Stock market today: Trade setup for Nifty 50 to Budget 2024, five stocks to buy or sell on Wednesday — June 26

Stock market today: Following a rally in the banking stocks, the Indian stock market ended higher on Tuesday. Before ending at the 23,721 mark, the Nifty 50 index touched a new lifetime high for the 34th time in 2024. The BSE Sensex shot up 712 points and ended at 78,053, whereas the Bank Nifty index skyrocketed 902 points and closed at 52,606. Cash market volumes on the NSE rose about 3 percent to ₹1.25 lakh crore. Broad market indices ended marginally in the negative even as the advance-decline ratio fell to 0.80:1.

Trade setup for Wednesday

On the outlook for the Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty remains positive. The market is now showing early signs of an upside breakout in the near term. The next upside levels to be watched are around 24000. Immediate support is placed at 23550."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty has marked a new lifetime high of 52,746.50, closing the session at 52,606 with an impressive gain of 1.74%. This upward move confirms a breakout from the megaphone pattern on the daily timeframe. The session's opening and low levels were almost identical, indicating strong buying interest from the start. The primary trend remains firmly upward, suggesting that any pullback towards the 52,400-52,500 range would be a buying opportunity. The daily Relative Strength Index (RSI) stands robust at 70."

Budget 2024 in focus

Pointing towards the cue that the market is expecting from the Union Budget 2024, Siddhartha Khemka, Head - of Retail Research at Motilal Oswal, said, "In the upcoming budget, the focus will remain on fiscal consolidation along with growth-oriented measures aimed at addressing rural stress. Hence, we expect the market to maintain positive momentum as we approach the event. Globally, investors will track US consumer confidence data released yesterday."

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 buying five buy-or-sell stocks: Axis Bank, GRSE, IndiGo, Havells India, and DLF.

Sumeet Bagadia's stocks to buy today

1] Axis Bank: Buy at ₹1272.75, target ₹1345, stop loss ₹1225.

Axis Bank's share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹1278.75. The recent breakout above the crucial resistance at ₹1245 levels is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] GRSE: Buy at ₹1946, target ₹2050, stop loss ₹1875.

GRSE has recently exhibited a robust breakout from the critical resistance zone of 1650-1888 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Ganesh Dongre's buy or sell stocks

3] IndiGo: Buy at ₹4230, target ₹4330, stop loss ₹4180.

At ₹4230, the stock found a substantial support level, marking a crucial juncture in its recent trading. At ₹4230, the stock has demonstrated a definitive reversal in price action, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at ₹4180. The anticipated target for this trade is ₹4330, representing the next significant resistance level. This strategy positions traders favourably to capitalize on the stock's expected rally soon.

4] Havells India: Buy at ₹1915, target ₹1960, stop loss ₹1880.

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 ₹1960. Currently, the stock is holding a crucial support level at ₹1880.

Given this scenario, the stock could rebound towards the ₹1960 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹1880, to manage risk effectively. The target price for this trade is ₹1960, reflecting the anticipated upward movement based on the identified technical signals.

5] DLF: Buy at ₹827, target ₹845, stop loss ₹810.

The stock has consistently found strong support, around Rs.810, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the Rs.827 mark, suggesting potential for further upward movement. The stock could continue its rally towards the next resistance level at Rs.845. Traders might consider buying and holding this stock, using a prudent stop loss at Rs.810 to mitigate risks. The target price for this trade is Rs.845, with expectations set for developments over the short 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.