Stock market today: Trade setup for Nifty 50 to Q1 results today, five stocks to buy or sell on Friday — July 26

Stock market today: Following a tech-fuelled sell-off in the US stock market, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index ended almost flat at the 24,416 mark; the BSE Sensex lost 109 points and closed at 80,039, whereas the Bank Nifty index crashed 423 points and finished at 50,893. Cash market volumes on the NSE were about 6 percent lower than the previous day. The broad market indices aligned with the Nifty even as the advance-decline ratio fell to 0.94:1.

Trade setup for Friday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be choppy. The lacklustre movement with weak bias is expected to continue for the next 1-2 sessions before witnessing a sharp upside bounce from the lows. Important lower supports should be watched around 24100-24000 levels, which could be a buy-on-dips opportunity. Immediate resistance is placed at 24500."

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a negative note and remained under pressure throughout the day. As a result, Bank Nifty settled the day on a negative note at 50,889 levels. Technically, the index on a daily scale has formed a tiny green candle but failed to close above the 51,100 level, indicating weakness. As long as the index holds below 51,100, weakness will likely continue. On the downside, 50,500 and 50,000 will act as support levels."

Q1 results today

A total of 67 listed companies will declare their Q1 results 2024. These companies include Power Grid Corporation, Interlobar Aviation or IndiGo, Cipla, IndusInd Bank, Shriram Finance, SBI Card, Bandhan Bank, KEC International, Sanofi India, etc.

Stocks to buy today

Regarding intraday stocks for 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: Laurus Labs, LIC Housing Finance, Balkrishna Industries, IndiGo, and Zydus Life.

Sumeet Bagadia's stock recommendations today

1] IndiGo: Buy at ₹4432.20, target ₹4790, stop loss ₹4250.

IndiGo's share price is currently trading near its all-time high of ₹4432.20. It recently broke out of its consolidation range with significant trading volumes, suggesting strong momentum. There is widespread anticipation that the stock may surpass its previous peak and aim for a short-term target of ₹4790.

2] Zydus Life: Buy at ₹1205.80, target ₹1305, stop loss ₹1155.

ZYDUSLIFE has recently broken out above its previous high, forming a pattern of higher highs and higher lows daily. The stock has rebounded from its support levels, notably its short-term (20-Day) EMA, and is currently trading at ₹1205.80, indicating a strong potential to reach the upside target of ₹1305 levels in the near term.

Ganesh Dongre's shares to buy today

3] Laurus Labs: Buy at ₹435, target ₹450, stop loss ₹425.

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 ₹450. The stock is currently maintaining a crucial support level at ₹425. Given the current market price of Rs.435, 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 ₹450.

4] LIC Housing Finance: Buy at ₹768, target ₹795, stop loss ₹750.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹795. So, with the support of ₹750, this stock can bounce toward ₹795 in the short term. Hence, the trader can use a stop loss of ₹750 for the target price of ₹795.

5] Balkrishna Industries: Buy at ₹3160, target ₹3300, stop loss ₹3080.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹3300. So, holding the support level of ₹3080, this stock can bounce toward ₹3300 in the short term. Hence, the trader can use a stop loss of ₹3080 for the target price of ₹3300.

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