicated a trend reversal indicated signaling a buy from the oversold zone. With the chart looking attractive with a favourable risk-reward ratio, we anticipate further rise and suggest buying the stock for an initial target of 2020 level keeping the stop loss of 1905 level.

4] Larsen & Toubro or LT: Buy at 3610, target 3770, stop loss 3520.

LT share price has taken support near 3470 levels making a double bottom formation on the daily chart and indicating a pullback moving past the significant 50 EMA level of 3590 has improved the bias. The RSI has corrected quite significantly and currently is well-placed indicating a trend reversal to signal a buy. With the chart technically looking good, we suggest buying the stock for an initial target of 3770 level keeping the stop loss of 3520 level.

5] DCAL: Buy at 230, target 245, stop loss 224.

The stock after witnessing a short correction has taken support near 213 levels to indicate a higher low formation on the daily chart and with a pullback witnessed has moved past the important 50EMA level at 226 zone to improve the bias and anticipate further rise in the coming sessions. The RSI is well placed indicating a trend reversal and signalling a buy. We suggest buying the stock for an initial target of 245 level keeping the stop loss of 224 level.

Drumil Vithlani's buy or sell stocks

6] Havells India: Buy at 1549 to 1551, target 1597, stop loss 1525.

Havells share price is seen to be breaking out of a symmetrical pattern on the daily time frame and making a Strong bullish candlestick which is why a buy recommendation is initiated for targets up to 1597 One can initiate a buy-on-dip in the range of 1547 to 1551 with stop loss below 1525 on daily closing basis. The price is trading above the short-term EMA (20) indicating an uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

7] Triveni Engineering: Buy at 358 to 360, target 372, stop loss 354.50.

Triveni share price is seen to be breaking out of the channel pattern on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 372. One can initiate a buy-on-dip in the range of 358 to 360 with a stop loss below 354.50 on a daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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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: 23 Apr 2024, 07:24 AM IST
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