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Stock market today: Trading setup for Nifty 50, five stocks to buy or sell on Thursday, June 20

Stock market today: Trading setup for Nifty 50, five stocks to buy or sell on Thursday, June 20
Stock market today: Trading setup for Nifty 50, five stocks to buy or sell on Thursday, June 20

 


Broader markets also lagged the benchmarks, with the Nifty Midcap 50 down 0.95% and the Nifty Smallcap Index down 0.46%.

Also Read: Indian Stock Market: 7 Key Things That Changed For The Market Overnight – Gift Nifty, Asian Markets Face Oil Prices

However, according to market analysts, the major positive point is that short covering and value buying propelled Bank Nifty, which completely outperformed the benchmark Nifty 50 index and, more importantly, hit a new high history from 5,1957.

According to Vinod Nair, head of research at Geojit Financial Services, the domestic market has started on a positive note, thanks to an earlier and more accurate monsoon projection. However, due to the current slow monsoon, the market is taking a break. At the same time, the banking sector is outperforming, even though it has been lagging since the start of the year, thanks to a rebound in FII inflows as the US 10-year yield continues to fall.

Also Read: Buy or Sell: Vaishali Parekh Recommends Three Stocks to Buy Today June 20

Trade setup for Thursday

According to Prashanth Tapse, research analyst and senior vice president of research at Mehta Equities, despite Wednesday's profit-taking, the trading theme revolves around markets increasing bets in the narrative of a soft landing in the United States is underway.

The immediate goal post of Nifty 50 seen at its psychological mark of 23,750, then the aggressive targets placed at its mark of 24,000. The line in the sand lies at the decisive support of Nifty 50, at 23,350. 200 DMA of Nifty 50 is placed at 21,287, Tapse explained.

Also Read: Nifty 50, Sensex Today: What To Expect From Indian Stock Market When Trading On June 20

Buy or sell stock ideas from experts

Stock market gurus Sumeet Bagadia, executive director of Choice Broking, and Ganesh Dongre, senior director of technical research at Anand Rathi, have advised five stocks to buy or sell for today.

Sumeet Bagadia Stocks to Buy Today

Buy State Bank of India (SBI) in cash at 852.60; Stop Loss at 828; Target price at 905

State Bank of India is currently at a crucial juncture in its business momentum. With a robust support base at the 828 levels, close to its 20-day exponential moving average (EMA), the stock remains resilient. Trading at around 852.60, SBIN is showing strength by holding levels above key moving averages.

The charts reveal a minor resistance barrier at the 860 levels, a threshold that the stock must surpass to pave the way for an upward trajectory. A successful break of this resistance can potentially propel SBI towards its target price of 905 and beyond. The relative strength index (RSI), at a comfortable level of 57.18, further strengthens the case for the stock's strength.

Investors and traders should closely monitor SBI's performance around the indicated levels as a breakout of resistance may signify a bullish phase, providing potential opportunities for those eyeing upward moves in the stock.

Based on the technical analysis above, we recommend buying SBI at CMP from 852.60 with a Stop Loss of 828 for the indicative price of 905.

Buy Infosys with cash at 1,511.35; Stop Losses 1,475; Target price at 1,590

Infosys, currently trading at 1,511.35, recently surpassed 1,505 and formed a bullish candle on the daily chart. Immediate support is close to 1,475 which is also close to its short-term (20-day) and medium-term (50-day EMA 0) levels, and the current price shows strong bullish momentum, which is expected to continue towards the Level 1,590.

Additionally, Infosys is trading above key exponential moving averages (EMAs), including the 20-day and 50-day EMAs, which indicates strong bullish momentum and suggests potential for further price upside. The Relative Strength Index (RSI) is currently at 60.22, showing an upward trajectory and indicating increasing buying momentum. These technical indicators collectively suggest that Infosys may have the potential to achieve a target price of 1,590 in the short term.

To effectively manage risk, it is advisable to set a stop-loss at 1,475 to protect the investment in the event of an unexpected market downturn. A prudent strategy would be to consider buying on declines to 1,505.

Overall, considering technical analysis and current market conditions, Infosys presents a promising buying opportunity for those looking for a Target price of 1,590, provided prudent risk management measures are in place.

Also Read: Stock Market Today: Nifty 50 Snaps 5-Day Winning Streak on Profit Booking at Higher Levels

Ganesh Dongre Stocks to Buy Today

Buy Kotak Mahindra Bank on 1,744; Stoploss at 1,720; Target price at 1,790

HAS At 1,720 points, the stock found a substantial support level, marking a crucial moment in its recent trading. Currently, at At 1,744, the stock demonstrated a definitive reversal in price action, suggesting a potential continuation of its bullish momentum. Traders keen to seize this opportunity might consider buying and holding the stock, setting a conservative stop loss at 1,720. The intended objective for this trade is 1,790, representing the next significant resistance level. This strategy favorably positions traders to capitalize on the stock's expected rally in the coming weeks.

Buy Adani Ports and Special Economic Zone Ltd at 1,450; Stoploss at 1,420 and target price at 1,490

In the recent short-term trend analysis of the stock, a notable bullish reversal trend has emerged. This technical setup suggests that there could be a temporary retracement in the stock price, possibly around 1,490. Currently, the stock maintains a crucial support level at 1,420.

Given this scenario, it is possible that the stock rebounds towards the Level 1,490 in the near future. Traders are advised to consider going long, with a strategic stop loss set at 1,420 to effectively manage risks. The target price for this transaction is 1,490, reflecting the expected upward movement based on the technical signals identified.

Also Read: Stocks to Buy: NOCIL to Axis Bank – ICICI Direct Suggests 5 Stocks with Up to 8% Upside

Buy Carborundum Universal Ltd at 1,825; Stoploss at 1,800; Target price at 1,855

The stock has always found solid support around 1,800, which is encouraging for its current trajectory. Recently, it has shown a promising reversal trend near the 1,825, suggesting potential for further upside movement. It is possible that the stock continues its rally towards the next resistance level at 1,855. Traders might consider buying and holding this stock, using a conservative stop loss at 1,800 to mitigate risks. The target price for this transaction is 1,855, with expectations set for developments over the coming weeks.

Disclaimer: The above opinions 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 20, 2024, 08:11 AM IST

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