Stock market today: Indian stock markets rose on Tuesday after banking stocks surged. The Nifty 50 index hit a new lifetime high for the 34th time in 2024, before closing at 23,721 points. The BSE Sensex closed 712 points higher at 78,053, while the Bank Nifty index closed 902 points higher at 52,606. Cash market volume on the NSE rose nearly 3 percent to 52,606. 1.25 lakh crore. Broader market indices remained marginally negative while the advance-decline ratio fell to 0.80:1.
Trading setup for Wednesday
On Nifty today's outlook Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said, “Nifty's short term trend remains positive. The market is now showing early bullish signals in the near term. The next bullish level is around 24000. Immediate support is at 23550.”
On the outlook for Bank Nifty today, Om Mehra, technical analyst at Samco Securities, said, “Bank Nifty has made a new all-time high of 52,746.50, closing at 52,606 with an impressive gain of 1.74%. This upward move confirms a breakout from the megaphone pattern on the daily time-frame. The opening high and low of the session were almost the same, indicating strong buying interest right from the start. The primary trend remains strongly upside, suggesting that any pullback towards the 52,400-52,500 range will be a buying opportunity. The daily relative strength index (RSI) is strong at 70.”
Focus on Budget 2024
Pointing to cues that the market will get from the Union Budget 2024, Siddhartha Khemka, Head of Retail Research, Motilal Oswal, said, “The upcoming budget will focus on fiscal consolidation along with growth-oriented measures aimed at addressing rural stress. Hence, we expect the market to maintain positive momentum as we approach the event. Globally, investors will be tracking US consumer confidence data released tomorrow.”
Buy or sell stock tips by experts
Regarding 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 buy or sell stocks: Axis Bank, GRSE, Indigo, Havells India and DLF.
Sumeet Bagaria shares to buy today
1]Axis Bank: Buy 1272.75, Target 1345, stop loss 1225.
Axis Bank share price is witnessing a strong rally and is currently trading at an all-time high. 1278.75. Recent breakout above important resistance The 1245 level is an important technical development, supported by strong trading volume, which reinforces the stock's strength. This breakthrough suggests a possible continuation of the upward trend, which provides an optimistic outlook for investors.
2]GRSE: Buy 1946, The Goal 2050, stop loss 1875.
GRSE has recently displayed a strong breakout from the crucial resistance zone of 1650-1888 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a significant increase in trading volumes, indicating strong bullish sentiment.
Buy or Sell Ganesh Dongre Shares
3]Indigo: Buy 4230, Target 4330, stop loss 4180.
But At 4230, the stock found a substantial support level, which was a turning point in its recent trading. At 4230, the stock has exhibited a definite reversal in price action, indicating a possible continuation of its upward momentum. Traders wishing to capitalise on this opportunity can consider buying and holding the stock, and set a prudent stop loss 4180. The estimated target for this trade is 4330, which represents the next important resistance level. This strategy puts traders in a favorable position to take advantage of the stock's expected rally soon.
4]Havells India: Buy 1915, The Goal 1960, Stop Loss 1880.
Recent short-term trend analysis of the stock has revealed a notable bullish reversal pattern. This technical pattern suggests that the stock price may decline temporarily, possibly to a low of about 100%. 1960. Currently, the stock is holding at a crucial support level 1880.
Considering this scenario, the stock may surge It is expected to reach 1960 levels in the near future. Traders are advised to consider taking long positions, with a strategic stop loss set The target price is 1880 to manage the risk effectively. The target price for this trade is 1960, which indicates an anticipated upward movement based on the identified technical signals.
5]DLF: Buy 827, target 845, stop loss 810.
The stock has consistently found strong support around Rs 810, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the Rs 827 mark, indicating further upside potential. The stock may continue its rally towards the next resistance level at Rs 845. Traders can consider buying and holding this stock using a prudent stop loss at Rs 810 to mitigate risk. The target price for this trade is Rs 845, with growth expectations in the short term.
Disclaimer: The views and recommendations expressed above are those of individual analysts, experts and broking companies and not Mint. We advise investors to check with certified experts before making any investment decisions.
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