Buy or sell stocks for today: On Tuesday, despite mixed global cues, the domestic benchmark indices, the Sensex and the Nifty 50, reached new all-time high levels before finishing flat as a result of profit-taking in a few banking and telecom stocks.
In a volatile trade, the 30-share BSE Sensex fell 34.74 points, or 0.04%, to close at 79,441.45. It increased by 379.68 points, or 0.47%, throughout the day to reach a record high of 79,855.87.
The Nifty 50 dropped to 24,123.85, down 18.10 points, or 0.07%. It increased 94.4 points, or 0.39%, throughout the day to reach a lifetime high of 24,236.35.
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 3
Broader markets heavily underperformed. Sectoral indices were a mixed bag where on one side we had Nifty IT index, up 1.17% while on the flip side we had Nifty PSU Banks Index, tumbling by another 1.88% for the day.
The domestic market took a break, reflecting the mixed global trend and the ECB’s concern about more rate reduction, according to Vinod Nair, Head of Research at Geojit Financial Services. Due to anticipated rises in discretionary expenditure, IT companies saw gains in sectoral trends, while auto stocks saw a loss as a result of lower-than-expected monthly volumes.
The monsoon’s development, the next Union budget, and the US election—which might have an impact on the world economy—are all being attentively watched by investors. Trends in the market are being impacted by recent increases in US Treasury rates as well as a steady rise in crude oil prices.
Also Read: Stock market today: Trade setup for Nifty 50 to Bank Nifty, five stocks to buy or sell on Wednesday — July 3
Nifty 50 outlook by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
According to Parekh, the Nifty 50 resisted near the 24,250 levels and found some consolidation near the 24,150 zone, with the bias and sentiment maintained strong with sector-wise rotation witnessed and near-term support at around 24,000 levels, which needs to be sustained in the coming sessions. As mentioned earlier, the index is anticipated to further rise, having a near-term target of 24,500 zones, provided the 24,000 support is sustained.
Bank Nifty Outlook
Bank Nifty with some heavy profit booking witnessed in some counters has indicated a Bearish Engulfing candle formation on the daily chart to slightly weaken the bias having 51,200 zone as the important support level for the index. The support for the day is seen at 24,000 levels while the resistance is seen at 24,300 levels. Bank Nifty would have the daily range of 51,800-52,600 levels.
Also Read: HDFC Bank ADR rises 4% after lower FII shareholding in June quarter lifts MSCI weight sentiment
Vaishali Parekh’s stocks to buy today
Vaishali Parekh recommended three stocks for today — Tata Consumer Products Ltd, Torrent Pharmaceuticals Ltd, and KEC International Ltd.
Buy Tata Consumer Products Ltd at ₹1,105 with a stop loss of ₹1,085 and a target of ₹1,150.
Buy Torrent Pharmaceuticals Ltd at ₹2,819 with a stop loss of ₹2,760 and a target of ₹2,940.
Buy KEC International Ltd at ₹902 with a stop loss of ₹ ₹883 and a target of ₹942.
Nifty Spot Index
Support – 24,000
Bank Nifty Spot Index
Support – 51,800
Also Read: Indian stock market: 8 key things that changed for market overnight – Gift Nifty, US job openings data to oil prices
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.