Stock Market Today: Trade Setup for Nifty 50 to Global Cues, Five Stocks to Buy or Sell on Friday — June 14

Despite weak global market sentiments influenced by the hawkish US Federal Reserve meeting outcomes, the Indian stock market continued its upward trajectory, marking a third consecutive session of gains. The Nifty 50 index rose by 75 points, closing at 23,398, while the BSE Sensex gained 204 points to end at 76,810. However, the Bank Nifty index dipped by 48 points, closing at 49,846. Notably, cash market volumes on the NSE increased by approximately 7%, reaching ₹1.29 lakh crore. Broad market indices outperformed the Nifty, even as the advance-decline ratio decreased to 1.52:1.

Trade Setup for Friday

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted, “The short-term trend of Nifty remains range-bound with a positive bias. Historically, such sideways movements at higher tops have often led to a downward correction from the highs. Nifty continues to face significant resistance around 23,400 to 23,500 levels, with immediate support at 23,280 levels.”

Bank Nifty Outlook

Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, commented on the Bank Nifty’s performance, stating, “The Bank Nifty index opened with a gap up but lost momentum, closing negatively at 49,847. Technically, the formation of a bearish Marubozu candlestick pattern following a tri-star doji indicates potential weakness. Immediate support for the index is near 49,000 levels, corresponding to the 21-DEMA.”

Global Cues

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, highlighted, “The market is optimistic about the upcoming union budget, expected to be announced next month. Sentiments were buoyed by domestic inflation falling to a one-year low and better-than-expected domestic April IIP data. The market has been consolidating with a positive bias, supported by robust domestic macros, a healthy monsoon forecast, and strong earnings expectations.”

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, provided insights into five buy or sell stock recommendations for today.

Sumeet Bagadia’s Stock Picks

  1. Usha Martin: Buy at ₹415, target ₹440, stop loss ₹399.
    • Analysis: The daily chart shows an upward bounce from minor declines and sideways consolidation. The positive short-term trend is supported by increased trading volume, indicating a potential upside breakout.
  2. Grasim Industries: Buy at ₹2458, target ₹2580, stop loss ₹2390.
    • Analysis: Trading at around ₹2395, Grasim Industries shows a healthy RSI of 58.26, suggesting stability and potential for further upward movement.

Ganesh Dongre’s Stock Picks

  1. IGL: Buy at ₹487, target ₹510, stop loss ₹475.
    • Analysis: Significant support is observed at ₹475. The stock has reversed at ₹487, likely continuing its rally towards the resistance level of ₹510.
  2. HCL Technologies: Buy at ₹1445, target ₹1520, stop loss ₹1410.
    • Analysis: A bullish reversal pattern suggests potential growth up to ₹1520, with support at ₹1410 indicating a strong buy opportunity.
  3. Mahindra & Mahindra (M&M): Buy at ₹2870, target ₹2930, stop loss ₹2830.
    • Analysis: Significant support at ₹2830 and a reversal formation at ₹2870 suggest a continued rally towards ₹2930, making it a solid buy for the near term.

Leave a Reply

Your email address will not be published. Required fields are marked *

Drink This Juice Daily to Lower Your Cholesterol 7 Tips to Enjoy Monsoon Like Never Before Shocking Health Benefits of Eating Raw Garlic Proven Health Benefits of Fasting 7 Daily Yoga Poses for a Healthier You 6 Surprising Benefits of Music You Never Knew 7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin
Drink This Juice Daily to Lower Your Cholesterol 7 Tips to Enjoy Monsoon Like Never Before Shocking Health Benefits of Eating Raw Garlic Proven Health Benefits of Fasting 7 Daily Yoga Poses for a Healthier You 6 Surprising Benefits of Music You Never Knew 7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin 6 Benefits of Matka Water in Summer Top 10 Heartwarming Mother’s Day Gifts She’ll Love Indian Tomato Varieties You Must-Try 7 Facts About Rabindranath Tagore You Didn’t Know 6 Must Try India’s Top Coffee Varieties