"The Nifty 50 index started the week on a strong note and extended its gains throughout the day to surpass its previous high and end the session at a new high of 22,666.30 with gains of 152.60 points. On a sectoral front , Auto was the star performer followed by real estate and power (gas stocks) sectors while PSU banking sector witnessed a correction in profit booking,โ said Aditya Gaggar, Director, Progressive Shares.
Also read: Buy or sell: Vaishali Parekh recommends buying three stocks today, April 9
About the prospects for the ingenious 50 Today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "A reasonable positive candle was formed on the daily chart with the opening of the spread. Technically, this pattern indicates a positive bias for the future market. Although Nifty was positioned at the new highs, there are still no signs of a reversal pattern forming at the highs. The positive chart patterns such as higher highs and higher lows are intact as per the daily chart and the current bullish move is in line with the new higher highs formation of the pattern. Still, there is no confirmation of a higher high reversal being completed at the highs. The short-term uptrend of the Nifty remains intact and the next bullish levels to watch are around 22,800 levels (1.618 Fibonacci projection). 22,520 levels."
On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "The Bank Nifty concluded the session at 48,581.70, up 0.18% as the primary trend remains stable and strong. The index is following higher highs and lower lows and remains above the short-term moving averages. The volume profile indicates that the index has a solid base around 48,000 levels. A potential trajectory could lead to the crucial milestone of 50,000 in the following days".
Buy or sell stock ideas from experts
On stocks to buy today, stock market experts: Sumeet Bagadia, CEO, Choice Broking; Shiju Koothupalakkal, technical research analyst at Prabhudas Lilladher; and Virat Jagad, technical analyst at Bonanza Portfolio, recommended seven stocks to buy or sell today.
Sumeet Bagadia Stock to Buy Today
1]TVS Engine: Buy in $2134, target $2274, stop loss $2060.
TVS Motor shares are currently trading at $2134, a reversal from the support level forming higher lows with good volume indicating a possible reversal. A possible break above $1670 could push the stock towards the $Level 2274, with immediate resistance at $2240. On the other hand, $2060 serves as a crucial support level.
2] torrent power: Buy in $1568.40, target $1650, stop loss $1515.
Analysis of the daily chart of the Torrent Power share price offers a favorable view for the coming week, indicating a constant and upward movement. Notably, the stock has produced a notable pattern of higher highs and higher lows, and the company's recent bullish swing has effectively breached the neckline, setting a new high for the week. This advance indicates the possibility of a significant increase in the stock price.
Buying or selling Shiju Koothupalakkal shares
3]Larsen and Toubro or LT: Buy in $3807, target $3930, stop loss $3740.
LT stock price has once again indicated forming higher lows on the daily chart taking support near the $3716 zone and indicating a pullback has improved the bias. The RSI is also showing a trend change and has increased the scope for further bullish movement in the coming days. We suggest buying the stock for an initial target of $Level 3930 maintaining the strict stop loss $3740 levels.
4] Bharat Forge: Buy in $11173, target $1210, stop loss $1150.
Bharat Forge stock, after forming a double bottom on the daily chart, has recovered to indicate a pullback to improve the bias by clearing the important 50EMA level of $Zone 1157 anticipating a further increase. With the RSI rising, it has indicated strength to continue the positive move and we suggest buying the stock for an initial target of $1210 maintaining the stop loss of $Level 1150.
5]NMDC: Buy in $224, target $234, stop loss $220.
The stock has recovered well after the brief correction witnessed to break above the important 50 EMA level of $217 area to improve the bias and anticipate a further increase. The RSI has recovered significantly from the oversold zone to indicate a trend reversal and signal a buy. Since the chart looks attractive, we suggest buying the stock for an initial target of $234 maintaining the stop loss of $220.
Virat Jagad shares to be bought today
6]PI Industries: Buy in $3950 a $3970, target $4200, stop loss $3850.
PI Industries stock has broken out of the rounded bottom pattern on the daily chart, indicating a possible bullish trend. The increase in trading volume suggests growing demand for the stock. To attract more buyers, the stock needs to break above the 3920 level. The RSI is showing a wider range, indicating an uptrend. Furthermore, the positive trend is confirmed by the DI+, which is above the DI-. Overall, these indicators suggest a favorable outlook for PI Industries Ltd, with potential for further gains.
7]Maruti Suzuki India: Buy in $12,850 to $12,875, target $13,500, loss limit $12,550.
Maruti stock price has recently shown a flag and flagpole pattern on its daily chart, which usually indicates a continuing trend. In this case, the pattern indicates bullish sentiment and eager buyers expect the stock to rise. The stock price is currently above significant EMAs, reflecting a positive trend. The slow EMA (50) aligns with the uptrend, reinforcing the positivity. Furthermore, the DMI+ exceeds the DMI-, affirming the positive trend, while the ADX above the DMI- underlines the strength of the ongoing upward movement. This suggests favorable prospects for Maruti Suzuki India Ltd.
Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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Posted: Apr 9, 2024, 07:57 am IST
