Stock market today: Trade setup for Nifty 50 to Sensex, six stocks to buy or sell on Monday — April 29

Stock market today: After the profit-booking trigger on Friday, the Indian stock market snapped its five-day winning streak in the previous session. The Nifty 50 index lost 150 points and closed at the 22,419 level, the BSE Sensex shed 609 points and finished at the 73,730 mark whereas the Bank Nifty index corrected 293 points and ended at the 48,201 level. However, the broad market continued to rally northward even as the advance-decline ratio remained firm at 1.06:1. The small-cap index gained 0.27 percent whereas the mid-cap index shot up 0.83 percent.

Trade setup for Monday

On the outlook for Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “The Nifty witnessed selling pressure throughout the day and closed weak for the day down ~120 points. On the daily charts, we can observe that the Nifty has faced selling pressure from the resistance zone of 22560 – 22625. Until this zone is not taken out decisively, we can expect the consolidation to continue. On the downside, crucial support is now placed at 22240 – 22200 where support parameters in the form of the 40-day moving average and the 50% Fibonacci retracement level of the rise from 21777 – 22626 are placed.”

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On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta said, “The Nifty Bank index opened with a gap up but failed to sustain at higher levels, settling the day on a negative note at 48,201. Over the past couple of days, the index has crossed 48,500 levels but has been unable to close above it. If the Bank Nifty closes above 48,500, then the rally might extend towards 49,000-49,500 levels. Short-term support levels for Bank Nifty are indicated at 47,000 and 46,600, while resistance levels are 48,500 and 49,500.”

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Unveiling intraday trading strategy for the Indian stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “Despite Friday’s setback, the market mostly adopted a ‘buy on dip’ strategy, maintaining a bullish undertone.”

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher; and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.

Sumeet Bagadia’s stocks to buy today

1] HUDCO: Buy at ₹2228, target ₹240, stop loss ₹221.

HUDCO Industries has recently exhibited a robust breakout from the critical resistance zone of ₹220 to ₹190 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

2] Voltas: Buy at ₹1454.75, target ₹1530, stop loss ₹1411.

Voltas share price’s 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.

Shiju Koothupalakkal’s shares to buy today

3] Bajaj Auto: Buy at ₹8974, target ₹9330, stop loss ₹8800.

The stock has indicated a positive bullish candle after the gradual slide taking support near the ₹8640 zone to improve the bias and the RSI indicating a trend reversal has signalled a buy to anticipate for further rise. We suggest buying the stock for an initial target of ₹9330 level keeping the stop loss of ₹8800 level.

4] NHPC: Buy at ₹92.55, target ₹97, stop loss ₹90.

The stock has maintained the support near ₹87 zone near the important 50EMA level and taking support from this level it has witnessed a decent pullback. The RSI has picked up well and currently is well placed indicating a trend reversal to signal a buy with much upside potential visible from current levels, we suggest buying the stock for an initial target of ₹97 keeping the stop loss of ₹90 level.

5] RailTel: Buy at ₹403.60, target ₹425, stop loss ₹388.

RailTel share price has made a higher low formation pattern on the daily chart taking support near the ₹350 zone and moving past the significant 50EMA level of ₹380 has improved the bias and with the RSI on the rise, has indicated strength and can carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an initial target of ₹425 keeping the stop loss at ₹388 level.

Virat Jagad’s buy or sell stock

6] Engineers India Ltd: Buy at ₹1560 to ₹1565, stop loss ₹1680, stop loss ₹1500.

Engineers India Ltd has broken out of an Inverse Head and Shoulders pattern on a daily chart, signaling a likely uptrend. It formed a bullish candlestick, affirming positive sentiment. Trading above both the Fast (50) and Slow (200) Exponential Moving Averages (EMAs) reinforces the upward momentum. Increased volume on buying days suggests active interest from buyers. The Relative Strength Index (RSI) trading in a higher range indicates a bullish trend is underway. These technical indicators collectively support the notion of a bullish trajectory for Engineers India Ltd.

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.