Stock market today: Trade setup for Nifty 50 to Budget 2024, five stocks to buy or sell on Monday — July 1

Stock market today: The near-term uptrend status of Nifty remains intact, say experts.

Stock market today: After showing positive movement in the first four sessions last week, the Indian stock market slipped into the profit-booking zone on Friday. The Nifty 50 index went off 33 points and closed at 24,010, whereas the BSE Sensex shed 210 points and finished at 79,032. The Bank Nifty index ended 469 points lower at 52,342. However, the broad market outperformed the frontline indices and finished positively. The small-cap index ended 0.56 percent higher while the mid-cap index finished 0.41 percent higher on the previous session.

Trade setup for Monday

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The near-term uptrend status of Nifty remains intact. Having moved up sharply, Nifty is currently facing hurdles at the resistance of 24000-24100 levels. Any dip from here is likely to be a buying opportunity. Immediate support is at 23,800 levels."

On the outlook for Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "Bank Nifty opened with a gap-up but failed to sustain higher levels, resulting in profit booking. Finally, the index settled the day on a negative note at 52,342. From a technical standpoint, the index has formed a bearish candle near trend line resistance. Thus, for the short term, 53,200 will act as a hurdle for Bank Nifty. If the index sustains above the 53,200 levels, then the rally could extend towards 54,000."

On triggers that may dictate the Indian stock market today, Siddhartha Khemka, Senior Group VP & Head of Research — Broking & Distribution at Motilal Oswal, said, "Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24174 and 79671 levels respectively. We expect this positive momentum to continue steadily with stock-specific action. However, the release of economic data points next week would keep the market volatile a little. The sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number."

Budget 2024 in focus

Advising investors to remain vigilant about the developments regarding the Union Budget 2024, Mahavir Lunawat, Managing Director at Pantomath Capital Advisors, said, “In pre-budget consultations, economists urged Finance Minister Nirmala Sitharaman to prioritize capital spending for economic expansion, maintain fiscal discipline, and mitigate inflation risks associated with indiscriminate subsidies. Industry bodies like CII and PHDCCI advocated for tax incentives, increased capital expenditure, and targeted reforms such as expanding PLI schemes and addressing food inflation through initiatives like FIRST. The agriculture and MSME sectors stressed the need for subsidy rationalization, bolstered infrastructure investment, and supportive policies for exports and startups. The budget is expected to focus on these priorities, likely introducing measures such as subsidy reforms, infrastructure enhancements, MSME incentives, and tax adjustments aimed at fostering economic growth, job creation, and bolstering India's economic resilience on the global stage.”

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, recommend buying these five buy-on-sell stocks: Garware Hi-Tech, Grasim Industries, IGL, Canara Bank, and RCF.

Sumeet Bagadia's stocks to buy today

1] Garware Hi-Tech: Buy at ₹2356.40, target ₹2470, stop loss ₹2270.

Garware Hi-Tech is currently trading at ₹2356.4. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹2200 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹2470 levels. On the downside, considerable support is evident near ₹2270.

2] Grasim Industries: Buy at ₹2670.45, target ₹2800, stop loss ₹2575.

Grasim Industries daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's buy or sell stocks

3] IGL: Buy at ₹504, target ₹525, stop loss ₹485.

We have seen significant support in this stock, around ₹485. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹504 price level, which may continue its rally till its next resistance level of ₹525. So, traders can buy and hold this stock with a stop loss of ₹485 for the target price of ₹525 in the near term.

4] Canara Bank: Buy at ₹119, target ₹126, stop loss ₹115.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around ₹126. Currently, the stock is holding a crucial support level at ₹115.

Given this scenario, the stock could rebound towards the ₹126 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹115, to manage risk effectively. The target price for this trade is ₹126, reflecting the anticipated upward movement based on the identified technical signals.

5] RCF: Buy at ₹193, target ₹202, stop loss ₹185.

The stock has consistently found strong support, around ₹185, which is encouraging for its current trajectory. Recently, it has shown a promising reversal pattern near the ₹193 mark, suggesting potential for further upward movement. The stock could continue its rally towards the next resistance level at ₹202. Traders might consider buying and holding this stock, using a prudent stop loss at ₹185 to mitigate risks. The target price for this trade is ₹202, with expectations set for developments over the near term.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.