Stock market today: Trade setup for Nifty 50 to Q1 results 2024, five stocks to buy or sell on Monday — July 15

Stock market today: Despite mixed trends in the global markets, the Indian stock market ended higher on Friday. The Nifty 50 index finished 186 points higher at 24,502. The BSE Sensex shot up 622 points and closed at 80,519, whereas the Bank Nifty index ended marginally higher at 52,278. The rally in the Indian stock market was fueled by strong buying of Indian IT stocks after strong TCS Q1 results 2024. Cash market volumes on the NSE rose 11.2% to ₹1.55 lakh crore. The broad market indices ended negatively even as the advance-decline ratio fell to 0.67:1.

Trade set up for Monday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty remains positive. Having moved above the hurdle of 24,400, Nifty is possibly moving towards the next upside target of 24,950 in the near term. Immediate support for Nifty today is at 24,350."

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty opened flat but gained acceleration in the first half. However, it erased most gains in the second half, settling the day flat at 52,279. Technically, the index formed a doji candle daily near the 21-day EMA support. If the index holds above 51,750, a buy-on-dips strategy should be adopted in Bank Nifty. On the upside, 52,800 and 53,000 will serve as strong resistance levels."

Q1 results 2024 today

Thirty listed companies on Dalal Street will declare their Q1 results today. These 30 companies include Jio Financial Services, HDFC Life Insurance, HDFC AMC, Bank of Maharashtra, Angel One, SpiceJet, Kelton Tech, and Tata Group's Benares Hotels.

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 these five buy-or-sell stocks: Ganesha Ecosphere, IRFC, Bank of Baroda, LIC Housing Finance, and Indus Tower.

Sumeet Bagadia's stock recommendations for today

1] Ganesha Ecosphere: Buy at ₹1557, target ₹1630, stop loss ₹1500.

Ganesha Ecosphere share has recently experienced a significant breakthrough above the crucial resistance zone ranging from ₹1365 to ₹1435 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by a higher high and higher Low Pattern. A noticeable surge in trading volume further validates the strong bullish sentiment.

2] IRFC: Buy at ₹217.45, target ₹229, stop loss ₹209.50.

IRFC share price is currently trading at ₹217.43. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹209 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹229 levels. On the downside, considerable support is evident at nearly ₹209.50.

Ganesh Dongre's buy or sell stocks

3] Bank of Baroda: 250, target ₹265, stop loss ₹240.

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 Rs. 265. The stock is currently maintaining a crucial support level at ₹240. Given the current market price of ₹250, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹265.

4] LIC Housing Finance: Buy at ₹780, target ₹820, stop loss ₹760.

On the daily chart of this stock, a breakout at the ₹780 price level has been observed, signalling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss of ₹760 is recommended. The target price for this strategy is ₹820 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

5] Indus Tower: Buy at ₹392, target ₹412, stop loss ₹382.

On the daily chart, the stock has shown a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, a strong indicator of potential upward movement. This technical pattern is considered bullish, suggesting that the stock may experience a price rise. Given this setup, traders might consider buying this stock, setting a stop loss at ₹382 to manage risk. The target price for this trade is ₹412, providing an opportunity for gains as the stock continues to demonstrate bullish behaviour.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.