Trade setup for Tuesday
Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “Nifty is currently placed at the hurdle of opening downside gap around 23,250 and the bearish weekly candlestick pattern like hanging man of last week is still intact. Despite moving into all-time highs, the market is failing to gather strength to move up further,” adding, “The near-term trend of Nifty remains positive. However, having placed at the crucial hurdle around 23,300 levels, the chances of downward correction could be high in the short term. Immediate support is at 23100 levels.”
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 11
On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, “The Bank Nifty index opened on a flat note and maintained strength in the first half; however, in the second half, the index witnessed profit booking and finally settled the day on a flat to negative note at 49,781 levels. Technically, on the weekly scale, the index has formed a hanging man candlestick pattern. As per this pattern, 51,130-51,140 will act as resistance for the index. On the downside, immediate support for the index is placed near 49,000 levels followed by 48,580 levels, where 34-DEMA support is placed.”
Buy or sell stock ideas by experts
Regarding stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, recommended buying five buy-or-sell stocks.
Sumeet Bagadia’s stocks to buy today
1] Zensar Technologies: Buy at ₹688.40, target ₹730, stop loss ₹665.
Zensar Technologies shares’ daily chart analysis reveals a notable shift in market dynamics, transitioning from minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by a Bullish Engulfing Pattern. A noticeable surge in trading volume further validates the strong bullish sentiment.
2] VA Tech Wabag: Buy at ₹1153.35, target ₹1222, stop loss ₹1111.
VA Tech Wabag, presently trading at an all-time high of 1177.3, is displaying significant bullish momentum. Substantial trading volumes have backed the recent breakout above the critical resistance at 1100 levels, an essential technical development highlighting the strength of the stock. The discovery raises the possibility that the upward trend would continue, providing investors with a positive outlook.
Ganesh Dongre’s buy or sell stocks
3] Punjab National Bank or PNB: Buy at ₹126, target ₹135, stop loss ₹120.
We have seen major support in this stock, around ₹120. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹126 price level, which may continue its rally until its next resistance level of ₹135. So, traders can buy and hold this stock with a stop loss of ₹120 for the target price of ₹135 in the near term.
4] AWL: Buy at ₹345, target ₹365, stop loss ₹338.
In the short term, the stock has seen a bullish reversal pattern; technically, a reduction could be possible until ₹365. So, holding the support level of ₹338, this stock can bounce toward ₹365 in the short term. Hence, the trader can use a stop loss of ₹338 for the target price of ₹365.
5] LT: Buy at ₹3542, target ₹3650, stop loss ₹3480.
We have seen significant support in this stock at around ₹3480. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹3542 price level, which may continue its rally till its next resistance level of ₹3650. So, traders can buy and hold this stock with a stop loss of ₹3480 for the target price of ₹3650 in the near term.
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: 11 Jun 2024, 07:46 AM IST
