Stock market today: Trade setup for Nifty 50 to IPOs, five stocks to buy or sell on Tuesday — June 25

Stock market today: After a weak opening, the Indian stock market remained volatile but ended marginally higher on Monday. The Nifty 50 index added 36 points and closed at 23,537, whereas the BSE Sensex finished 131 points higher at 77,341. The Bank Nifty index went up 42 points and ended at 51,703. Cash market volumes on the NSE fell sharply to ₹1.20 lakh crore. The broad market indices rose slightly more than the Nifty even as the advance-decline ratio fell to 0.99:1.

Trade setup for Tuesday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty remains positive amidst range movement. Having bounced back from near the lower range of 23,300 levels, Nifty is possibly testing the upper range of 23,650 to 23,700 in the short term. Immediate support for Nifty today is placed at 23,350."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 25

Speaking on the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty closed marginally higher at 51,703.95, up 0.08%. After opening lower, Bank Nifty found support at its previous swing high from June 3rd. The daily MACD and RSI indicators remain positive, indicating ongoing bullish strength. A break above the 52,000 level could push the index towards the 52,440 to 52,500 range."

IPO market today

Bidding for the Stanley Lifestyles IPO is ending today, whereas a new mainboard public issue, Allied Blenders and Distillers IPO, will hit the Indian primary market during Tuesday deals. DEE Development Engineers IPO and Akme Fintrade India IPO are also expected to remain in focus today, as these two mainboard IPOs are expected to be listed on Wednesday, i.e., tomorrow.

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 on Tuesday: Gujarat Gas, Punjab National Bank, Hindustan Copper, Titagarh Rail, and Sundram Fasteners.

Sumeet Bagadia's stocks to buy today

1] Titagarh Rail Systems: Buy at ₹1610, target ₹1700, stop loss ₹1555.

The stock's current market status reveals a favourable position as it trades around ₹1610 levels. An upward movement from the robust support at ₹1550 levels has been observed, showcasing the stock's resilience. Furthermore, the stock is trading above crucial moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, signifying sustained strength.

2] Sundram Fasteners: Buy at ₹1330, target ₹1400, stop loss ₹1285.

Sundram Fasteners 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.

Ganesh Dongre's buy or sell stocks

3] Gujarat Gas: Buy at ₹608, target ₹635, stop loss ₹595.

Based on recent price movements and technical analysis, the stock has seen significant support around the ₹595 level. The stock has experienced a reversal in its price action at ₹608, suggesting a potential upward trend. This reversal pattern, occurring near a crucial support level, implies that the stock may continue its rally in the coming weeks.

Traders are advised to consider buying and holding this stock, aiming for a target price of ₹635, the next resistance level. So, with the observed support at ₹595 and the recent reversal at ₹608, the stock appears poised for an upward move towards ₹635. Traders can look to buy and hold the stock, setting a stop-loss at ₹595 to manage risk effectively while targeting a price of ₹635 in the near term.

4] Punjab National Bank or PNB: Buy at ₹125, target ₹132, stop loss ₹121.

The stock has recently exhibited a bullish reversal pattern, indicating potential upward momentum. This technical formation suggests a likely retracement, projecting an increase in stock price. Based on current trends, the stock is expected to find support at ₹121, which is critical for maintaining its upward trajectory.

By entering a long position with a stop loss of ₹121, traders can capitalize on the bullish trend and aim for the target price of ₹132. This approach balances potential gains with risk management.

5] Hindustan Copper: Buy at ₹332, target ₹345, stop loss ₹324.

In recent trading sessions, the stock has demonstrated robust support near the Rs. 324 mark, indicating strong investor interest at this level. Presently, notable price action suggests a potential reversal around ₹332, signaling a bullish sentiment in the market. This bullish formation suggests the stock may continue its upward momentum towards the next significant resistance level at ₹345.

For traders looking to capitalize on this opportunity, initiating a buy position with a stop loss set at ₹324 could be a prudent strategy. This stop-loss level aligns with the observed support, safeguarding against potential downside risks. The anticipated target for this trade is ₹345, reflecting the expected continuation of the stock's upward movement.

Overall, the technical analysis points towards a favourable risk-reward ratio for traders considering a buy position in this stock. The potential upside towards ₹345 presents an opportunity for profit, contingent upon the stock maintaining its current bullish trajectory in 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.