Stock market today: The domestic benchmark indices, Sensex and Nifty 50, are likely to have a negative start on Friday’s trading session, amid weak global cues.
The Indian benchmark indices is off to a tepid start, based on Gift Nifty’s trends. The Gift Nifty was trading at 22,966.00, a discount of around 42 points from the previous closing of the Nifty futures, at 23,008.00
The Nifty 50 ended over 22,900 on Thursday, marking a new high for the domestic equities indices.
The Nifty 50 closed 369.85 points, or 1.64%, higher at 75,418.04, while the Sensex surged 1,196.98 points, or 1.61%, to conclude at 22,967.65.
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The headline index saw a record rise, according to Vinod Nair, Head of Research at Geojit Financial Services, with prominent industries like banking and autos outperforming. Bond rates should decrease as a result of the RBI’s historic payout, which is comparable to an indirect rate drop. Thanks in part to the robust increase shown by the composite HSBC PMI data for May, the broader market continued to be optimistic. The early arrival of the southwest monsoon has helped the domestic market, which has lagged behind other emerging markets in the previous two months.
Trade setup for Friday
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 saw a clear breakthrough above its extended consolidation on the daily timeframe, indicating a sharp uptick in confidence. The index is only 7 points shy of 23,000 after making a calculated move in that direction. After a sizable green candle formed on the daily chart, the trend seemed to be quite strong. In the short run, the index may go towards 23,500 if it stays above 23,000. Support is placed at 22,800 on the bottom end; the strength may hold as long as it stays above 22,800.
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 24
Buy or sell stock ideas by experts
Buy or sell stocks for today comes from Sumeet Bagadia of Choice Broking and Shiju Koothupalakkal of Prabhudas Lilladher. Under the names of the experts, these stocks are arranged and further described.
Shiju Koothupalakkal’s shares to buy today
Shiju Koothupalakkal – Technical Research Analyst, Prabhudas Lilladher Pvt Ltd
1. Shriram Finance Ltd: Buy at ₹2,400, target ₹2,510, stop loss ₹2,350
The stock after the consolidation has indicated a bullish candle formation on the daily chart to improve the bias, and with the RSI gradually on the rise, indicating strength, it has indicated a trend reversal with much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹2,510, keeping the stop loss of ₹2,350.
2. Tata Motors Ltd: Buy at ₹962, target ₹1,000, stop loss ₹942
The stock has indicated a pullback, with a positive candle formation on the daily chart to improve the bias and anticipate a further rise. The RSI is currently well placed and has indicated a trend reversal to signal a buy, with a potential upside move anticipated in the coming days. We suggest buying the stock for an initial upside target of 1,000 while keeping the stop loss of ₹942.
3. Chennai Petroleum Corporation Ltd: Buy at ₹939, target ₹977, stop loss ₹918
The stock, after the consolidation taking support near the 838 zone, has indicated a bullish candle formation on the daily chart to improve the bias, and with the RSI gradually on the rise, indicating strength, it has indicated a trend reversal with much upside potential to carry on with the positive move further ahead. We suggest to buy the stock for an…
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