Stock market today: Following a period of sideways movement on Monday, the Indian stock market experienced a significant shift on Tuesday, slipping into the weakness zone with range-bound action and ending lower. The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark. This marked a notable change in the market’s performance, with the India VIX index surging to a new 52-week peak of 17.64 and finishing 2.45 percent higher at 17.01 level, recording nearly 35 percent rise in one week. Declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024. All the sectoral Indices are closed in red (a term used to indicate a negative performance) except Nifty FMCG and Nifty IT. Nifty Reality, Metal, and PSU Banks fell the most among them.
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Anand Rathi’s stock picks for today
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, provides his expert analysis and recommendations for the Nifty 50 index. He believes that the index has immediate support placed at 22,200 to 22,100 zone. If the 50-stock index maintains this support, then some relief rally can be expected. Dongre also predicts that Nifty may face a hurdle at 22,500 to 22,600 level. For day trading stocks, he recommends three shares to buy today — TCS, HDFC Life, and DLF.
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Stock market today
On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, “On the Nifty front, the 50-stock index closed near the support level of 22100–22200 zone, if Nifty holds this support level, then upward movement can be seen for the Nifty in the upcoming days. Now the next resistance for the nifty spot will be 22500-22600. As per today’s chart pattern, we have seen the gap up opening but immediately Nifty has seen profit booking for the rest of the day. So, indices closed in negative territory at the end of the day. So, on the Nifty front, currently Nifty is into oversold zone, so we may see short covering in upcoming trading sessions, next Nifty support stands at 22100-22200 level.”
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“On the Bank Nifty front, we have seen a gap-up up opening today, but it couldn’t hold its gain and seen profit booking in the indices till end of the day. Bank Nifty resistance stands at 49000 and support at 48000 level,” said Dongre.
Shares to buy today
1] TCS: Buy at ₹3975, target ₹4075, stop loss ₹3920.
With a major support in TCS share price around ₹3920, the current reversal price action formation at the ₹3975 price level could lead to a rally till its next resistance level of ₹4075. This presents a potential opportunity for traders to buy and hold TCS shares with a stop loss of ₹3920 for the target price of ₹4075 in the near term.
2] HDFC Life: Buy at ₹552, target ₹572, stop loss ₹542.
In the short-term trend, HDFC Life share price has seen a bullish reversal pattern. Technically, a retrenchment could be possible till ₹572. However, holding the support level of ₹542, this stock can bounce toward ₹572 in the short term. This analysis forms the basis of the recommendation for traders to go along with a stop loss of ₹542 for the target price of ₹572.
3] DLF: Buy at ₹860, target ₹890, stop loss ₹840.
We have seen a strong support in DLF share price around ₹840 rupees. So, at the current juncture, DLF share price has again seen a reversal price action and bullish candlestick pattern formation at the ₹860 price level, which may continue its rally till its next resistance level of ₹890. Hence, traders can buy and hold this stock with a stop loss of ₹840 for the target price of ₹890 in the near term.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 08 May 2024, 08:42 AM IST
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