Trade setup for stock market today: Four stocks to buy or sell on Thursday (2024)

Also Read: Breakout stocks today: Sumeet Bagadia recommends five stocks to buy today

Trade setup for Thursday

On the outlook for Nifty today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, "On the Nifty front, the 50-stock index closed near the support level of 22100–22200 zone. If the frontline index holds this support level, upward movement can be seen in the upcoming days. Now, the next resistance for the Nifty 50 index is placed at 22500-22600. As per Wednesday's chart pattern, we have seen the gap down opening and the whole day, Nifty, remain in a choppy trend. After this, indices closed in negative territory at the end of the day. So, on the Nifty front, the 50-stock index is in an oversold zone. Hence, we may see short covering in upcoming trading sessions. The next Nifty support stands at 22100-22200 level."

"On the Bank Nifty front, we have seen profit booking today. Bank Nifty resistance stands at 49,000, and support is at the 47,500 level," the Anand Rathi expert added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 9

Speaking on the outlook for the India VIX today, Sumeet Bagadia, Executive Director at Choice Broking, said, "The India VIX Index has made a strong base around the 17 mark. The volatility index may touch the 14 to 12 mark on breaching below this support. However, the index is facing a hurdle at 19, and upon breaching this resistance, it may reach the 22 mark in the very short term.

Buy or sell stock ideas by experts

Regarding stocks to buy today, both the experts recommended five buy or sell stocks for today — SBI, ABB India, BEL, and Dr Lal Pathlabs.

Sumeet Bagadia's stocks to buy today

1] ABB India: Buy at ₹7186.75, target ₹7666, stop loss ₹6955.

ABB India's share price is exhibiting bullish solid momentum, currently trading at an all-time high of ₹7218. The recent breakout above the crucial resistance at ₹6800 levels is a significant technical development supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] SBI: Buy at ₹811, target ₹850, stop loss ₹792.

SBI share price is currently at a crucial juncture in its trading dynamics. The stock stands resilient with a robust support base at ₹792 levels, near its 20-day Exponential Moving Average (EMA). Trading at approximately ₹810.80 levels, the SBI share price exhibits strength by maintaining levels above key moving averages.

Ganesh Dongre's buy or sell stocks

3] Dr Lal Pathlabs: Buy at ₹2325, target ₹2450, stop loss ₹2250.

Dr Lal Pathlabs share price has seen a bullish reversal pattern, technically reduction could be possible till ₹2450. So, holding the support level of ₹2250, Dr Lal Pathlabs share price can bounce toward ₹2450 in the short term. Hence, the trader can go along with a stop loss of ₹2250 for the target price of ₹2450.

4] BEL: Buy at ₹230, target ₹240, stop loss ₹220.

We have seen strong support in BEL share price around ₹225. So, at the current juncture, BEL share price has again seen a reversal price action and bullish candlestick pattern formation at the ₹230 price level, which may continue its rally till its next resistance level of ₹240. Hence, traders can buy and hold this stock with a stop loss of ₹220 for the target price of ₹240 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 circ*mstances may vary.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Published: 09 May 2024, 07:51 AM IST