Stock market today: Trade setup for Nifty 50 to Sensex, six stocks to buy or sell on Monday — April 29

Trade setup for Monday

On the outlook for Nifty today, Jatin Gedia, Technical Research Analyst astatine Sharekhan by BNP Paribas said, "The Nifty witnessed selling unit passim the time and closed anemic for the time down ~120 points. On the regular charts, we tin observe that the Nifty has faced selling unit from the absorption portion of 22560 – 22625. Until this portion is not taken retired decisively, we tin expect the consolidation to continue. On the downside, important enactment is present placed astatine 22240 – 22200 wherever enactment parameters successful the signifier of the 40-day moving mean and the 50% Fibonacci retracement level of the emergence from 21777 – 22626 are placed."

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — April 29

On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research astatine Asit C Mehta said, "The Nifty Bank scale opened with a spread up but failed to prolong astatine higher levels, settling the time connected a antagonistic enactment astatine 48,201. Over the past mates of days, the scale has crossed 48,500 levels but has been incapable to adjacent supra it. If the Bank Nifty closes supra 48,500, past the rally mightiness widen towards 49,000-49,500 levels. Short-term enactment levels for Bank Nifty are indicated astatine 47,000 and 46,600, portion absorption levels are 48,500 and 49,500."

Unveiling intraday trading strategy for the Indian banal marketplace today, Rajesh Bhosale, Technical Analyst astatine Angel One said, "Despite Friday's setback, the marketplace mostly adopted a 'buy connected dip' strategy, maintaining a bullish undertone."

Buy oregon merchantability banal ideas by experts

On stocks to bargain today, banal marketplace experts — Sumeet Bagadia, Executive Director astatine Choice Broking; Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher; and Virat Jagad, Technical Analyst astatine Bonanza Portfolio — recommended six buy oregon sell stocks for today.

Sumeet Bagadia's stocks to bargain today

1] HUDCO: Buy astatine ₹2228, people ₹240, halt nonaccomplishment ₹221.

HUDCO Industries has precocious exhibited a robust breakout from the captious absorption portion of ₹220 to ₹190 connected the regular chart, consolidating the determination with higher highs and higher lows. This breakout is supported by a notable summation successful trading volume, indicating beardown bullish sentiment.

2] Voltas: Buy astatine ₹1454.75, people ₹1530, halt nonaccomplishment ₹1411.

Voltas stock price's regular illustration investigation offers a favourable presumption for the pursuing week, indicating a dependable higher advance. Notably, the banal has produced a notable higher precocious and higher debased pattern, and the company's caller upward plaything has efficaciously violated the neckline, establishing a caller week high. This breakthrough indicates the anticipation of a important follow-through upward summation successful the banal price.

Shiju Koothupalakkal's shares to bargain today

3] Bajaj Auto: Buy astatine ₹8974, people ₹9330, halt nonaccomplishment ₹8800.

The banal has indicated a affirmative bullish candle aft the gradual descent taking enactment adjacent the ₹8640 portion to amended the bias and the RSI indicating a inclination reversal has signalled a bargain to expect for further rise. We suggest buying the banal for an archetypal people of ₹9330 level keeping the halt nonaccomplishment of ₹8800 level.

4] NHPC: Buy astatine ₹92.55, people ₹97, halt nonaccomplishment ₹90.

The banal has maintained the enactment adjacent ₹87 portion adjacent the important 50EMA level and taking enactment from this level it has witnessed a decent pullback. The RSI has picked up good and presently is good placed indicating a inclination reversal to awesome a bargain with overmuch upside imaginable disposable from existent levels, we suggest buying the banal for an archetypal people of ₹97 keeping the halt nonaccomplishment of ₹90 level.

5] RailTel: Buy astatine ₹403.60, people ₹425, halt nonaccomplishment ₹388.

RailTel stock terms has made a higher debased enactment signifier connected the regular illustration taking enactment adjacent the ₹350 portion and moving past the important 50EMA level of ₹380 has improved the bias and with the RSI connected the rise, has indicated spot and tin transportation connected with the affirmative determination further ahead. With the illustration looking good, we suggest buying the banal for an archetypal people of ₹425 keeping the halt nonaccomplishment astatine ₹388 level.

Virat Jagad's bargain oregon merchantability stock

6] Engineers India Ltd: Buy astatine ₹1560 to ₹1565, halt nonaccomplishment ₹1680, halt nonaccomplishment ₹1500.

Engineers India Ltd has breached retired of an Inverse Head and Shoulders signifier connected a regular chart, signaling a apt uptrend. It formed a bullish candlestick, affirming affirmative sentiment. Trading supra some the Fast (50) and Slow (200) Exponential Moving Averages (EMAs) reinforces the upward momentum. Increased measurement connected buying days suggests progressive involvement from buyers. The Relative Strength Index (RSI) trading successful a higher scope indicates a bullish inclination is underway. These method indicators collectively enactment the conception of a bullish trajectory for Engineers India Ltd.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 29 Apr 2024, 07:36 AM IST