BackStock market today: Trade setup for Nifty 50 to US Fed meeting, eight stocks to buy or sell on Thursday — June 13
Stocks to buy today: Experts have recommended buying these eights shares — Universal Cables, UltraTech Cement, GMM Pfaudler, Gujarat Fluorochemicals, DLF, Jio Financial Services, Power Grid, and Bank of Baroda
PremiumStock market today: Despite mixed trends from the global markets, the Indian stock market snapped two days fall and ended higher on Wednesday. The Nifty 50 index 58 points and closed at 23,322 while the BSE Sensex scaled 149 points and finished at 76,606. The Bank Nifty index ended 189 points higher at 49,895. Among the frontline indices, the Nifty 50 index touched a new peak of 23,441. Cash market volumes on the NSE fell minorly to ₹1.20 lakh crore. The broad market indices rose more than a percent even as the advance-decline ratio rose to 2.05:1.
Trade setup for Thursday
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The overhead resistance of key Fibonacci extension, opening upside gap of 4th June, Upward sloping resistance line are intact around 23400-23500 levels. If this hurdle is not taken decisively on the upside, one can't rule out the possibility of a downward correction. Immediate support is at 23200 levels, and a move below this area is likely to trigger a quick selloff in the market."
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13
On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty continued to trade within a sideways range with a positive bias, settling at 49,895.10, up 0.38%. It sustains above the short-term moving average. Over the past three sessions, Bank Nifty has formed doji candles on the daily timeframe. The trend would become clearer if it moves above 50,300 or below 48,900. If these levels are not breached, the index might consolidate within this range for the next session."
US Fed meeting outcome
Speaking on the impact of the US Fed meeting outcome, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "The US Fed has kept the interest rate unchanged, but the overall outlook is hawkish. The US central bank has said that the inflation concern is still there despite some relief coming on this front. So, there will be just one rate cut in 2024, which is not good news for other than the bond and currency market. The US dollar index may soon touch the 106 to 106.50 range, putting pressure on the equity, commodity, and other assets."
Buy or sell stock ideas by experts
Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended eight buy or sell stocks for today.
Sumeet Bagadia's stocks to buy today
1] Universal Cables: Buy at ₹771, target ₹815, stop loss ₹750.
Universal Cables is exhibiting bullish solid momentum, trading at an all-time high of 794.8. The recent breakout above the crucial resistance at ₹750 levels is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.
2] UltraTech Cement: Buy at ₹11045, target ₹11600, stop loss ₹10665.
UltraTech Cement's daily chart analysis offers a favourable view for the following week, indicating a steady upward 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.
Ganesh Dongre's shares to buy today
3] GMM Pfaudler: Buy at ₹1337, target ₹1390, stop loss ₹1300.
We have seen significant support in this stock, around ₹1337. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1300 price level, which may continue its rally till its next resistance level of ₹1390. So, traders can buy and hold this stock with a stop loss of ₹1300 for the target price of ₹1390 in the near term.
4] Gujarat Fluorochemicals: Buy at ₹3220, target ₹3350, stop loss ₹3160.
In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹3350. So, holding the support level of ₹3160, this stock can bounce toward ₹3350 in the short term. Hence, the trader can use a stop loss of ₹3160 for the target price of ₹3350.
5] DLF: Buy at ₹860, target ₹890, stop loss ₹840.
We have seen significant support in this stock at around ₹840. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹860 price level, which may continue its rally till its next resistance level of ₹890. So, traders can buy and hold this stock with a stop loss of ₹840 for the target price of ₹890 in the near term.
Shiju Koothupalakkal's buy or sell stocks
6] Jio Financial Services: Buy at ₹361, target ₹348, stop loss ₹352.
The stock has indicated a positive bullish candle formation on the daily chart after the consolidation witnessed near the 50-EMA level of ₹351 to improve the bias and decent volume participation witnessed. RSI on the rise has indicated strength. With much upside potential visible to carry on with the positive move further ahead, we suggest buying the stock for an initial upside target of ₹378, keeping the stop loss of ₹352.
7] Power Grid Corporation: Buy at ₹325, target ₹338, stop loss ₹317.
The stock has witnessed a decent pullback, with a strong bias maintained. Currently, decent volume participation and positive bullish candle formation on the daily chart have further strengthened the trend, allowing for a further rise in the coming sessions. With the chart pattern looking appealing, we suggest buying the stock for an initial upside target of ₹338, keeping the stop loss of ₹317.
8] Bank of Baroda: Buy at ₹283.40, target ₹298, stop loss ₹277.
The stock has indicated a decent bullish candle on the daily chart, with a rise in volume participation witnessed to further strengthen the bias, anticipating a further upward move in the coming sessions. The RSI has indicated a trend reversal with much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹298, keeping the stop loss of ₹277.
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.
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