Stock market today: Trade setup for Nifty 50 to global markets, five stocks to buy or sell on Wednesday

Trade setup for Wednesday

On the outlook for the Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “Nifty today is placed at the hurdle of 23,400 to 23,500 levels, which are weighing heavy for the market to sustain the new all-time highs. Hence, there is a possibility of a dip in the market. Immediate support for the Nifty 50 index is at 23,050 levels.”

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 12

Speaking on the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, “The Bank Nifty ended the session at 49,705.75, down by 0.15%, forming a bearish candle with a small body. The index failed to surpass the 50,000 level but remains above its short-term moving average. There could be slight weakness if the index slips below 49,600, leading to a test of the 49,300 to 49,100 levels. However, the primary trend remains strong as long as the 49,000 level is sustained. Bank Nifty might continue to consolidate for a few more days.”

Triggers from global markets

Speaking on the global triggers that may dominate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, “Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome, which will be released today. US Fed commentary could provide direction to the market. So far, investors are baking in 1 rate cut towards the end of the year, so any deviation from that could drive the market on either side.”

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 of Technical Research at Anand Rathi, recommended five buy or sell stocks.

Sumeet Bagadia’s stocks to buy today

1] Polycab India: Buy at ₹6998, target ₹7540, stop loss ₹6730.

The current trading price of POLYCAB is ₹6997.90. The stock has recently been ready for a breakout of Range on the daily chart, with a significant increase in trading volume indicating a potential breakout. If the price manages to close above the ₹7000 level, it may have the potential to reach short-term targets of ₹7540. On the other hand, immediate support levels are located at ₹6900. These levels can be considered opportunities to buy on dips.

2] Whirlpool: Buy at ₹1741.25, target ₹1830, stop loss ₹1680.

WHIRLPOOL daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern in the weekly frame, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre’s buy or sell stocks

3] ICICI Bank: Buy at ₹1118, target ₹1160, stop loss ₹1100.

We have seen significant support in this stock at around ₹1100. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1100 price level, which may continue its rally till its next resistance level of ₹1160. So traders can buy and hold this stock with a stop loss of ₹1100 for the target price of ₹1160 in the near term.

4] Berger Paints: Buy at ₹494, target ₹520, stop loss ₹480.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹520. So, holding the support level of ₹480, this stock can bounce toward ₹520 in the short term. Hence, the trader can use a stop loss of ₹480 for the target price of ₹520.

5] Tata Motors: Buy at ₹986, target ₹1020, stop loss ₹955.

We have seen significant support in this stock, around ₹986. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹986 price level, which may continue its rally till its next resistance level of ₹1020. So, traders can buy and hold this stock with a stop loss of ₹955 for the target price of ₹1020 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: 12 Jun 2024, 07:27 AM IST