Stock Market Today: Trade Setup for Nifty 50 to Q1 Results 2024, Five Stocks to Buy or Sell on Thursday - July 11

The Indian stock market witnessed a dismal session on Wednesday, July 10, following the US Federal Reserve’s (Fed) decision not to provide a timeframe for a rate cut in 2024. The Nifty 50 index plummeted by 108 points, closing at 24,324, while the BSE Sensex finished 426 points down at 79,924. The Bank Nifty index ended 379 points lower at 52,189. The small-cap index fell more than the Nifty and Sensex, with the advance-decline ratio declining to 0.42:1.

Trade Setup for Thursday

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the market’s near-term uptrend remains intact. However, the market has started showing signs of profit booking around 24,400 to 24,500. A move above 24,465 could negate this bearish setup. The immediate support for Nifty today is placed at 24,150.

For the Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, believes that the index opened on a negative note and remained under pressure throughout the day. It finally settled at 52,189 levels. Technically, the Bank Nifty is currently placed near the lower end of the short-term consolidation zone (52,000-53,360). A relief rally is probable if Bank Nifty maintains its 52,000 support level. Conversely, sustenance below 52,000 levels could trigger further weakness in Bank Nifty.

IT Stocks in Focus

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects the market to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors. Corporate earnings will start today, with TCS first announcing its numbers. Thus, the IT sector is expected to remain in focus.

Q1 Results Today

Fifteen Indian companies listed on the exchanges will declare their quarterly earnings for the April to June 2024 quarter. These companies include Tata Consultancy Services (TCS), Anand Rathi, NELCO, GTPL Hathway, and Akme Fintrade India.

Buy or Sell Stock Ideas by Experts

Stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have recommended buying these five stocks:

Stocks to Buy Today

1. Marico: Buy at ₹646, target ₹700, stop loss ₹620.

Marico has demonstrated a strong rebound from the robust support level of ₹620, which lies close to its 20-day Exponential Moving Average (EMA). This recovery indicates a bullish sentiment. The stock is now trading above all key moving averages, signaling strength and potential for further gains.

2. Sun Pharma: Buy at ₹1598.55, target ₹1700, stop loss ₹1550.

Sun Pharma share has bounced back from the initial support of ₹1550, signifying a potential stock price shift, making it an intriguing investment prospect.

3. MFSL: Buy at ₹1036, target ₹1080, stop loss ₹1010.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests a temporary retracement in the stock’s price, potentially reaching around ₹1080. The stock is currently maintaining a crucial support level at ₹1010. Given the current market price of ₹1036, a buying opportunity is emerging.

4. ATGL: Buy at ₹890, target ₹940, stop loss ₹875.

We have seen significant support in this stock at around ₹875. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹890 price level, which may continue its rally till its next resistance level of ₹940. So, traders can buy and hold this stock with a stop loss of ₹875 for the target price of ₹940 in the near term.

5. BPCL: Buy at ₹300, target ₹320, stop loss ₹292.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that the stock’s price could temporarily retrace, possibly to around ₹320. Currently, the stock is holding a crucial support level at ₹292. Given this scenario, the stock could rebound towards the ₹320 level in the near future.

Conclusion

The Indian stock market is expected to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors. Corporate earnings will start today, with TCS first announcing its numbers. The IT sector is expected to remain in focus. Investors can consider buying these five stocks, which have been recommended by experts, with a stop loss and target price.

Historical Context:

The Indian stock market has been experiencing volatility in recent times, with the Nifty 50 index fluctuating between 24,000 and 25,000. The market has been influenced by various factors, including global events, economic indicators, and corporate earnings. The US Federal Reserve’s decision not to provide a timeframe for a rate cut in 2024 has had a significant impact on the market, leading to a decline in the Nifty 50 index.

Trade Setup for Thursday:

• The market’s near-term uptrend remains intact, but profit booking is expected around 24,400 to 24,500.
• A move above 24,465 could negate the bearish setup.
• The immediate support for Nifty is placed at 24,150.
• The Bank Nifty is currently placed near the lower end of the short-term consolidation zone (52,000-53,360).

IT Stocks in Focus:

• The IT sector is expected to remain in focus as corporate earnings start today, with TCS first announcing its numbers.
• Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects the market to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors.

Q1 Results Today:

• Fifteen Indian companies listed on the exchanges will declare their quarterly earnings for the April to June 2024 quarter.
• These companies include Tata Consultancy Services (TCS), Anand Rathi, NELCO, GTPL Hathway, and Akme Fintrade India.

Buy or Sell Stock Ideas by Experts:

• Marico: Buy at ₹646, target ₹700, stop loss ₹620.
• Sun Pharma: Buy at ₹1598.55, target ₹1700, stop loss ₹1550.
• MFSL: Buy at ₹1036, target ₹1080, stop loss ₹1010.
• ATGL: Buy at ₹890, target ₹940, stop loss ₹875.
• BPCL: Buy at ₹300, target ₹320, stop loss ₹292.

Conclusion:

• The Indian stock market is expected to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors.
• Corporate earnings will start today, with TCS first announcing its numbers.
• The IT sector is expected to remain in focus.
• Investors can consider buying these five stocks, which have been recommended by experts, with a stop loss and target price.

In summary, the article suggests that the Indian stock market is expected to consolidate in the higher zone, and any dip is a buying opportunity for long-term investors. The IT sector is expected to remain in focus as corporate earnings start today, with TCS first announcing its numbers. Experts have recommended buying five stocks, including Marico, Sun Pharma, MFSL, ATGL, and BPCL, with a stop loss and target price.