Stock market today: The Indian stock market continued to move into a narrow range movement with a positive bias and ended higher on Friday last week. The Nifty 50 index gained 66 points and closed at 23,465, while the BSE Sensex surged 181 points and ended at 76,992. The Bank Nifty index finished 155 points higher at 50,002. Cash market volumes on the NSE were higher at Rs.1.35 lakh crore. The broad market indices rose more than the Nifty even as the advance-decline ratio fell to 1.39:1.
Trade setup for Tuesday
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “Nifty continued to show range-bound action within 23,300 to 23,500 levels, and still, there are no early signs of any breakouts on either side. A decisive move above 23,500 levels is likely to open an upside breakout, and a slide below 23,300 levels could mean a chance of downside breakout of the range movement in the near term.”
On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, said, “Bank Nifty recovered from the initial hiccup and rose steadily throughout the day to close at 50,002, up 155 points. Strong put writing was observed at the 50,000 Strike in Bank Nifty. At the same time, the call writers (Bears) too gave a tough fight to the put writers (Bulls) at the 50,000 Strike, leading them marginally at Friday’s close. The options activity at this strike will provide cues about Bank Nifty’s upcoming direction.”
On the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, “We expect the market uptrend to continue this week supported by positive macro trends, expectation of sustained government spending and policy continuity, healthy monsoon, and strong earnings.”
Buy or sell stock ideas by experts
When it comes to stock recommendations, we turn to the expertise of Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of technical Research at Anand Rathi. They have identified five stocks that they believe are worth considering for your portfolio.
Sumeet Bagadia’s stocks to buy today
1] TVS Motor: Buy at ₹2504, target ₹2650, stop loss ₹2410.
TVS Motor share is exhibiting bullish solid momentum, trading at an all-time high of ₹2519. The recent breakout above the crucial resistance at ₹2450 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.
2] Timken India: Buy at ₹4579.35, target ₹4850, stop loss ₹4415.
Timken India’s share is currently trading at ₹4579.35. After minor falls and sideways consolidation, the stock has lately broken the neckline levels of ₹4400 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹4850 levels. On the downside, considerable support is evident near ₹4415.
Ganesh Dong re’s buy or sell stocks
3] Birla Corporation: Buy at ₹1575, target ₹1650, stop loss ₹1520.
We have seen significant support in this stock at around ₹1520. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1575 price level, which may continue its rally till its next resistance level of ₹1650 so traders can buy and hold this stock with a stop loss of ₹1530 for the target price of ₹1650 in the near term.
2] Timken India: Buy at ₹4579.35, target ₹4850, stop loss ₹4415.
Timken India’s share is currently trading at ₹4579.35. After minor falls and sideways consolidation, the stock has lately broken the neckline levels of ₹4400 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹4850 levels. On the downside, considerable support is evident near ₹4415.
Ganesh Dong re’s buy or sell stocks
3] Birla Corporation: Buy at ₹1575, target ₹1650, stop loss ₹1520.
We have seen significant support in this stock at around ₹1520. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1575 price level, which may continue its rally till its next resistance level of ₹1650 so traders can buy and hold this stock with a stop loss of ₹1530 for the target price of ₹1650 in the near term.