BackTrade setup for Nifty 50, Indian stock market today after exit poll, five stocks to buy or sell on Monday
Stocks to buy today: Experts have recommended five stocks to buy or sell today — JKIL, Symphony, Federal Bank, Tata Motors, and ITC
PremiumStock market today: After the end of Lok Sabha Election 2024 on Saturday last week, and most of the Exit Polls predict the third term for the Narendra Modi government in New Delhi, the Indian stock market is expected to remain volatile on Monday. On Friday last week, frontline Indian indices ended marginally higher after erasing most of its early morning losses. The Nifty 50 index finished 42 points higher at the 22,530 mark, while the BSE Sensex ended 75 points northward at 73,961. The Bank Nifty index gained 301 points and closed at 48,983. Cash market volumes on the NSE touched a record high of ₹2.29 lakh crore – aided by trades for MSCI and FTSE rebalancing. The small-cap index rose 0.76 percent even as the advance-decline ratio improved to 0.81:1.
Trade setup for Monday
On the outlook for the Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The Nifty index could see volatile moves early this week based on the outcome of exit polls and later the actual Lok Sabha Election results. Today, it could stay in the 22,150 to 22,794 band."
Also Read: Buy or sell after exit poll: Vaishali Parekh recommends three stocks to buy today
On the outlook for Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, said, "Bank Nifty continued with the momentum and closed in the positive for the second consecutive trading session. Daily and hourly momentum indicators have a positive crossover, a buy signal. Thus, we expect the momentum to continue. On the upside, crucial support is placed at 48,600 to 4,8500, while immediate hurdles are placed at 49,700 to 4,9800."
Exit Poll 2024 in focus
Suggesting investors to remain vigilant about the next event like Lok Sabha Election results, numbers of seats BJP gets, etc., Dhiraj Relli, MD & CEO at HDFC Securities, said, "Going by a majority of pollster's exit poll predictions, the NDA alliance could end up with 350-370 seats, enough to form the Govt for the third time and is in line with the median forecast ahead of the exit polls. However, this number is almost the same as that in 2019 and short of the 400+ target of the alliance," adding, "Unless we get a surprise in the balance exit poll predictions, Indian markets may not react majorly to these numbers on a closing basis."
"The fact that the BJP could return to power is good for continuing and accelerating the reform process. This outcome was mainly on the expected lines. Hence, after the initial excitement, markets may wait out for the new path set out by the latest Govt," Relli said. The HDFC Securities expert went on to add that the NDA does not get 400+ setas, some fundamental reforms requiring constitutional amendments may be challenging to implement, but there is still a lot that can be done with this kind of majority.
Buy or sell stock ideas by experts
Stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended five stocks to buy or sell today. JKIL, Symphony, Federal Bank, Tata Motors, and ITC are those day-trading stocks.
Sumeet Bagadia's stocks to buy today
1] JKIL: Buy at ₹755.75, target ₹799, stop loss ₹725.
JKIL's share price is exhibiting bullish solid momentum, currently trading at an all-time high of ₹764.3. The recent breakout above the crucial resistance at ₹715 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] Symphony: Buy at ₹1084.35, target ₹1150, stop loss ₹1050.
Symphony's share price is currently ₹1084.35. On the daily chart, a higher high and higher low candlestick pattern with good volume has formed. The pattern suggests a target price of ₹1150 in the short term.
Ganesh Dongre's buy or sell stocks
3] Federal Bank: Buy at ₹161, target ₹170, stop loss ₹156.
We have seen significant support in this stock at around ₹156. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹161 price level, which may continue its rally till its next resistance level of ₹170. So, traders can buy and hold this stock with a stop loss of ₹156 for the target price of ₹170 in the near term.
4] Tata Motors: Buy at ₹925, target ₹955, stop loss ₹905.
In the short term, Tata Motors' share has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹955. So, holding the support level of ₹905, this stock can bounce toward ₹955 in the short term. Hence, the trader can go along with a stop loss of ₹905 for the target price of ₹955.
5] ITC: Buy at ₹427, target ₹437, stop loss ₹420.
We have seen significant support in this stock, around ₹420. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹427 price level, which may continue its rally till its next resistance level of ₹437. So, traders can buy and hold this stock with a stop loss of ₹420 for the target price of ₹437 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.
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