Stock market today: Trade setup for Nifty 50 to Sensex, 7 stocks to buy or sell on

Stock market today: Following strong global cues, the Indian stock market finished higher for the fourth day in a row on Wednesday. The Nifty 50 index gained 34 points and closed at the 22,402 level, the BSE Sensex surged 114 points and ended at the 73,852 mark whereas the Bank Nifty index went up 218 points and closed at the 48,189 level. Cash market volumes on the NSE were lower compared to the previous day, totaling ₹1.03 lakh crore. The broad market indices outperformed the Nifty 50 index, even as the advance-decline ratio stayed firm at 1.63:1.

Trade setup for Thursday

On the outlook for Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “The Nifty 50 index opened on a positive note on Wednesday and consolidated to close in the green up 34 points. On the daily charts, we can observe that the Nifty 50 index has been trading around the 22,400 mark, which coincides with the 61.82% Fibonacci retracement level of the previous fall from 22,776 to 21,777 and also the lower end of the gap area formed on the 15th April. A brief consolidation is likely to continue considering the sharp run-up. The hourly momentum indicator has a negative crossover which also suggests some consolidation before it starts a new cycle on the upside. On the upside we expect the Nifty 50 index to target levels of 22,560 from a short-term perspective.”

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On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, “The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48000-47800. Immediate resistance is noted at 48500, and a decisive breakthrough could signal further upside towards 49500/50000 levels. With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities.”

On triggers that may dictate the Indian stock market today, Motilal Oswal Private Wealth report said, “Over the last five years, India’s capital markets have witnessed vibrant participation from domestic retail savers, with Demat accounts surging to 151 mn in Mar’24 from 36 mn in Mar’19. India Inc. has raised USD 92.9 bn through primary markets during this period. Expectations of political continuity augur well for market sentiment. Corporate earnings growth may witness moderation relative to the pace witnessed over the last few years but is expected to remain steady given the robust health of India Inc.’s balance sheets and the ongoing capex cycle. BFSI, Infrastructure, and manufacturing are likely to be the key focus sectors going forward.”

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended seven buy or sell stocks for today.

1] Glenmark: Buy at ₹1071, target ₹1140, stop loss ₹1019.

Glenmark share price is presently trading at 1070.95 levels, demonstrating a robust upward movement from the support level of ₹1019 close to its 20-Day EMA levels. The stock’s positioning above all significant moving averages underscores its current strength. The momentum indicator, Relative Strength Index (RSI), further validates the positive sentiment, presently trading at 68.91 and indicating strength in the stock.

2] Godrej Consumer Products: Buy at ₹1212.80, target ₹1295, stop loss ₹1165.

Godrej Consumer Products share price is currently trading at ₹1212.8, moving within the range of ₹1200 to ₹1230 and displaying signs of readiness for a breakout. The formation of new higher highs and higher lows suggests potential upward movement, with projected targets at ₹1295. Importantly, significant support is evident around ₹1165.

Shiju Koothupalakkal’s shares to buy today

3] IRCON: Buy at ₹241.45, target ₹257, stop loss ₹234.

IRCON share price has indicated a big bullish candle formation on the daily chart to breach above the resistance zone of ₹240 level to improve the bias and anticipate a further rise in the coming sessions. The RSI after indicating a trend reversal is on the rise to signify strength and has much upside potential from the current rate. With rising volume participation witnessed, we suggest buying the stock for an initial target of ₹257 level keeping the stop loss of ₹234 level.

4] Alembic: Buy at ₹95.75, target ₹101, stop loss ₹93.

Alembic share price has indicated a higher low formation on the daily chart taking support near the significant 50EMA zone of ₹91 to ₹92 levels and has witnessed a pullback to improve the bias anticipating further upward movement. The RSI is well placed and, on the rise, indicating a trend reversal to show improvement, and has much upside potential visible from current levels. With decent volume participation witnessed, we suggest buying the stock for an initial target of ₹101 level keeping the stop loss of ₹93 level.

5] Hero MotoCorp: Buy at ₹4393, target ₹4560, stop loss ₹4305.

hero MotoCorp share after the decent correction witnessed, has indicated a significant pullback moving past the important 100 period MA at ₹4465 levels to improve the bias and we can expect for further rise in the coming sessions. The RSI has arrived near the oversold zone and with a trend reversal indicated has signaled a buy to carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹4560 level keeping the stop loss of ₹4305 level.

Mitesh Karwa’s buy or sell stock ideas

6] Cosmo First: Buy at ₹626 to ₹628, target ₹666, stop loss ₹609.

Cosmo First share price is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹666. One can initiate a buy-on dip in the range of ₹626 to ₹628 with a stop loss below ₹609 on a daily closing basis.

7] Bectors Food: Buy at ₹1155 to ₹1157, target ₹1234, stop loss ₹1120.

BECTORFOOD is seen to be breaking out of a downwards-sloping trendline on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1234. One can initiate a buy on a dip in the range of ₹1155 to ₹1157 with a stop loss below ₹1120 on a daily closing basis.

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.