Stock market today: Trade setup for Nifty 50 to Q1 results 2024, five stocks to buy or sell on Thursday — July 11

Stock market today: Following weakness in the global markets, after the US Fed Jerome Powell did not offer any timeframe for the US Fed rate cut in 2024, the Indian stock market witnessed its worst session since 4th June 2024. The Nifty 50 index lost 108 points and closed at the 24,324 mark; the BSE Sensex finished 426 points down at 79,924, whereas the Bank Nifty index ended 379 points lower at 52,189. Cash market volumes on the NSE were 9% higher at ₹1.48 lakh crore. The small-cap index fell more than the Nifty and Sensex even as the advance-decline ratio fell to 0.42:1.

Trade setup for Thursday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The market's near-term uptrend status remains intact. However, the market seems to have started signs of profit booking around 24,400 to 24,500. A move above 24,465 could negate this bearish setup. The immediate support for Nifty today is placed at 24,150."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty opened on a negative note and remained under pressure throughout the day. Finally, Bank Nifty settled the day negatively at 52,189 levels. Technically, on a daily scale, the Bank Nifty is currently placed near the lower end of the short-term consolidation zone (52,000-53,360). A relief rally is probable if Bank Nifty maintains its 52,000 support level. Conversely, sustenance below 52,000 levels could trigger further weakness in Bank Nifty."

IT stocks in focus

Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "We expect the market to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors. Corporate earnings will start today, with TCS first announcing the numbers. Thus, the IT sector is expected to remain in focus."

Q1 results today

15 Indian companies listed on the exchanges will declare their quarterly earnings for the April to June 2024 quarter. These companies include Tata Consultancy Services (TCS), Anand Rathi, NELCO, GTPL Hathway, and Akme Fintrade India.

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended buying these five buy-or-sell stocks: Marico, Sun Pharma, MFSL, ATGL, and BPCL.

Sumeet Bagadia's stocks to buy today

1] Marico: Buy at ₹646, target ₹700, stop loss ₹620.

Currently trading at 646.10 levels, the stock has demonstrated a strong rebound from the robust support level of ₹620, which lies close to its 20-day Exponential Moving Average (EMA). This recovery indicates a bullish sentiment. The stock is now trading above all key moving averages, signalling strength and potential for further gains.

2] Sun Pharma: Buy at ₹1598.55, target ₹1700, stop loss ₹1550.

Sun Pharma share is presently trading at ₹1598.55, bounced from the initial support of ₹1550. This bounceback signifies a potential stock price shift, making it an intriguing investment prospect.

Ganesh Dongre's buy or sell stocks

3] MFSL: Buy at ₹1036, target ₹1080, stop loss ₹1010.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock's price, potentially reaching around ₹1080. The stock is currently maintaining a crucial support level at ₹1010. Given the current market price of ₹1080, a buying opportunity is emerging. This suggests that investors consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1080.

4] ATGL: Buy at ₹890, target ₹940, stop loss ₹875.

We have seen significant support in this stock at around ₹875. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹890 price level, which may continue its rally till its next resistance level of ₹940. So, traders can buy and hold this stock with a stop loss of ₹875 for the target price of ₹940 in the near term.

5] BPCL: Buy at ₹300, target ₹320, stop loss ₹292.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that the stock's price could temporarily retrace, possibly to around ₹320. Currently, the stock is holding a crucial support level at ₹292.

Given this scenario, the stock could rebound towards the ₹320 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹292, to manage risk effectively. The target price for this trade is ₹320, reflecting the anticipated upward movement based on the identified technical signals.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, 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.