Market Experts’ Insights: Trade Setup for Today

Here’s what the market experts are saying about today’s trade setup:

1. Nifty 50 Analysis: According to Osho Krishan, a Sr. Analyst at Angel One, the Nifty 50 index might see a slight correction after recent bullish activity. Immediate support is expected around 22,800-22,700 levels, while resistance lies at 23,000 and 23,100.
2. Bank Nifty Outlook: Om Mehra from SAMCO Securities notes that the Bank Nifty’s recent halt in gains could lead to a correction towards 49,100 levels. To resume the uptrend, the index needs to break above 49,400.
3. Market Predictions: Siddhartha Khemka of Motilal Oswal expects the Nifty to maintain a sideways to slightly positive trend, driven by reduced FII selling, favorable monsoon forecasts, and ongoing Q4 results.
4. Volatility Forecast: Rahul Ghose, CEO of Hedged.in, anticipates continued volatility, with the India VIX rising and Nifty facing resistance around 23,000. The bearish outlook suggests 23,000 as a challenging level for the Nifty to surpass.

For those considering stock trades, here are the recommendations from experts:

Sumeet Bagadia’s Picks:

• Hero MotoCorp: Buy around ₹5,185, with a target of ₹5,525 and a stop loss at ₹5,020.
• Muthoot Finance: Buy near ₹1,745.40, aiming for ₹1,850, with a stop loss at ₹1,685.

Ganesh Dongre’s Recommendations:

• HDFC Life: Buy at ₹578, targeting ₹600, with a stop loss at ₹560.
• HCL Technologies: Buy around ₹1,358, targeting ₹1,420, with a stop loss at ₹1,320.
• Kotak Mahindra Bank: Buy near ₹1,698, aiming for ₹1,740, with a stop loss at ₹1,665.

These insights and stock picks can guide investors in navigating today’s market dynamics and identifying potential trading opportunities.