Stock market today: Trade setup for Nifty 50 to Q1 results today, five stocks to buy or sell on Monday — July 29

Stock market today: The Indian stock market, buoyed by strong global market sentiments, broke a five-day losing streak on Friday. The Nifty 50 index soared to a new peak of 24,861, finishing 428 points higher. The BSE Sensex also saw a significant surge, skyrocketing 1,292 points to close at 81,332. The Bank Nifty index ended 407 points higher at 51,295, further boosting the positive sentiment. Cash market volumes on the NSE were up 5.7 percent, and the mid-cap index outperformed the Nifty 50 index, maintaining a positive advance-decline ratio at 2.07:1.

Trade setup for Monday

Speaking on the outlook for the Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend for the Nifty 50 index has turned positive. The next upside levels to be watched are around 25,000 to 25,100 in the near term. Immediate support for the Nifty today is placed at 24,650."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index, however, opened on a negative note and faced pressure in the first half of the trading session. Despite this, the second half saw a robust recovery, allowing Bank Nifty to close positively at 51,296 levels. The index formed a bullish belt hold pattern on a daily scale and successfully maintained above 51,100 every week, signalling strength. In the short term, 51,800-52,000 will serve as resistance levels for Bank Nifty."

Q1 results today

Eighty-five companies will be declaring their Q1 results 2024 on Monday. Those 85 listed companies include Bharat Electronics Ltd (BEL), Adani Total Gas, ACC, Colgate Palmolive India, Hindustan Petroleum Corporation Ltd or HPCL, Indian Bank, Adani Wilmar, KEI Industries, Vedant Fashions, Pfizer, Arvind, 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: Ethos, IFB Industries, Samvardhan Motherson, Chambal Fertilisers, and LIC Housing Finance.

Sumeet Bagadia's stock recommendations today

1] Ethos: Buy at ₹3311.90, target ₹3450, stop loss ₹3190.

Ethos's share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹3370. The recent breakout, characterized by multiple resistance levels being breached consecutively, indicates robust market momentum and potential for continued upward movement. Robust trading volumes reinforce the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] IFB Industries: Buy at ₹1840.45, target ₹1930, stop loss ₹1777.

IFB Industries share price 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 shares to buy today

3] Samvardhan Motherson: Buy at ₹196, target ₹204, stop loss ₹190.

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. 204. The stock is currently maintaining a crucial support level at ₹190. Given the current market price of ₹196, 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 ₹204.

4] Chambal Fertilizers: Buy at ₹496, target ₹515, stop loss ₹485.

On the short-term chart, this stock is forming an inherently bullish rounding bottom pattern. Currently priced at Rs. 496, this formation signals a potential upward trend. To effectively manage risk, a stop loss of ₹485 is recommended. The target price for this strategy is ₹515 in the upcoming weeks. This suggests a potential gain as the stock continues its upward trajectory, backed by the bullish technical signals.

5] LIC Housing Finance: Buy at ₹792, target ₹815, stop loss ₹778.

On the daily chart of this stock, a breakout at the ₹792 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 ₹778 is recommended. The target price for this strategy is ₹815 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

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.