Stock market today: After a weak opening, the Indian stock market remained volatile but closed with marginal gains on Monday. The Nifty 50 index closed 36 points higher at 23,537, while the BSE Sensex closed 131 points higher at 77,341. The Bank Nifty index closed 42 points higher at 51,703. Cash market volumes on the NSE fell sharply. 1.20 lakh crore. The broader market indices rose slightly more than the Nifty, while the advance-decline ratio fell to 0.99:1.
Trading arrangement for Tuesday
On Nifty outlook today, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said, “Nifty's short-term trend remains positive amid range bound fluctuations. After bouncing back from the lows of 23,300, Nifty is likely testing the upper range of 23,650 to 23,700 in the near term. Immediate support for Nifty today is at 23,350.”
Also read: Buy or Sell: Vaishali Parekh recommends three stocks to buy today – June 25
Speaking on the outlook for Bank Nifty today, Om Mehra, technical analyst at Samco Securities, said, “Bank Nifty closed with a marginal gain of 0.08% at 51,703.95. After opening lower, Bank Nifty found support at its previous swing high of June 3. The daily MACD and RSI indicators remain positive, indicating continued bullish strength. A break above the 52,000 level could push the index towards the 52,440 to 52,500 range.”
The IPO Market Today
Bidding for the Stanley Lifestyles IPO ends today, while a new mainboard public issue, Allied Blenders & Distillers IPO, will hit the Indian primary market during Tuesday's deals. DEE Development Engineers IPO and Acme Fintrade India IPO are also expected to be in focus today, as these two mainboard IPOs are expected to list on Wednesday i.e. tomorrow.
Buy or sell stock tips by experts
About 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 on Tuesday: Gujarat Gas, Punjab National Bank, Hindustan Copper, Titagarh Rail, and Sundram Fasteners.
Sumeet Bagaria shares to buy today
1]Titagarh Railway System: Buy 1610, target 1700, stop loss 1555.
The current market condition of the stock reflects a favorable situation as it is trading around 10… Upside momentum from strong support at 1610 levels 1550 levels are seen, which shows the resilience of the stock. Moreover, the stock is trading above important moving averages including short-term (20-day), medium-term (50-day) and long-term (200-day) EMAs, which shows continued strength.
2]Sundram Fasteners: Buy 1330, target 1400, stop loss 1285.
Sundram Fasteners' daily chart analysis gives a favorable view for next week, indicating a continued rise higher. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively broken the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-up rise in the stock price.
Buy or Sell Ganesh Dongre Shares
3]Gujarat Gas: Buy 608, target 635, stop loss 595.
Based on recent price movements and technical analysis, the stock has found crucial support around There has been a reversal in the stock price at Rs 595 levels. 608, indicating a potential uptrend. This reversal pattern is taking place near a crucial support level, meaning the stock could continue to rise in the coming weeks.
Traders are advised to consider buying and holding this stock, with a target price of 635, the next resistance level. So, with the support seen 595 and recent reversal At 608, the stock looks set for an upside move 635. Traders can set stop-losses to buy and hold stocks Targeting a price of Rs 595 to manage risk effectively Rs 635 in near future.
4]Punjab National Bank or PNB: Buy 125, target 132, stop loss 121.
The stock has recently displayed a bullish reversal pattern, which indicates potential upward price movement. This technical formation suggests a potential retracement, which infers a rise in the stock price. Based on current trends, the stock is expected to find support 121, which is crucial to sustain its upward movement momentum.
By entering a long position with a stop loss At 121, traders can take advantage of the bullish trend and aim for the target price 132. This approach balances potential profits with risk management.
5]Hindustan Copper: Buy 332, target 345, stop loss 324.
In recent trading sessions, the stock has shown strong support near the Rs 324 level, indicating strong investor interest at this level. Currently, the notable price action indicates a possible reversal 332, which is a bullish signal for the market. This is a bullish signal that the stock may continue its upward movement towards the next important resistance level. 345.
For traders wishing to take advantage of this opportunity, it is advisable to initiate a buy position by setting a stop loss. 324 could be a prudent strategy. This stop-loss level aligns with the observed support, providing protection against potential downside risks. The approximate target for this trade is 345, indicating expected continuation of the uptrend in the stock.
Overall, the technical analysis points to a favorable risk-reward ratio for traders considering a buy position in this stock. 345 presents an opportunity to make profits, provided the stock maintains its current uptrend in the near future.
Disclaimer: The views and recommendations expressed above are those of individual analysts, experts and broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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