Stock market today: Trade setup for Nifty 50 to US Fed rate, eight stocks to buy or sell on Wednesday — June19

  • Stock market today: The short-term trend of Nifty continues to be positive with range-bound action, say experts

Asit Manohar
First Published19 Jun 2024, 08:00 AM IST
Indian stock market: The Bank Nifty has broken the short-term consolidation of 49,530-50,250 and has remained above it, indicating strength, say experts.
Indian stock market: The Bank Nifty has broken the short-term consolidation of 49,530-50,250 and has remained above it, indicating strength, say experts.

Stock market today: Following strong global cues, the Indian stock market ended higher for the fourth straight session on Tuesday. The Nifty 50 index went up 92 points and closed at 23,557, while the BSE Sensex shot up 308 points and finished at 77,301. The Bank Nifty index surged 438 points and ended at 50,440. Cash market volumes rose another 6 percent to 1.43 lakh crore. The small-cap index outshined the frontline indices even as the advance-decline ratio fell to 1.22:1, remaining above 1:1.

Trade setup for Wednesday

Speaking 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 with range-bound action. Having sustained above the hurdle of 23,515, one may expect Nifty to move towards the next resistance placed at 23,950 soon. Immediate support for Nifty today is placed at 23,450."

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a positive note and maintained strength throughout, settling the day on a bullish note at 50,441 levels. Technically, daily, the Bank Nifty has broken the short-term consolidation of 49,530-50,250 and has remained above it, indicating strength. According to this breakout, the index may test the levels of 50,800-51,000. On the downside, immediate support is near the 50,000 mark."

Asked about the outlook of the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "We expect the momentum in equities to continue driven by positive global cues, strong domestic macros, and focus on increased government spending in the upcoming budget."

US Fed rate cut in focus

"The US retail sales data released yesterday was softer than the market expectations, which put the US dollar and US Treasury yield under pressure. As the US retail sales data has failed to meet the market expectations, the buzz for the US Fed rate cut has gained momentum, and the market is expected to react positively to such developments," said Avinash Gorakshkar, Head of Research at Profitmart Securities.

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts Sumeet Bagadoa, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, recommended buying eight buy-or-sell stocks.

Sumeet Bagadia's stocks to buy today

1] Emami: Buy at 740.70, target 804, stop loss 710.

The current trading price of EMAMILTD is 740.70. The stock recently broke out of Range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the 742 level, it may have the potential to reach short-term targets of 804. On the other hand, immediate support levels are located at 720. These levels can be considered opportunities to buy on dips.

2] UTI AMC: Buy at 1044, target 1100, stop loss 1005.

UTIAMC 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.

Ganesh Dongre's shares to buy today

3] Tata Consumer: Buy at 1126, target 1160, stop loss 1105.

At 1105, the stock found a substantial support level, marking a crucial juncture in its recent trading. At 1126, the stock has demonstrated a definitive price-action reversal, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at 1105. The anticipated target for this trade is 1160, representing the next significant resistance level. This strategy positions traders favourably to capitalize on the stock's expected rally soon.

4] Radico Khaitan: Buy at 1780, target 1830, stop loss 1755.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around 1830. Currently, the stock is holding a crucial support level at 1755.

Given this scenario, the stock could rebound towards the 1830 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at 1755, to manage risk effectively. The target price for this trade is 1830, reflecting the anticipated upward movement based on the identified technical signals.

5] Ramkrishna Forgings: Buy at 809, target 840, stop loss 785.

The stock has consistently found strong support, around 755, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the 809 mark, suggesting potential for further upward movement. The stock could continue its rally towards the next resistance level at 840. Traders might consider buying and holding this stock, using a prudent stop loss at 785 to mitigate risks. The target price for this trade is 840, with expectations set for developments over the near term.

Shiju Koothupalakkal's buy or sell stocks

6] EIH: Buy at 449, target 468, stop loss 440.

The stock has indicated a higher low formation on the daily chart with a positive move witnessed to move past the critical 50EMA level of the 444 zone to improve the bias, anticipating a further rise. With the RSI on the rise, indicating strength, there is much upside potential visible to carry on with the positive move further ahead; we suggest buying the stock for an initial upside target of 468, keeping the stop loss of 440.

7] Data Patterns: Buy at 3088, target 3260, stop loss 3020.

The stock has witnessed a strong pullback with a strong bias maintained. Currently, with decent volume participation and positive bullish candle formation on the daily chart, it has further strengthened the trend to anticipate a further rise in the coming sessions. With the chart pattern looking appealing, we suggest buying the stock for an initial upside target of 3260, keeping the stop loss of 3020.

8] Amara Raja Energy: Buy at 1371, target 1440, stop loss 1335.

The stock has indicated a series of higher low formations on the daily chart. With support taken near 1320 levels, once again, a decent pullback has been witnessed to improve the bias and is expected to rise further in the coming sessions. The RSI has indicated a trend reversal with much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of 1440, keeping the stop loss of 1335.

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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First Published:19 Jun 2024, 08:00 AM IST
HomeMarketsStock MarketsStock market today: Trade setup for Nifty 50 to US Fed rate, eight stocks to buy or sell on Wednesday — June19

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