Stock market today: Trade setup for Nifty 50 to Bank Nifty, five stocks to buy or sell on Tuesday — July 2

Stock market today: Following strong global cues, the Indian stock market ended higher on Monday. Logging an intraday gain of 131 points, the Nifty 50 index finished at a record closing high of 24,141. The BSE Sensex finished 443 points higher at 79,476, whereas the Bank Nifty index gained 232 points and closed at 52,574. Cash market volumes on the NSE fell to ₹1.20 lakh crore. The broad market indices rose more than the Nifty even as the advance-decline ratio rose to 2.6:1.

Trade setup for Tuesday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The underlying trend of Nifty remains positive. The market is racing towards the next upside target of 24,400 levels soon. Immediate support for Nifty today is placed at 23,980 levels."

On today's outlook for the Bank Nifty, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty ended the session at 52,574.75, up 0.44%. The index has formed a bullish candle in the daily time frame but moved below the regression line. The hourly MACD indicates a slight slowdown in the bullish trend. The 20-day moving average (DMA) is placed at the 51,000 level. In the next session, Bank Nifty could consolidate or oscillate within the 52,200-53,200 range."

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 these five buy or sell stocks: Bajaj Finance, JSW Steel, RCF, Birla Corporation, and Titan Company.

Sumeet Bagadia's stocks to buy today

1] Bajaj Finance: Buy at ₹7262, target ₹7740, stop loss ₹6990.

Bajaj Finance's share price is currently trading at ₹7262 and has recently broken out of the daily trend line with good volume, indicating a potential reversal and a strong bullish trend. A breakout above ₹7300 could propel the stock towards ₹7740, with immediate resistance at ₹7500. On the flip side, ₹7100 serves as a crucial support level.

2] JSW Steel: Buy at ₹944, target ₹1000, stop loss ₹915.

JSW Steel, currently trading at ₹943.90, shows signs of a positive technical outlook. The stock has recently demonstrated a decisive breakout above ₹915, which is also near its 20-day EMA levels, demonstrating its ability to maintain price stability. Notably, the stock has crossed a minor resistance level at ₹915. This is a positive development, as it signifies a potential stock trend change.

Ganesh Dongre's buy or sell stocks

3] RCF: Buy at ₹197, target ₹210, stop loss ₹192.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹210. The stock is currently maintaining a crucial support level at ₹192. A buying opportunity is emerging, given the current market price of ₹197. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹210.

4] Birla Corporation: Buy at ₹1610, target ₹1700, stop loss ₹1550.

We have seen significant support in this stock at around ₹1550. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1610 price level, which may continue its rally till its next resistance level of ₹1700. So, traders can buy and hold this stock with a stop loss of ₹1550 for the target price of ₹1700 in the near term.

5] Titan Company: Buy at ₹3447, target ₹3520, stop loss ₹3400.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around ₹3520. Currently, the stock is holding a crucial support level at ₹3400.

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.