Trade setup for Monday
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be negative. Having placed at the key trend line support, there is a possibility of minor upside bounce in the short term. But the market could eventually break down the present support of 21,900 to 21,850 levels and could slide down to 22,700 to 22,600 in the near term. Immediate resistance for Nifty today is placed at 22,300 levels.”
Also Read: Buy or sell: Vaishali Parekh recommends three shares to buy today — May 13
On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty has been on a downward streak for eight consecutive trading sessions, closing at 47,421.10, down 0.14%. Despite attempts at recovery, every upward movement was met with selling pressure. The weaker trend is evident on the hourly chart. The immediate support level is 47,880, which coincides with the 61.8% Fibonacci retracement.”
India VIX today
“The India VIX today is in 17 to 19 range. The index has tried to break above 19 resistance but the index has failed to sustain above this crucial resistance level. Once it closes above 19 mark, we can expect the volatility index of India to touch 22 in short term,” said Sumeet Bagadia, Executive Director at Choice Broking.
Buy or sell stock ideas by experts`
Stock recommendations for today: Sumeet Bagadia of Choice Broking, Ganesh Dongre of Anand Rathi, and Shiju Koothupalakkal of Prabhudas Lilladher have recommended eight stocks to buy or sell for today.
Sumeet Bagadia’s stocks to buy today
1] Tube Investments of India: Buy at ₹4070, with a potential target of ₹4330, and a stop loss at ₹3930.
Tube Investments share price 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, providing a secure basis for our recommendation.
2] Polycab: Buy at ₹6155.65, target ₹6444, stop loss ₹5950.
Polycab share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹6362.95 levels. The recent breakout above the crucial resistance at ₹5700 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.
Ganesh Dongre’s shares to buy today
3] Bharti Airtel: Buy at ₹1300, target ₹1350, stop loss ₹1275.
We have seen a major support in Bharti Airtel share price around ₹1275. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1300 price level, which may continue its rally till its next resistance level of ₹1350. So traders can buy and hold this stock with a stop loss of ₹1275 for the target price of ₹1350 in the near term.
4] Bajaj Finserv: Buy at ₹1570, target ₹1630, stop loss ₹1540.
In the short-term trend, the stock has seen a bullish reversal pattern, technically retrenchment could be possible till ₹1630. So, holding the support level of ₹1540 this stock can bounce toward the ₹1630 in the short term. Hence, trader can go along with a stop loss of ₹1540 for the target price of ₹1630.
5] BPCL: Buy at ₹618, target ₹635, stop loss ₹605.
We have seen a strong support in BPCL share price around 605 rupees. So, at the current juncture, BPCL share price has again seen a reversal price action and bullish candlestick pattern formation at the ₹605 price level, which may continue its rally till its next resistance level of ₹635. So traders can buy and hold this stock with a stop loss of ₹605 for the target price of ₹635 in the near term.
Shiju Koothupalakkal’s buy or sell stocks
6] Laurus Laboratories: Buy at ₹437.55, target ₹455, stop loss ₹428.
The stock visibly having a higher low formation pattern on the daily chart has maintained support near the significant 50EMA level of ₹424 zone and has indicated a pullback with improving bias to anticipate for further rise. With the RSI well placed and on the rise. We suggest buying the stock for an initial target of ₹455 keeping the stop loss of ₹428 level.
7] Power Grid: Buy at ₹303.75, target ₹315, stop loss ₹297.
The stock after a short correction has maintained the support zone near ₹295 levels and indicated a pullback to improve the bias with decent volume participation, expecting for further upward movement in the coming days. The RSI has cooled off from the overbought zone and has flattened out with indication of a reversal to carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹315 keeping the stop loss of ₹297 level.
8] CUB: Buy at ₹150, target ₹156, stop loss ₹147.
The stock has witnessed a steep fall and has taken support near the important 100 period MA at ₹145 levels and with indication of decent pullback to move past the significant 50EMA level of ₹149 zone has improved the bias. The RSI has cooled off from the highly overbought zone and currently is well placed with upside potential visible. With the chart looking good, we suggest buying the stock for an initial target of ₹156 keeping the stop loss of ₹147 level.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 13 May 2024, 09:08 AM IST
