Buy or sell stocks for today: Domestic equity benchmarks Nifty 50 and Sensex edged higher in the previous session and hit fresh lifetime highs, continuing their broader bull run picked up since June-end over market stability. Investors continued to bet on some fundamentally strong large-caps. However, some index heavyweights, such as Infosys and Reliance Industries, witnessed profit booking.
Nifty 50 hit its fresh all-time high of 24,443.60 while the Sensex achieved a peak of 80,397.17 during the market session. Nifty 50 ended the day at 24,433.20, rising 113 points, or 0.46 per cent. The Sensex settled with a gain of 391 points, or 0.49 per cent, at 80,351.64. Both indices ended at their fresh closing highs.
Also Read: Budget 2024 | D-Street experts see profit- booking if Nifty hits 25K, predict ‘heightened volatility’ ahead
BSE-listed firms’ market capitalisation (mcap)hit a fresh lifetime high of ₹451.27 lakh crore on Tuesday, July 9, when the 30-share BSE benchmark reached a record closing level. Investors’ wealth went up ₹1.56 lakh crore.
While delivering his semi-annual monetary policy testimony to Congress, US Federal Reserve Chair Jerome Powell said that officials are wary of potential risks to the labour market from high borrowing costs as they seek more evidence inflation is slowing down. “Elevated inflation is not the only risk we face,” Powell said in prepared remarks before the Senate Banking Committee.
Powell was careful not to offer a timeline for interest-rate cuts, which investors are now betting will begin in September. The US central bank is weighing rate cuts after holding its benchmark at a more than two-decade high for nearly a year to curb inflation. While the labour market has primarily held up, a slowdown in jobs data has pressured Fed officials to begin easing policy.
Also Read: Expert View | Budget 2024 to focus on capex, Sensex eyes 90K by year-end: Subhash Chand Aggarwal of SMC Global
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, said, ‘’The index has indicated a higher low formation taking support near 24,150 zone and with the indicators showing strength, can expect further gains.”
For Bank Nifty, the Prabhudas Lilladher expert added that HDFC Bank has witnessed a halt to the slide, which can help the index gain momentum with other banks participating in the rise.
Regarding stocks investors can buy, Vaishali Parekh recommended three intraday stocks for today:Latent View Analytics, Apollo Tyres, and Union Bank of India.
Stock market today
On the outlook for the Nifty 50’s performance today, Vaishali Parekh said, ‘’Nifty has created history once again with a new high above the 24,400 zones registered. With improving bias, there is further scope of upward movement in the coming days with next targets of 24,900 and 25,400 levels visible.”
‘’Bank Nifty has indicated a strong support near the 52,150-52,200 zone as of now and is expected to gain further with indications of improving bias with higher targets of 53,500 and 55,100 levels visible in the coming days,” added Parekh.
According to the expert, the daily support for the index is seen at 24,300 levels, while the resistance is seen at 24,600 levels. Bank Nifty would have a daily range of 52,300-53000 levels.
Nifty Spot Index
Support – 24,300
Bank Nifty Spot Index
Support – 52,300
Stocks to buy today
1.Latent View Analytics: Buy Latent View Analytics at ₹530.45, Target ₹557, Stop Loss ₹518
2.Apollo Tyres: Buy Apollo Tyres at ₹536.90, Target ₹563, Stop Loss ₹525
3.Union Bank of India: Buy Union Bank at ₹139.80, Target ₹148, Stop Loss ₹137.
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.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
