Trade setup for stock market today: After losing for four straight sessions in a row, the Indian stock market witnessed a strong pullback rally on Friday last week. The Nifty 50 index finished 151 points higher at the 22,147 level, the BSE Sensex gained 599 points and closed at the 73.088 mark whereas the Bank Nifty index scaled 504 points north and ended at the 47,574 level. In the broad market, the small-cap index finished with a weekly loss of 1.73 percent whereas the mid-cap index corrected over 3 percent in the truncated week that ended last Friday. According to stock market experts, this pullback in the Indian stock market can be attributed to the ease in the fear Iran-Israel war as neither side confirmed the airstrikes by the Israeli troops in Tehran.
Trade setup for Monday
On the outlook for the Nifty 50 today, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta said, “The short-term trend of Nifty seems to have reversed up after forming a bullish reversal type candle pattern on Friday. One may expect further upside toward the next resistance of around 22500 levels in the next few sessions. Immediate support is around 22000 levels.”
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Speaking on the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “The Bank Nifty ended the session at 47,574.15 inching higher by 1.07%, however during the week, the Index declined nearly by 2%. The Bank Nifty has reversed from the support of the ascending trendline. RSI remained neutral and held at the 50 level. The Immediate support remains for Bank Nifty remains at 46,800, while resistance is placed at 48,200.”
On the outlook for the Indian stock market today, the Asit C Mehta expert said, “Following a steep decline at the start of trading, Indian stock indices exhibited a significant rebound on Friday, as geopolitical tensions between Israel and Iran eased. The Nifty index surpassed the 22,000 mark, surging by more than 350 points from its intraday low of 21,778 to close at 22,147. From a technical standpoint, the index has reclaimed the trend line support of 22,000. Thus, as long as the index sustains above 22,000 levels, a relief rally towards 22,300-22,500 could be possible.”
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Kunal Kamble, Senior Technical Research Analyst at Bonanza Portfolio — recommended seven stocks to buy or sell today.
Sumeet Bagadia’s stocks to buy today
1] Thermax: Buy at ₹4812, target ₹4899, stop loss ₹4699.
Thermax share price’s 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.
2] JSW Energy: Buy at ₹@ 626.70, target ₹666, stop loss ₹609.
JSW Energy share price, which is presently trading at an all-time high of ₹638.7 levels, is displaying significant bullish momentum. Strong trading volumes have backed the recent breakout above the critical resistance at 610 levels, which is an important technical development that highlights the strength of the stock. The discovery raises the possibility that the upward trend would continue, providing investors with a positive outlook.
Shiju Koothupalakkal’s shares to buy today
3] Apar Industries: Buy at ₹7078, target ₹7350, stop loss ₹6940.
Apar Industries share has made a higher low formation on the daily chart taking support near ₹6770 levels and with a pullback witnessed has improved the bias to anticipate for further rise in the coming sessions. The RSI is well placed after the cooling off from the overbought zone and has the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹7350 level keeping the stop loss of ₹6940 level.
4] Hindustan Aeronautics Limited or HAL: Buy at ₹3751, target ₹3915, stop loss ₹3670.
HAL share price has been moving ahead with a strong bias maintained and has the potential to carry on with the positive momentum further ahead in the coming sessions. The RSI has indicated strength and has much upside potential from the current rate. We suggest buying the stock for an initial target of ₹3915 level keeping the stop loss of ₹3670 level.
5] ITDC: Buy at ₹645, target ₹680, stop loss ₹628.
ITDC share price after witnessing a short correction has taken support near the important 100 period MA at ₹600 zone and indicated a decent pullback to improve the bias and anticipate for further rise in the coming sessions. The RSI is well placed indicating a trend reversal and signalling a buy. Currently with strength indicated has the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹680 level keeping the stop loss of ₹628 level.
Kunal Kamble’s buy or sell stocks
6] Jindal Streel: Buy at ₹925 to ₹928, target ₹1028, stop loss ₹875.
Jindal Steel share has regained strength after a throwback and closed near the high indicating strength in the upward move. The increase in volume suggests that the buyers are interested in buying the security at the current rate. Price is trading above Fast (50) and Slow (200) EMA indicating a bullish trend in the security. On the momentum front RSI is trading in a higher range which indicates an upward move in the security. On the Directional front, DI+ is trading above DI- which indicates an uptrend whereas ADX trading above the DI’s indicates strength in the move.
7] SBI Card: Buy at ₹730 to ₹734, target ₹774, stop loss ₹712.
SBI Card share has given a breakout of Falling Parallel Channel indicating a change in trend. At the trend line, the share has formed a bullish engulfing pattern which is a short-term reversal pattern. The RSI after the selloff has moved in the northern direction supporting the price action. The price has closed above the 50 EMA indicating bullishness.
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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