Today’s stock market: The Indian stock market ended Wednesday’s trading session higher for the fourth consecutive day, tracking positive global indications. As the BSE Sensex jumped 114 points to conclude at 73,852, the Nifty 50 index gained 34 points and closed at 22,402, while the Bank Nifty index increased by 218 points to settle at 48,189. The NSE’s cash market volumes, which came to ₹1.03 lakh crore, were less than they had been the day before. Even though the advance-decline ratio remained stable at 1.63:1, the broad market indexes outpaced the Nifty 50 index.
Thursday’s trade setup
The Nifty 50 index opened on a positive note on Wednesday and consolidated to close in the green up 34 points,” stated Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, about the forecast for the Nifty today. As we can see from the daily charts, the Nifty 50 index has been trading close to 22,400, which is both the lower end of the gap region that was created on April 15 and the 61.82% Fibonacci retracement level of the previous decline from 22,776 to 21,777. Given the strong run-up, a brief consolidation is probably going to continue. A negative crossover in the hourly momentum indicator indicates that there may be some consolidation before an upward cycle is initiated. In the near term, we anticipate that the Nifty 50 index will rise to levels that aim at 22,560.
Senior Technical & Derivative Analyst Kunal Shah of LKP Securities provided the following outlook regarding the Bank Nifty today: “After a strong start, the Bank Nifty saw a sideways trading session, holding firm around the support zone of 48000-47800.” There is immediate resistance at 48500, and more upward towards the 49500/50000 levels might be indicated by a clear breakout. Any declines into the support zone should be seen as buying opportunities as long as the general mood is optimistic.”
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,” the Motilal Oswal Private Wealth study stated in reference to events that may govern the Indian stock market today. During this time, India Inc. has raised USD 92.9 billion from primary markets. Market morale is positively impacted by expectations of political continuity. Considering the strong health of India Inc.’s balance sheets and the current capex cycle, corporate earnings growth may moderate in comparison to the pace seen over the last several years, but it is still anticipated to stay stable. Manufacturing, infrastructure, and BFSI are probably going to be the main areas of concentration moving forward.
Purchase or sell expert stock ideas
Experts in the stock market, including Mitesh Karwa, Research Analyst at Bonanza Portfolio, Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, and Executive Director at Choice Broking Sumeet Bagadia, suggested buying or selling seven stocks today.
1. Glenmark: Purchase at ₹1071, aim for ₹1140, and halt loss at ₹1019.
The price of Glenmark shares is currently trading at 1070.95, showing a strong rising trend from the ₹1019 support level at its 20-Day EMA levels. The fact that the stock is positioned above every meaningful moving average highlights how strong it is right now. Relative Strength Index (RSI), a momentum indicator that shows strength in the stock and is currently trading at 68.91, confirms the positive feeling even further.
2. Godrej Consumer Products: Purchase at ₹1212.80, aim for ₹1295, and halt losses at ₹1165.
The share price of Godrej Consumer Products is presently trading at ₹1212.8, fluctuating between ₹1200 and ₹1230 and showing indications of being prepared for a breakout. With predicted targets at ₹1295, the formation of fresh, higher highs and lowers points to possible upward momentum. Crucially, at ₹1165, strong support is visible.
Stocks of Shiju Koothupalakkal to purchase now
3. IRCON: Purchase at ₹241.45, aim for ₹257, and halt loss at ₹234.
The daily chart of IRCON shares has shown a significant bullish candle formation that should break above the ₹240 level resistance zone to strengthen the bias and portend greater gains in the upcoming sessions. The relative strength index (RSI) is rising, indicating strength and significant upside potential from the current rate, following a trend reversal. Given the increasing volume involvement, we advise purchasing the stock with a stop loss around ₹234 and an initial objective of ₹257.
4. Alembic: Purchase at 95.75, aim for 101, and halt loss at 93.
On the daily chart, the Alembic share price has formed a higher low formation, finding support close to the important 50EMA zone of ₹91 to ₹92 levels. The price has since pulled back to strengthen the bias in anticipation of additional upward action. The RSI has a lot of upward potential that is evident from its current levels and is well-positioned. It is also rising, suggesting a trend reversal to demonstrate improvement. We advise purchasing the stock with a stop loss around ₹93 and an initial objective of ₹101 given the respectable volume involvement that has been observed.
5. Hero MotoCorp: Purchase at ₹4393, aim for ₹4560, and halt losses around ₹4305.
Hero MotoCorp’s stock has shown a notable retreat following the observed reasonable adjustment, surpassing the crucial 100-period moving average around ₹4465 levels to strengthen the bias. Going forward, we may anticipate additional gains. The RSI has approached the oversold area and, with a trend reversal apparent, has recommended a purchase to continue the upward trend even higher. We advise purchasing the stock with a stop loss around ₹4305 and an initial aim of ₹4560.
The buy or sell stock ideas of Mitesh Karwa
6. Cosmo First: At ₹626 to ₹628, buy with an aim of ₹666, and stop loss at ₹609.
A buy recommendation is made with objectives up to ₹666 because the price of Cosmo First shares is seen to be breaking out of a bullish pattern on the daily timescale and creating a bullish candlestick. On a daily closing basis, one might start buying on a decline in the region of ₹626 to ₹628 with a stop loss below ₹609.
7. Bectors Food: Purchase between ₹1155 and ₳1157, aim for ₹1234, and close at ₹1120.
A buy recommendation is issued with objectives up to ₹1234, as BECTORFOOD is considered to be breaking out of a downward-sloping trendline on the daily timeframe and creating a bullish candlestick. On a daily closing basis, one can start buying on a decline in the region of ₹1155 to ₹1157, with a stop loss below ₹1120.
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