Connect with us


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.

3.6 million Indians visited us in a single day, choosing us as India's undisputed platform for the general election results. Check out the latest updates here!

Get all the latest business news, market news, latest events and updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Published: Jun 20, 2024, 08:11 AM IST




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]