On Tuesday, the Sensex and Nifty 50 ended the day almost unchanged. The Sensex started at 82,652.69, slightly above its previous close of 82,559.84, but finished just 4 points lower at 82,555.44. The Nifty 50 opened at 25,313.40 and closed slightly up by 1 point at 25,279.85 after fluctuating between 25,321.70 and 25,235.80.
Trade Setup for Nifty 50
Rupak De from LKP Securities noted that the Nifty 50 stayed within a narrow range and closed positively for the 14th day in a row. Resistance was seen at 25,300. If the Nifty breaks above this level, it could rise to 25,500. Support levels are at 25,200 and 25,000.
Bank Nifty Outlook
Hrishikesh Yedve from Asit C. Mehta Investment Intermediates said that the Bank Nifty showed strong buying interest after some profit-taking early in the day. It ended positively at 51,689. As long as it stays above 51,060, a “buy on dips” strategy is suggested. The index might test the 52,000 level.
Global Markets
Vinod Nair from Geojit Financial Services mentioned that the market paused due to mixed global signals and concerns about a slowdown in manufacturing. However, predictions of a strong monsoon and increased government spending boosted stocks related to consumption and rural areas.
Top 5 Stocks to Buy Today
1. Kajaria Ceramics: Buy at ₹1,386.20, target ₹1,500, stop loss ₹1,328. Kajaria Ceramics has stabilized after a previous high and shows potential for further gains if it stays above ₹1,400.
2. ICICI Bank: Buy at ₹1,247.70, target ₹1,320, stop loss ₹1,210. ICICI Bank is showing resilience and could rise towards ₹1,320 if it breaks through minor resistance.
3. Zomato: Buy at ₹248, target ₹260, stop loss ₹242. Zomato has a bullish pattern and could see a rise towards ₹260.
4. JK Lakshmi Cement: Buy at ₹788, target ₹815, stop loss ₹775. The stock recently broke out at ₹788 and shows potential for growth to ₹815.
5. Finolex Cables: Buy at ₹1,440, target ₹1,520, stop loss ₹1,410. The stock is forming a bullish pattern and could rise to ₹1,520.
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