Stock market today: 4 stocks to buy or sell on Tuesday amid Iran-Israel conflict

Iran-Israel conflict in focus

Iran’s unprecedented attack on Israel has marked a new tension in the Middle East conflict. Iran has defended itself saying the attack was in response to an alleged airstrike done by Israel at its consular offices in Syria in which two generals with its paramilitary Revolutionary Guard were killed on April 1.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be weak. The next lower levels to be watched are around 22,000. Immediate resistance for Nifty today is placed at 22,400 levels.”

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 16

On factors that may dictate the Indian stock market today, Ruchit Jain, Lead Research at 5paisa.com said, “Given the global uncertainty, we believe the near-term momentum would be more influenced by the Middle East news flows and the global markets movement. Hence, traders should prefer to stay light on trading positions and be very selective in stock-specific trades.”

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended four stocks to buy or sell today.

Also Read: Day trading stocks to buy: Anand Rathi recommends three shares to buy today — 16th April

Sumeet Bagadia’s stocks to buy today

1] Colgate Palmolive: Buy at ₹2673.30, target ₹2820, stop loss ₹2585.

Colgate-Palmolive (COLPAL) has exhibited a noteworthy rebound from the support level of ₹2585, currently trading at approximately ₹2673.30 levels. The stock’s positioning above its 50-day and 200-day Exponential Moving Averages (EMA) signals a positive trend, reflecting strength in its current trajectory. The momentum indicator, Relative Strength Index (RSI), comfortably rising to 51.22 levels, underscores the stock’s robust performance.

2] Gujarat Gas: Buy at ₹573, target ₹620, stop loss ₹246.

Gujarat Gas share price is currently trading at ₹527.95. Recent observations on the daily chart reveal a breakout above a trendline, accompanied by significant trading volume. Market sentiment suggests the potential for further upward movement, with a target of around ₹620. Substantial support is noted near ₹546.

Mitesh Karwa’s buy or sell stocks

3] Mangalam Cement: Buy at ₹854 to ₹856, target ₹900, stop loss ₹829.

Mangalam Cement share price is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹900. One can initiate a buy on a dip in the range of ₹854 to ₹856 with a stop loss below ₹829 on a daily closing basis.

4] Cigniti Technologies: Buy at ₹1273 to ₹1275, target ₹1333, stop loss ₹1240.

Cigniti Technologies share is seen to be breaking out of a rounding bottom formation on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1333. One can initiate a buy on a dip in the range of ₹1273 to ₹1275 with stop loss below ₹1240 on a daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 16 Apr 2024, 08:44 AM IST