Trade setup for Thursday
Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “After moving into a range bound action in the mid part of June month, Nifty is now witnessing a decisive upside breakout of the said range movement. The present upside momentum could find resistance at the highs of around 24000-24100 levels (1.786% Fibonacci extension of crucial bottom/top/bottom of 2020-2022). One may expect the next round of consolidation or minor weakness to emerge from the highs. Immediate support is at 23650 levels.”
On today’s outlook for the Bank Nifty, Om Mehra, Technical Analyst at SAMCO Securities, said, “Bank Nifty marked a new high of 52,988.30, settling at 52,870.50 with a gain of 0.50%. The index closed above a rising trendline connecting previous tops, indicating continued bullish momentum. Additionally, Bank Nifty consistently remains near the upper Bollinger band, signifying the strong bullish momentum. After the successive rises, there might be some consolidation in the 52,200-53,000 zone. However, a breach of the 53,040 level could stretch the index towards the 53,280-53,350 levels.”
On the Indian stock market’s outlook today, Siddhartha Khemka, Senior Group vice president and Head of Research—broking and distribution at Motilal Oswal, said, “Sentiment for banking and financials has improved after lower current account deficit numbers were released on Tuesday. Overall optimism surrounding the Union Budget, increasing FII inflows, and robust domestic economic data contributed towards the positive movement in the market. We expect the ongoing uptrend to continue further.”
India VIX Index
“After inching close to 32 during the Lok Sabha elections, the India VIX has been retracing continuously in June. The Indian volatility index is expected to remain 13 to 14.50 ahead of the Union Budget 2024. After the budget, we can expect the India VIX Index to touch its normal 12 mark,” said Sumeet Bagadia, Executive Director at Choice Broking.
Buy or sell stock ideas by experts
Regarding stocks to buy today, stock market experts — Sumeet Bagadia of Choice Broking and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended these five buy or sell stocks for today: VA Tech Wabag, V-Mart Retail, IGL, HCL Technologies, and M&M.
Sumeet Bagadia’s stocks to buy today
1] VA Tech Wabag: Buy at ₹1323.60, target ₹1400, stop loss ₹1275.
VA Tech Wabag 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] V-Mart Retail: Buy at ₹2940, target ₹3100, stop loss ₹2860.
V-Mart Retail has recently exhibited a robust breakout from the critical resistance zone of 2700-2850 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating a bullish solid Sentiment.
Ganesh Dongre’s buy or sell stocks
3] IGL: Buy at ₹475, target ₹510, stop loss ₹460.
We have seen significant support in this stock at around ₹460. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹475 price level, which may continue its rally till its next resistance level of ₹510. So traders can buy and hold this stock with a stop loss of ₹460 for the target price of ₹510 in the near term.
4] HCL Technologies: Buy at ₹1445, target ₹1520, stop loss ₹1410.
In the short term, the stock has seen a bullish reversal pattern; technically, a reduction could be possible until ₹1520. So, holding the support level of ₹1410, this stock can bounce toward ₹1520 in the short term. Hence, the trader can use a stop loss of ₹1410 for the target price of ₹1520.
5] M&M: Buy at ₹2857, target ₹2930, stop loss ₹2810.
We have seen significant support in this stock at around ₹2810. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹2857 price level, which may continue its rally till its next resistance level of ₹2930. So traders can buy and hold this stock with a stop loss of ₹2810 for the target price of ₹2930 in the upcoming sessions.
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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Published: 27 Jun 2024, 07:32 AM IST
