Stocks to buy today: Experts recommend buying these 5 buy or sell stocks — Polycab India, Whirlpool, ICICI Bank, Berger Paints, and Tata Motors
Stock market today: Mixed global trend, Nifty holds 23,200
Following the mixed trend in the global markets, the Indian stock market erased all its gains in the closing bell on Tuesday. The Nifty 50 index ended marginally higher at 23,264, while the BSE Sensex finished 33 points lower at 76,456. The Bank Nifty index ended 75 points southward at 49,705. Cash market volumes on the NSE were lower at ₹1.25 lakh crore. The broad market indices ended positively, even as the advance-decline ratio fell marginally to 1.72:1.
Trade setup for Wednesday
On the outlook for the Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "Nifty today is placed at the hurdle of 23,400 to 23,500 levels, which are weighing heavy for the market to sustain the new all-time highs. Hence, there is a possibility of a dip in the market. Immediate support for the Nifty 50 index is at 23,050 levels.
Speaking on the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "The Bank Nifty ended the session at 49,705.75, down by 0.15%, forming a bearish candle with a small body. The index failed to surpass the 50,000 level but remains above its short-term moving average. There could be slight weakness if the index slips below 49,600, leading to a test of the 49,300 to 49,100 levels. However, the primary trend remains strong as long as the 49,000 level is sustained. Bank Nifty might continue to consolidate for a few more days."
Triggers from global markets
Speaking on the global triggers that may dominate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome, which will be released today. US Fed commentary could provide direction to the market. So far, investors are baking in 1 rate cut towards the end of the year, so any deviation from that could drive the market on either side."
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 five buy or sell stocks.
Sumeet Bagadia's stocks to buy today
1] Polycab India: Buy at ₹6998, target ₹7540, stop loss ₹6730.
2] Whirlpool: Buy at ₹1741.25, target ₹1830, stop loss ₹1680.
Ganesh Dongre's buy or sell stocks
3] ICICI Bank: Buy at ₹1118, target ₹1160, stop loss ₹1100.
4] Berger Paints: Buy at ₹494, target ₹520, stop loss ₹480.
5] Tata Motors: Buy at ₹986, target ₹1020, stop loss ₹955
