Stock market today: Nifty 50 to trade setup for US Fed meeting, experts recommend five stocks to buy or sell on Thursday.
Stocks to buy today: Experts recommend five stocks to buy or sell: Kochi Shipyard, Cholamandalam Investment and Finance, BHEL, REC and RBL Bank.
The Indian stock market ended higher on Wednesday following strong global market sentiments on the US Fed rate cut jitters. Strong buying was seen across segments; All three leading indices hit new lifetime highs. The Nifty 50 index ended at 24,286 after hitting a fresh high of 24,309. The BSE Sensex ended at 79,986 after hitting a fresh high of 80,074. The Bank Nifty index touched a new lifetime high of 53,256 and ended at 53,089. Money market volume on the NSE rose 2.4% to ₹1.36 lakh crore. Broader market indices rose higher than the Nifty even as the advance-decline ratio rose to 1.7:1.
Jupiter trading system
Commenting on Nifty’s outlook for today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “The overall trend of Nifty remains positive. Further consolidation or minor declines from here will be a buying opportunity for a bullish pattern of higher tops and bottoms. Nifty, as per the long-term chart, remains strong, with further consolidation movement. Expect upside momentum to resume once at 23980.
Commenting on Bank Nifty’s outlook today, Hrishikesh Yedve, AVP Technical and Derivatives Research, Acid C Mehta said, “The Nifty Bank also touched a record high of 53,256.70 in the morning trade driven by HDFC Bank, and then saw some profit booking. Finally, the Nifty Bank registered a record high of 53,089. -54,200 levels.”
Pointing to the reason for Dalal Street’s uptrend, Siddhartha Khemka, Head of Retail Research, Motilal Oswal, said, “Markets cheered the dovish commentary by US Fed Chair Powell. It focused on healthy domestic macros and growth. The Budget has led to a positive uptick in the market, and the current momentum is likely to continue in the near term.” We expect
Minutes of the United States Federal Meeting
Members of the U.S. Federal Reserve’s rate-setting committee said last month the bank’s employment and inflation targets were moving toward a “better balance,” with some calling for “patience” on interest rate cuts, according to meeting minutes released Wednesday.
Buy or sell stock ideas from experts
On stocks to buy today, stock market experts Sumeet Bhagadia, Managing Director, Choice Broking, and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi, recommend these five buy or sell stocks: Kochi Shipyard, Cholamandalam Investment and Finance, BHEL, REC and RBL Bank.
Shares of Sumeet Bhagadia are available to buy today
1] Cochin Dockyard: ₹2436.35, Destination ₹2555, Stop Loss ₹2345.
Cochin Shipyard stock is currently trading at ₹2436.35. After minor dips and sideways consolidation, the stock has recently breached the neckline level of ₹2333 and has been rising rapidly with considerable volume…and expectations are that it may move higher and touch the level of ₹2555. On the downside, substantial support lies near ₹2345.
2] Cholamandalam Investment and Fund: ₹1435.30, target ₹1530, stop loss ₹1385.
Cholamandalam Investment and Finance stock is trading at ₹1435.30 showing technical strength. The stock has strong support at ₹1385 levels, just below its 20-day exponential moving average (EMA). This support level strengthens the stock’s resilience. CHOLAFIN is trading above its short-term (20-day), medium-term (50-day) and long-term (200-day) EMA levels, indicating a positive trend and fundamental strength.
Buy or sell Ganesh Dongre shares
3] BHEL: ₹312, target ₹321, stop loss ₹305.
A recent short-term trend analysis of the stock has revealed a significant bullish reversal pattern. This technical pattern suggests a temporary pullback in the stock price, which could reach around ₹321. The stock currently maintains a key support level at ₹305. As the current market price is ₹312, a buying opportunity has emerged. This suggests that investors should consider buying the stock at its current price, anticipating a rise towards the identified target of ₹321.
4] REC: ₹561, target ₹582, stop loss ₹550.
On the daily chart of this stock, a breakout was seen at ₹561, indicating a possible upside trend. Complementing this breakout, the Relative Strength Index (RSI) is still rising, indicating increasing buying momentum. Given these technical indicators, traders may consider entering the stock at a lower price, buying on dips. A stop loss of ₹550 is recommended to manage the risk.
The target price for this strategy in the coming weeks is ₹582, suggesting potential gains as the stock continues its upward trajectory.
5] RBL Bank: Buy at ₹268, target ₹282, stop loss ₹260.
On the daily chart, the stock is showing a short-term reversal pattern. In particular, a bullish engulfing pattern has formed, which is a strong indicator of potential upward movement. This technical pattern is considered bullish, suggesting that the stock price may experience a bullish trend. For this setup, traders can buy this stock and set a stop loss of ₹260 to manage the risk. The target price for this trade is ₹282, which offers an opportunity for gains as the stock continues to exhibit bullish behavior.
Discussion about this post