Stock market today: Trade setup for Nifty 50, five stocks to buy or sell on Friday - June 21

Stock market today: The domestic benchmark equity indices, Sensex and Nifty 50, finished Thursday's session in positive territory after a sluggish start, boosted by advances in key sectors and a favourable global economic outlook.

The 30-share BSE Sensex ended up 141.34 points, or 0.18%, at 77,478.93, while the Nifty 50 closed at 23,567.00, up 51.00 points, or 0.22%.

The trading session began flat, but gained pace as the day continued. Among the Nifty 50 firms, 28 rose while 21 fell, indicating a largely favourable market outlook.

The mid- and small-cap indices beat large-cap equities, pointing to a bigger market rebound.

Also Read: Stock market today: Sensex ends up 141.34 points, Nifty 50 above 23,500; metal, realty, bank stocks shine; auto drags

Leading the drive were firms like as Hindalco, Grasim Industries, JSW Steel, Bharat Petroleum Corporation Limited (BPCL), and Adani Ports.

According to Vinod Nair, Head of Research at Geojit Financial Services, despite enormous volatility, the domestic market closed the day on a positive note. In the immediate term, market attention is expected to be concentrated on the upcoming Union budget and monsoon season. On a global scale, the decline in US bond rates has enabled considerable FII inflows in recent days. Fertilizer stocks increased considerably, driven by the projected GST reduction and MSP increases.

Trade setup for Friday

According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, the trading theme revolves around markets increasing bets into the narrative that a soft landing in the US is underway.

Nifty 50's immediate goal post seen at its psychological 23,750 mark and then aggressive targets placed at 24,000 mark.

The line in the sand is at Nifty 50's make-or-break support at 23,350 mark. Nifty 50's 200 DMA is placed at 21,310 mark.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 21

Buy or sell stock ideas by experts

Stock experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have recommended five stocks to buy or sell today.

Sumeet Bagadia's stocks to buy today

Buy Stove Kraft Ltd in cash at ₹574.3; Stop Loss at ₹550; Target Price at ₹610

Stove Kraft Ltd  daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects an up move, potentially signalling an upside breakout from narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.

Key technical indicators, such as the Relative Strength Index (RSI) at 71.85, underscore the stock's positive momentum. The RSI not only exhibits positive signals, but the stock is also trading above crucial moving averages—specifically, the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence suggests sustained strength in Stove Kraft price action.

Based on the above analysis, we recommend buying Stove Kraft in cash at a CMP of ₹574.3 for the target of ₹610 with a stop loss of ₹550.

Buy Thirumalai Chemicals Ltd in cash at ₹326.8; Stop Loss at ₹315; Target Price at ₹345

Thirumalai Chemicals Ltd 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, 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.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish candle, signifying a potential continuation of the uptrend following, and the daily strength indicator RSI (14) is moving upwards, indicating a positive bias. Furthermore, Thirumalai Chemicals is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long-term trading opportunity for investors.

Based on the above analysis, we recommend buying Thirumalai Chemicals in cash at a CMP of ₹326.8 for the target of ₹345 with a stop loss of ₹315.

Also Read: Chandan Taparia's recommendations: How to trade IDFC Bank, Vedanta, Exide Ind shares on June 21?

Ganesh Dongre's shares to buy today

Buy Birla Corporation Ltd at ₹1,575; Stoploss at ₹1,520; Target Price at ₹1,650

We have seen a major support in this stock around ₹1,520. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1,575 price level, which may continue its rally till its next resistance level of ₹1,650 so traders can buy and hold this stock with a stop loss of ₹1,530 for the target price of ₹1,650 in the upcoming weeks.

Buy Punjab National Bank at ₹129; Stoploss at ₹124; Target Price at ₹135

In the short-term trend, the stock has seen a bullish reversal pattern, technically retrenchment could be possible till Rs.135 so, holding the support level of Rs.124 this stock can bounce toward the level Rs.135 in the short term, so the trader can go along with a stop loss of Rs.124 for the target price of Rs.135

Buy Ramco Cements Ltd at ₹867; Stoploss at ₹850; Target Price at ₹890

We have seen a major support in this stock around ₹850, So, at the current juncture, the stock has again seen a reversal price action formation at the ₹867 price level, which may continue its rally till its next resistance level of ₹890 so traders can buy and hold this stock with a stop loss of 850 for the target price of ₹890 in the upcoming weeks.

Also Read: Nifty 50 Share Price Live Updates: Nifty 50 Price Live blog for 21 Jun 2024

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 decision.