Stock market today: Trade setup for Nifty 50 to Sensex, five stocks to buy or sell on Monday — May 6

  • Stock market today: Experts have recommended five stocks to buy today — Zomato, Polycab, HBL Power, NMDC, and Jindal Saw

Asit Manohar
Updated6 May 2024, 08:21 AM IST
Trade Now
Stock market today: The short-term trend of the Nifty 50 index seems to have reversed, say experts.
Stock market today: The short-term trend of the Nifty 50 index seems to have reversed, say experts.

Stock market today: Despite strong global market sentiments, the Indian stock market ended lower on Friday. The Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124. The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.

Trade setup for Monday

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index seems to have reversed. The higher top of the bullish pattern will likely be completed on Friday at the swing high of 22,794 levels, and a short-term downward correction is expected in the coming sessions. Immediate resistance for Nifty today is placed at 22,600, and the following downside levels are to be watched around 22,120 levels.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 6

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The BankNifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000. Immediate resistance is at 49,200, and a break above could trigger short-covering moves towards 49,500 levels. Conversely, immediate support lies at 48,800-48,700, and a breach might lead to further downside towards the 48,400 mark, where the 20DMA is situated."

Unveiling intraday trading strategy and factors that may dominate the Indian stock market today, Aditya Gaggar, Director of Progressive Shares, said, "A strong outperformance can be expected from the Pharma sector once it gives a consolidation breakout. Extreme volatility can be anticipated due to result-oriented activities and the progress of the general election."

Also Read: Day trading stocks to buy: Anand Rathi expert recommends three shares to buy

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended five buy or sell stocks today.

Sumeet Bagadia's stocks to buy today

1] Zomato: Buy at 197.25, target 208, stop loss 191.

Zomato share price is currently trading at 197.25. The stock has consistently found support around the 192 level, establishing it as a reliable support zone. The anticipated trading range for the stock is expected to be between 180 and 199, with the possibility of sideways movement within this range. A decisive close above the 200 level could propel the stock towards the 208 level in the coming days.

2] Polycab: Buy at 5832, target 6099, stop loss 5699.

Polycab share price daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Shiju Koothupalakkal's shares to buy today

3] HBL Power: Buy at 555.60, target 580, stop loss 544.

HBL Power shares witnessed a steady gain from the 436 zone to move past the confluence of 50EMA and 100 periods MA at the 474 zone, improving the bias and recently breaching above the resistance zone of 536 levels has further strengthened the trend. With the rising RSI and further rise anticipated, we suggest buying the stock for an initial target of 580 while keeping the stop loss at 544.

4] Jindal Saw: Buy at 575, target 607, stop loss 562.

The stock has gained strength after indicating a breakout above the previous peak and resistance zone of 550, anticipating further rise in the coming sessions. The RSI has indicated upside potential visible from current levels, and with a positive candle formation on the daily chart to signify an improvement in bias, we suggest buying the stock for an initial target of 607, keeping the stop loss of 562 level.

5] NMDC: Buy at 269, target 285, stop loss 262.

NMDC share price has maintained a strong uptrend, indicating that a bullish candle formation to move out of the consolidation period has entered fresh territory with anticipation of further rise in the coming sessions. With the chart looking good, we suggest buying the stock for an initial target of 285 while keeping the stop loss at 262.

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.

Catch all the Budget News , Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess

News in Numbers

Numbers that help you understand news better
$81 M

₹3,000 Cr

₹15,399 Cr

₹1.28 T

4,275 Kms

First Published:6 May 2024, 08:21 AM IST
HomeMarketsStock MarketsStock market today: Trade setup for Nifty 50 to Sensex, five stocks to buy or sell on Monday — May 6

Most Active Stocks

Bharat Electronics

301.50
03:56 PM | 23 JUL 2024
-11.1 (-3.55%)

Tata Steel

160.05
03:58 PM | 23 JUL 2024
-0.3 (-0.19%)

Tata Power

416.35
03:58 PM | 23 JUL 2024
-7.9 (-1.86%)

NTPC

382.35
03:58 PM | 23 JUL 2024
8.8 (2.36%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Network 18 Media & Investments

85.30
03:59 PM | 23 JUL 2024
7.2 (9.22%)

Asahi India Glass

699.50
03:29 PM | 23 JUL 2024
55.15 (8.56%)

CE Info Systems

2,455.50
03:59 PM | 23 JUL 2024
193.45 (8.55%)

Borosil Renewables

518.25
03:49 PM | 23 JUL 2024
39.35 (8.22%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,195.00-315.00
    Chennai
    75,122.00-535.00
    Delhi
    75,048.00-169.00
    Kolkata
    75,561.00417.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L-0.23
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget