Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Friday — May 10

Trade setup for Friday

On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research astatine Anand Rathi, said, "On the Nifty front, the 50-stock scale closed adjacent the enactment level of 21800–21900 zone. If Nifty holds this enactment level, past upward question tin beryllium seen for the frontline scale successful the upcoming days. Now the adjacent absorption for the Nifty spot volition beryllium 22500-22600. On Thursday, we saw the spread down opening, and the scale witnessed nett booking for the remainder of the day. So, connected the Nifty front, currently, Nifty is successful an oversold zone. Hence, we whitethorn spot abbreviated covering successful upcoming trading sessions; the adjacent nifty enactment stands astatine the 21800-21900 level."

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — May 10

"On the Bank Nifty front, we person seen nett booking today; Bank Nifty is besides successful the oversold zone. So upcoming Bank Nifty absorption stands astatine 48,500 and enactment astatine 47,500 level," said Dongre.

On the outlook for the Indian banal market, Sumeet Bagadia, Executive Director astatine Choice Broking, said, "The India VIX contiguous is successful the 17 to 19 range. We saw the India VIX Index breaching supra the 19 people erstwhile it climbed to a caller 52-week precocious of 19.17. However, it failed to prolong astatine the higher levels and retraced aft immoderate time. A decisive breach supra 19 would trigger a caller and beardown upside successful India's volatility index, and we tin expect the scale to interaction 22 successful the abbreviated term."

Buy oregon merchantability banal ideas by experts

When asked astir stocks to bargain today, Sumeet Bagadia and Ganesh Dongre, renowned experts successful the field, recommended 5 bargain oregon merchantability stocks for contiguous — Infosys, ITC, Aegis Logistics, TVS Motor, and Sun TV. Their recommendations are based connected thorough investigation and marketplace trends.

Sumeet Bagadia's stocks to bargain today

1] Infosys: Buy astatine ₹1439.50, people ₹1512, halt nonaccomplishment ₹1400.

Infosys stock is presently valued astatine ₹1439.50. Recent marketplace trends, including a reversal from the bottommost indicated by a neutral candlestick signifier astatine the bottom, suggest a bullish reversal accompanied by robust trading volume. These patterns bespeak a imaginable coagulated upward trajectory successful the stock, providing a unafraid concern option.

The Relative Strength Index (RSI) presently stands astatine 43.3 and is trending upwards, suggesting a important surge successful buying momentum. RSI and Stochastic RSI are successful the overbought region, indicating that positional traders whitethorn see holding their positions and implementing a trailing stop-loss.

2] Sun TV: Buy astatine ₹656.80, people ₹704, halt nonaccomplishment ₹629.

Sun TV stock terms has precocious experienced a robust rebound from a formidable enactment level astatine ₹629, adjacent its 50-day Exponential Moving Average (EMA). Trading supra cardinal moving averages, including the 20-day, 50-day, and 200-day EMAs, further strengthens its bullish outlook. Sun TV stock terms presently faces a insignificant absorption astir ₹670 levels. Upon breaching this resistance, SUNTV is poised for a important upward question towards the people of ₹704.

Ganesh Dongre's bargain oregon merchantability stocks

3] ITC: Buy astatine ₹429, people ₹440, halt nonaccomplishment ₹418.

We person seen important enactment successful this banal astatine astir ₹418. So, astatine the existent juncture, ITC stock terms has again seen a reversal terms enactment action astatine the ₹429 terms level, which whitethorn proceed its rally till its adjacent absorption level of ₹440. Hence, traders tin bargain and clasp this banal with a halt nonaccomplishment of ₹418 for the people terms of ₹440 ₹in the adjacent term.

4] Aegis Logistics: Buy astatine ₹580, people ₹630, halt nonaccomplishment ₹560.

In the short-term trend, Aegis Logistics' stock terms has seen a bullish reversal pattern; technically, the simplification could beryllium imaginable till ₹630. So, holding the enactment level of ₹560, Aegis Logistics stock terms tin bounce toward ₹630 successful the abbreviated term. Hence, traders tin spell on with a halt nonaccomplishment of ₹560 for the people terms of ₹630.

5] TVS Motor: Buy astatine ₹2065, people ₹2150, halt nonaccomplishment ₹2010.

We person seen beardown enactment successful this banal astir 2010 rupees. So, astatine the existent juncture, TVS Motor stock has again seen a reversal terms enactment and bullish candlestick signifier enactment astatine the ₹2065 terms level, which whitethorn proceed its rally till its adjacent absorption level of ₹2150. Hence, traders tin bargain and clasp this banal with a halt nonaccomplishment of ₹2010 for the people terms of ₹2150 successful the adjacent term.

Disclaimer: The views and recommendations provided successful this investigation are those of idiosyncratic analysts oregon broking companies, and not Mint. We powerfully counsel investors to consult with certified experts earlier making immoderate concern decisions, arsenic marketplace conditions tin alteration rapidly and idiosyncratic circumstances whitethorn vary.

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Published: 10 May 2024, 07:40 AM IST