Stock market today: Nifty 50 trading pattern in global markets, five stocks to buy or sell on Wednesday, June 12

Trade setup for Wednesday

On the outlook for the Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “Nifty today is placed at the mark of 23,400-23,500 levels, which is weighing heavily on the market to maintain new historic highs. . Therefore, there is a possibility of a market decline. Immediate support for the Nifty 50 index is at the 23,050 level.”

Read also: Buy or sell: Vaishali Parekh recommends three stocks to buy today, June 12

Speaking on the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty ended the session at 49,705.75, down 0.15%, forming a candle bearish with a small body. The index failed to rise above the There could be slight weakness if the index falls below 49,600, which would lead to a test of the 49,300 to 49,100 levels. However, the main trend remains strong as long as the level of 49,000 is maintained. . Bank Nifty may continue to consolidate for a few more days.

Global Market Triggers

Speaking on the global triggers that could dominate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “Globally, investors are cautiously awaiting the US CPI data and US Fed policy results, which will be released today. The Fed's comments could give direction to the market. So far, investors are pricing in a rate cut by the end of the year, so any deviation from that could send the market going one way or the other. »

Buy or sell stock ideas from experts

On stocks to buy today, stock market experts Sumeet Bagadia, executive director of Choice Broking, and Ganesh Dongre, senior director of technical research at Anand Rathi, have recommended five stocks to buy or sell.

Sumeet Bagadia Stocks to Buy Today

1]Polycab India: Buy from 6998, target 7540, stop loss 6730.

The current price of POLYCAB is 6997.90. The stock has recently been bracing for a breakout of the Range on the daily chart, with a significant increase in trading volume indicating a potential breakout. If the price manages to close above the At the 7000 level, it could have the potential to meet the short-term goals of 7540. In contrast, immediate support levels lie at 6900. These levels can be seen as buying opportunities on a dip.

2]Hot tub: Buy from 1741.25, target 1830, stop-loss 1680.

Analysis of WHIRLPOOL daily charts offers a favorable outlook for the following week, indicating consistent and higher progress. Notably, the stock has produced a notable up and down trend in the weekly framework, and the company's recent upward swing has effectively breached the neckline, setting a new weekly high. This breakthrough indicates the possibility of a significant rise in the stock price.

Ganesh Dongre buys or sells stocks

3]ICICI Bank: Buy from 1118, target 1160, stop loss 1100.

We saw significant support for this stock around 1100. So, at the current stage, the stock has once again experienced a reverse price action formation at the Price level of 1100, which could continue its rally to its next resistance level of 1160. Traders can therefore buy and hold this security with a stop loss of 1100 for the indicative price of 1160 in the short term.

4]Berger Paintings: Buy from 494, target 520, stop loss 480.

In the short term, the stock has seen an upward trend. Technically, a withdrawal could be possible until 520. Thus, by maintaining the level of support of 480, this stock can rebound towards 520 in the short term. Therefore, the trader can use a stop loss of 480 for the indicative price of 520.

5]Tata Engines: Buy from 986, target 1020, stop loss 955.

We saw significant support for this title, around 986. Thus, at the current stage, the stock has once again experienced a reverse price action formation at the Price level of 986, which could continue its rally to its next resistance level of 1020. So traders can buy and hold this security with a stop loss of 955 for the indicative price of 1020 in the short term.

Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: Jun 12, 2024, 07:27 IST