Stock market today: Trade setup for Nifty 50 to Sensex, five stocks to buy or sell on

Stock market today: Despite strong global market sentiments, the Indian stock market ended lower on Friday. The Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124. The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.

Trade setup for Monday

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The short-term trend of the Nifty 50 index seems to have reversed. The higher top of the bullish pattern will likely be completed on Friday at the swing high of 22,794 levels, and a short-term downward correction is expected in the coming sessions. Immediate resistance for Nifty today is placed at 22,600, and the following downside levels are to be watched around 22,120 levels.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 6

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The BankNifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000. Immediate resistance is at 49,200, and a break above could trigger short-covering moves towards 49,500 levels. Conversely, immediate support lies at 48,800-48,700, and a breach might lead to further downside towards the 48,400 mark, where the 20DMA is situated.”

Unveiling intraday trading strategy and factors that may dominate the Indian stock market today, Aditya Gaggar, Director of Progressive Shares, said, “A strong outperformance can be expected from the Pharma sector once it gives a consolidation breakout. Extreme volatility can be anticipated due to result-oriented activities and the progress of the general election.”

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended five buy or sell stocks today.

Sumeet Bagadia’s stocks to buy today

1] Zomato: Buy at ₹197.25, target ₹208, stop loss ₹191.

Zomato share price is currently trading at ₹197.25. The stock has consistently found support around the ₹192 level, establishing it as a reliable support zone. The anticipated trading range for the stock is expected to be between ₹180 and ₹199, with the possibility of sideways movement within this range. A decisive close above the ₹200 level could propel the stock towards the ₹208 level in the coming days.

2] Polycab: Buy at ₹5832, target ₹6099, stop loss ₹5699.

Polycab share price daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Shiju Koothupalakkal’s shares to buy today

3] HBL Power: Buy at ₹555.60, target ₹580, stop loss ₹544.

HBL Power shares witnessed a steady gain from the ₹436 zone to move past the confluence of 50EMA and 100 periods MA at the ₹474 zone, improving the bias and recently breaching above the resistance zone of ₹536 levels has further strengthened the trend. With the rising RSI and further rise anticipated, we suggest buying the stock for an initial target of ₹580 while keeping the stop loss at ₹544.

4] Jindal Saw: Buy at ₹575, target ₹607, stop loss ₹562.

The stock has gained strength after indicating a breakout above the previous peak and resistance zone of ₹550, anticipating further rise in the coming sessions. The RSI has indicated upside potential visible from current levels, and with a positive candle formation on the daily chart to signify an improvement in bias, we suggest buying the stock for an initial target of ₹607, keeping the stop loss of ₹562 level.

5] NMDC: Buy at ₹269, target ₹285, stop loss ₹262.

NMDC share price has maintained a strong uptrend, indicating that a bullish candle formation to move out of the consolidation period has entered fresh territory with anticipation of further rise in the coming sessions. With the chart looking good, we suggest buying the stock for an initial target of ₹285 while keeping the stop loss at ₹262.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.