Stock Market Today: Nifty 50 Setup and Stocks to Consider on July 15, 2024

Stock Market Today – Despite mixed global trends, the Indian stock market closed higher on Friday, buoyed by strong performances in the IT sector. The Nifty 50 index ended the day 186 points up at 24,502, marking a significant increase. Similarly, the BSE Sensex saw a robust surge of 622 points, closing at 80,519. The Bank Nifty index also ended marginally higher at 52,278. The day’s gains were largely attributed to substantial buying interest in Indian IT stocks following stellar Q1 results from Tata Consultancy Services (TCS).

Key Market Movements

Cash market volumes on the National Stock Exchange (NSE) surged by 11.2% to ₹1.55 lakh crore, underscoring heightened investor participation. However, broader market indices painted a mixed picture as the advance-decline ratio fell to 0.67:1, indicating that advancing stocks were outnumbered by decliners.

Trade Setup for Monday

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, provided insights into the market outlook, stating that the short-term trend for Nifty remains positive. With Nifty surpassing the crucial resistance level of 24,400, Shetti anticipates further upside towards the next target of 24,950. He identified immediate support levels for Nifty at 24,350, suggesting a bullish sentiment in the near term.

Bank Nifty Outlook

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, analyzed the Bank Nifty’s performance, noting that while the index opened flat, it gained momentum in the first half of the trading session. However, gains were pared in the latter half, resulting in a flat close at 52,279. Yedve highlighted technical indicators, noting that the index formed a doji candle near the 21-day Exponential Moving Average (EMA) support level. He recommended a buy-on-dips strategy, emphasizing crucial support at 51,750, with resistance levels identified at 52,800 and 53,000.

Q1 2024 Results Highlights

Today marks the announcement of Q1 results for thirty listed companies on Dalal Street. Notable entities include Jio Financial Services, HDFC Life Insurance, HDFC Asset Management Company (AMC), Bank of Maharashtra, Angel One, SpiceJet, Kelton Tech, and Tata Group’s Benares Hotels. Investors are keenly watching these reports for insights into corporate performance and market dynamics.

Expert Stock Recommendations

Leading stock market experts, Sumeet Bagadia and Ganesh Dongre, shared their insights and stock picks for today’s trading session:

• Ganesha Ecosphere (Buy at ₹1557, Target ₹1630, Stop Loss ₹1500): Bagadia highlighted a recent breakout above critical resistance levels on strong volume, indicating bullish momentum.
• IRFC (Buy at ₹217.45, Target ₹229, Stop Loss ₹209.50): Dongre identified technical patterns suggesting potential upside movement following a breakout above neckline levels.
• Bank of Baroda (Buy at ₹250, Target ₹265, Stop Loss ₹240): Dongre noted a bullish reversal pattern, suggesting a buying opportunity with support at ₹240.
• LIC Housing Finance (Buy at ₹780, Target ₹820, Stop Loss ₹760): Bagadia recommended entering on dips, citing breakout above ₹780 with RSI indicating buying momentum.
• Indus Tower (Buy at ₹392, Target ₹412, Stop Loss ₹382): Dongre highlighted a bullish engulfing pattern, signaling potential upward movement towards the target of ₹412.

Technical Analysis and Market Strategy

Each recommendation is underpinned by technical analysis, emphasizing bullish patterns and support levels. These insights aim to guide traders in navigating current market conditions and capitalizing on emerging opportunities.

FAQ about Indian Stock Market

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