Stock market today: Trade setup for Nifty 50 to US inflation, five stocks to buy or sell on Friday — June 28

Stock market today: Despite weakness in the global markets, the Indian stock market continues to scale northward on Thursday. The Nifty 50 index ended 175 points higher at the 20,044 mark after climbing to a new peak of 24,087. The BSE Sensex finished 568 points higher at 79,243 after hitting a new record high of 79,396. However, the Nifty Bank index lost its early morning gains and ended 59 points lower at 52,811 after touching a new lifetime high of 53,180. The broad markets underperformed the Nifty even as the advance-decline ratio fell sharply to 0.48:1.

Trade setup for Friday

On the Nifty 50 index outlook, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The underlying trend of Nifty continues to be positive. A sustainable move above 24000-24100 levels could soon pull Nifty towards another Fibonacci extension resistance of around 24380-24400. Immediate support for Nifty today is placed at 23800 levels.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, “Bank Nifty reached a new all-time high over three consecutive days, peaking at 53,180.75 before settling lower on Thursday at 52,811.30, a marginal decline of 0.11%. The resistance at the 2.618 Fibonacci level near 53,300 suggests a potential barrier. Following a bearish candle on the daily chart, Bank Nifty may consolidate within a range with subdued momentum. The support is currently positioned at the 52,200-52,000 levels. A breakthrough above 53,080 could signal a continuation of the uptrend towards 53,450-53,500 levels.”

Speaking on the outlook for the Indian stock market today, Vikram Kasat, Head of Advisory at Prabhudas Lilladher, said, “The importance of an undercurrent is only felt when the tide turns. Index-heavy constituents are doing well, but the broader market is starting to bleed. Staying extremely stock-specific and nimble is the current requirement as a trader. For today, it looks like IT stocks will lead the pack. The Bajaj twins also look promising. The IT Index is breaking out today ahead of earnings season.”

US inflation data in focus

“The global markets, including Dalal Street investors, would await the US inflation data release, which is expected today. The US inflation data is important for global assets as it would hint about the possible US Fed rate cut in the near term,” said Avinash Gorakshkar, Head of Research at Profitmart Securities.

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommend buying these five buy-or-sell stocks: Asahi Songwon, Bayer Crop, Tata Motors, DMart, and Apollo Hospitals.

Sumeet Bagadia’s stocks to buy today

1] Asahi Songwon: Buy at ₹446.90, target ₹4465, stop loss ₹430.

Asahi Songwon shares have recently experienced a significant breakthrough above the crucial resistance zone, ranging from ₹410 to ₹435 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows. A noticeable surge in trading volume further validates the strong bullish sentiment.

2] Bayer Crop: Buy at ₹@ 6653.90, target ₹7000, stop loss ₹6430.

Bayer Crop share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹6825 levels. The recent breakout above the crucial resistance at ₹6600 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.

Ganesh Dongre’s buy or sell stocks

3] Tata Motors: Buy at ₹972, target ₹995, stop loss ₹945.

We have seen significant support in this stock, around ₹945. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹972 price level, which may continue its rally till its next resistance level of ₹995. So, traders can buy and hold this stock with a stop loss of ₹945 for the target price of ₹995 in the near term.

4] DMart: Buy at ₹4930, target ₹5100, stop loss ₹4750.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹5100. Currently, the stock is holding a crucial support level at ₹4750.

Given this scenario, the stock could rebound towards the ₹5100 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹4750, to manage risk effectively. The target price for this trade is ₹5100, reflecting the anticipated upward movement based on the identified technical signals.

5] Apollo Hospitals: Buy at ₹6190, target ₹6350, stop loss ₹6060.

The stock has consistently found strong support, around ₹6060, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the ₹6190 mark, suggesting potential for further upward movement. The stock could continue its rally towards the next resistance level at ₹6350. Traders might consider buying and holding this stock, using a prudent stop loss at ₹6060 to mitigate risks. The target price for this trade is ₹6350, with expectations set for developments over 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.