Stock market today: Trade setup for Nifty 50 to global markets, five stocks to buy or sell on Monday — June 24

Buy or sell stocks for today: Following weak global cues, the Indian stock market ended lower on Friday last week. Among the frontline indices, the Nifty 50 index dropped 65 points and closed at 23,501, while the BSE Sensex lost 269 points and closed at 77,209. The Nifty Bank index finished 121 points lower at 51,661. Cash market volumes on the NSE rose to ₹1.87 lakh crore, aided by index rebalancing flows. The small-cap index ended marginally in the green even as the advance-decline ratio fell to 0.81:1.

Trade setup for Monday

Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "Though Nifty placed at the highs, there is still no confirmation of any significant reversal pattern building at the highs. Further weakness only below 23300 levels could be considered a short-term top reversal pattern. Further sustainable upside bounce is likely to negate this negative setup."

On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "After a brief period of consolidation, Bank Nifty broke out to reach an all-time high of 51,957, closing at 51,398.05 with a 1.90% gain. This movement formed a strong daily bullish candle. Importantly, Bank Nifty surpassed its previous high of June 3, indicating a possible push towards the 127.8% Fibonacci extension level at 52,550. The RSI now stands at 64, reflecting a sustained momentum."

Global market news

Asian shares were mostly lower Friday after a retreat on Wall Street, where a drop in Nvidia stock pulled stocks lower. European shares, however, rose. Eurozone business recovery slowed sharply in June as the manufacturing sector downturn gathered momentum and activity in the services sector deteriorated. The HCOB's preliminary composite Purchasing Managers' Index, compiled by S&P Global, fell to 50.8 from May's 52.2.

In the US stock market, the Dow Jones index added 0.04 percent on Friday, whereas the S&P 500 and Nasdaq lost 0.16 percent. However, the small-cap 2000 index finished 0.23 percent higher.

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] Zensar Technologies: Buy at ₹752, target ₹790, stop loss ₹725.

Zensar Technologies' 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.

2] Whirlpool: Buy at ₹1847, target ₹1950, stop loss ₹1785.

Whirlpool is currently trading at ₹1847.20. The stock has consistently found support around the ₹1785 level, establishing it as a reliable support zone. The anticipated trading range for the stock is expected to be between ₹1800 and ₹1888, with the possibility of sideways movement within this range. A decisive close above the ₹1890 level could propel the stock towards the ₹1950 level in the coming days.

Ganesh Dongre's buy or sell stocks

3] IndiGo: Buy at ₹4300, target ₹4450, stop loss ₹4210.

At ₹4210, the stock found a substantial support level, marking a crucial juncture in its recent trading. At ₹4300, the stock has demonstrated a definitive price-action reversal, 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 ₹4210. The anticipated target for this trade is ₹4450, representing the next significant resistance level. This strategy positions traders favourably to capitalize on the stock's expected rally in the weeks ahead.

4] Indus Tower: Buy at ₹336, target ₹355, stop loss ₹326.

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 ₹355. Currently, the stock is holding a crucial support level at ₹326.

Given this scenario, the stock could rebound towards the ₹355 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹326, to manage risk effectively. The target price for this trade is ₹355, reflecting the anticipated upward movement based on the identified technical signals.

5] PVR INOX: Buy at ₹1437, target ₹1490, stop loss ₹1400.

The stock has consistently found strong support, around ₹1400, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the ₹1437 mark, suggesting potential for further upward movement. The stock could continue its rally towards the next resistance level at ₹1490. Traders might consider buying and holding this stock, using a prudent stop loss at ₹1400 to mitigate risks. The target price for this trade is ₹1490, with expectations set for developments over 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.