close
close
Sun. Jul 14th, 2024

Stock Market Today: Trading Setup for Nifty 50 to Sensex, Eight Stocks to Buy or Sell on Monday – May 27

By Vaseline May27,2024

Fair today: After hitting new highs in early morning trading, the Indian stock market was flat last Friday. The Nifty 50 index settled at 22,957 after climbing to a fresh peak of 23,026. The BSE Sensex fell 7 points to end at 75,410, while the Bank Nifty index ended 203 points higher at 48,971. The midcap index closed 0.23 percent higher even as the advanced-decline ratio fell to 0.66:1. This stability in the market indicates a safe and confident environment for traders and investors.

Trading setup for Monday

Speaking about the outlook for Nifty today, Ruchit Jain, Lead Research at 5paisa.com, a trusted expert in this space said, “The overall trend remains positive as there are no signs of reversal yet. The upper end of the channel and retracement levels indicate an initial hurdle in the range of 23,050 to 23,150 in the coming week, and once it is crossed, we could see a continuation of the rally towards the 23,400 to 23,500 zone. On the other hand, there is the immediate support for Nifty today it is about 22,700, followed by 22,500.”

Also read: Buy or Sell: Vaishali Parekh recommends three stocks to buy today – May 27

Speaking about the outlook for the Bank Nifty today, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta said, “The Bank Nifty index opened on a negative note but after an initial dip, there was buying interest in the index which helped it close the day positively at 48,972 levels. Technically, Bank Nifty has broken the short-term resistance at 48,260 levels and closed above, indicating strength. If the index remains above 48,000 levels, we expect it to settle at a test level of 49,500. So, Bank Nifty needs to adopt a buy-on-dips approach.”

On the outlook for the Indian stock market today, Ruchit Jain of 5paisa.com said: “Traders are advised to continue trading positively and look for buying opportunities on any declines. INDIA VIX remains high due to the event (election results) moving forward, but it could should cool down if the actual outcome of the event does not differ much from expectations.”

“Overall, we expect the market to witness a gradual upward move and see some volatility next week as both election and earnings seasons approach their end,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Buy or sell stock ideas by experts

As for the stocks to buy today, stock market experts say: Sumeet Bagadia, executive director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi; and Shiju Koothupalakkal, technical research analyst at Prabhudas Lilladherhave – recommended buying or selling eight stocks for the day.

Sumeet Bagadia’s Stocks to Buy Today

1) Tata Steel: Buy from 175, goal 185, stop loss 169.

TATASTEEL’s daily chart analysis reveals promising prospects for the week ahead, indicating continued upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward move has successfully broken the neckline, setting a new weekly high for the stock. This breakout suggests the potential for substantial follow-on movement in the stock price, offering a promising opportunity for gains.

2) TARC: Buy up 184, target 195, stop loss 177.

TARC is currently trading at 184.1. After a period of small declines and sideways consolidation, the stock recently broke neckline levels 178.5 and rising quickly on the upside with substantial volume. There are expectations of a further upward movement, which will potentially be far-reaching 195 levels. On the other hand, there is virtually significant support 177.

Ganesh Dongre’s shares should be bought today

3) HDFC Bank: Buy from 1520, target 1570, stop loss 1480.

We have seen significant support for this stock around 40% 1480. So at the current moment, the stock has seen yet another reversal price action on the 1520 price level, which could continue its rally until the next resistance level of 1570. Traders can therefore buy and hold these shares with a stop loss of 1480 for the target price of 1570 in the short term.

4) TCS or Tata Consultancy Services: Buy on 3850, target 3940, stop loss 3800.

In the short term, the stock has seen a bullish reversal pattern. Technically, cuts would be possible up to 3940. So while maintaining the support level of 3800, where this stock can bounce to 3940 in the short term. Therefore, the trader can use a stop loss of 3800 for the target price of 3940.

5) Federal Bank: Buy from 163, target 173, stop loss 158.

We have seen strong support in this stock 158. So at the current moment, the stock has seen yet another reversal price action and a bullish candlestick pattern on the stock market. 163 price level, which could continue its rally until the next resistance level of 173. Traders can therefore buy and hold these shares with a stop loss of 158 for the target price of 173 in the short term.

Shiju Koothupalakkal’s buying or selling of shares

6) M&M Finances: Buy from 271.40, target 285, stop loss 266.

The stock has indicated a bullish candle formation on the daily chart after the consolidation to improve the bias. With the RSI gradually rising, indicating strength, this signals a trend reversal with plenty of upside potential to continue the positive move. We recommend that you buy the stock with an initial upside target of 285, while maintaining the stop loss of 266.

7) BASF: Buy from 4430, target 4580, stop loss 4345.

The stock has marked a series of higher low formations on the daily chart and found support near the 4280 level. A pullback has improved the bias, anticipating a further increase. Now that the chart looks good, we recommend buying the stock with an initial upside target of 4580, while maintaining the stop loss of 4345.

8) Kabra extrusion: Buy from 394.60, target 410, stop loss 386.

After the consolidation, the stock gained support near The 367 zone has indicated a bullish candle formation on the daily chart to improve the bias, and with the RSI indicating a trend reversal after the observed consolidation, it has a lot of upside potential to continue the positive move. We recommend that you buy the stock with an initial upside target of 410, while maintaining the stop loss of 386.

Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to contact certified experts before making investment decisions.

You’re on Mint! India’s No. 1 News Destination (Source: Press Gazette). For more information about our business coverage and market insights Click here!

Related Post