Stock market today: Trade setup for Nifty 50 to Q1 results 2024, five stocks to buy or sell on Tuesday — July 9

Stock market today: With no major significant cues, the Indian stock market ended lower on Monday. The Nifty 50 index finished marginally lower at 24,320, while the BSE Sensex ended 36 points southward at 79,960. The Bank Nifty index lost 234 points and closed at 52,425. Cash market volumes on the NSE were down 7 percent to ₹1.45 lakh crore. The broad market indices fell more than the frontline indices even as the advance-decline ratio fell to 0.65:1.

Trade setup for Tuesday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be positive. There is a possibility of continuing this range movement for the next 1 or 2 sessions before witnessing a further upside move above 24,400. A sustainable move above the key hurdle of 24,400 could open a sharp upside for the market ahead."

On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, “Bank Nifty ended the session at 52,425.80, down 0.45%. The index has remained range-bound between 51,996 and 53,357 in the last few sessions. A breakout on either side of this zone would confirm the trend and drive the index towards that direction. The daily RSI holds around the 60 level, indicating the potential strength. The 20 DMA at 51,600 also serves as another crucial support level.”

Unveiling the stock market strategy for intraday trading, Rajesh Bhosale, Equity Technical Analyst at Angel One, said, "It appeared that traders were focusing on opportunities outside the index, as there was notable stock-specific rotation. Today, the FMCG and OIL & GAS sectors were in focus, bucking the trend. Such opportunities may continue to arise, and traders should keep an eye on identifying these themes."

Q1 results today

Six listed companies will declare their Q1 2024 results on Tuesday. They are Delta Corp, GM Breweries, Eraaya Lifespaces, RS Software, Rajnish Wellness, and Ventura Textiles Corporation.

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, recommended buying these five buy-or-sell stocks: National Aluminium Company, Zuari Industries, Bajaj Auto, Ashok Leyland, and Bank of Baroda.

Sumeet Bagadia's stocks to buy today

1] National Aluminium Company or NALCO: Buy at ₹206.30, target ₹222, stop loss ₹198.

The current trading price of NALCO is ₹206.31. The stock recently prepared for a range Breakout on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the ₹208 level, it may have the potential to reach short-term targets of ₹222. On the other hand, immediate support levels are located at ₹200. These levels can be considered opportunities to buy on dips.

2] Zuari Industries: Buy at ₹413, target ₹435, stop loss ₹399.

Zuari Industries share has recently shown a notable shift in market dynamics. The stock has moved from a period of minor declines and sideways consolidation to a promising upside bounce. This Breakout is supported by a consolidation of upward movement, marked by strong bullish momentum and a noticeable surge in trading volume.

Ganesh Dongre's buy or sell stocks

3] Bajaj Auto: Buy at ₹9530, target ₹9800, stop loss ₹9400.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹9800. The stock is currently maintaining a crucial support level at ₹9400. Given the current market price of ₹9530, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹9800.

4] Ashok Leyland: Buy at ₹226, target ₹235, stop loss ₹222.

On the daily chart of this stock, a breakout at the Rs. 226 price level has been observed, signalling a potential upward trend. Complementing this Breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss of ₹222 is recommended. The target price for this strategy is ₹235 in the near term, suggesting a potential gain as the stock continues its upward trajectory.

5] Bank of Baroda: Buy at ₹262, target ₹272, stop loss ₹255.

On the daily chart, the stock has shown a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, a strong indicator of potential upward movement. This technical pattern is considered bullish, suggesting that the stock may experience a price rise. Given this setup, traders might consider buying this stock, setting a stop loss at ₹255 to manage risk. The target price for this trade is ₹272, providing an opportunity for gains as the stock continues to demonstrate bullish behaviour.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.