Stock market today: Trade setup for Nifty 50, global markets to Q1 results; Eight stocks to buy or sell on Monday
The immediate support for Nifty-50 now lies in the 24900–24850 zone, where the 50-day EMA is placed. A break below 24850 could push the index toward the next support at 24550, while a zone above 25300–25350 is required for bulls to regain control in the short term, as per Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities
For Bank Nifty, the zone of 56200-56300 will act as immediate support, said Shah.
Looking ahead, the earnings season will be in full focus, and results from HCL Tech, Tech Mahindra, Axis Bank, ICICI Bank, Wipro, JSW Steel, L&T Finance, and HDFC Bank, among others, will be released.
On the macroeconomic front, participants will closely track the WPI and CPI inflation data scheduled for July 14 for further cues on the economy. Apart from these, the trend in FII flows and movement in crude oil prices will also remain on traders' radar, said Ajit Mishra, SVP, Research, Religare Broking Ltd.
Globally, markets will watch for any updates related to trade negotiations and tariffs, along with key economic data releases such as U.S. inflation and China's GDP numbers, added Mishra
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher—recommended these eight intraday stocks for today: CarTrade Tech Ltd, Tarc Ltd, Larsen & Toubro Ltd, Rashtriya Chemicals and Fertilizers Ltd (RCF), Jindal Steel & Power Ltd, Paradeep Phosphates Ltd, NRB Bearings Ltd, and Gujarat Pipavav Port Ltd
1. CarTrade Tech Ltd-Bagadia recommends buying CARTRADE at around ₹ 1899.7, keeping the stop loss at ₹ 1830 for a target price of ₹ 1.2020
CARTRADE is exhibiting strong bullish momentum, currently trading at an all-time high of ₹ 1918 levels, marking its highest closing level of the calendar year. This decisive move came after several days of sideways consolidation, suggesting that bullish sentiment is returning with strength. The stock also formed a large bullish candle, clearly breaking above the short-term range resistance of ₹ 1,850, which now acts as an immediate support.
2. Tarc Ltd-Bagadia recommends buying TARC at around ₹ 201.92, keeping stop loss at ₹ 195 for a target price of ₹ 215
TARC, currently trading at ₹ 201.92, has shown a reaffirming strong bullish sentiment. Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows—a classic sign of a bullish reversal. The bullish alignment of EMAs confirms that the broader trend remains firmly positive, with the 20-day EMA now acting as immediate dynamic support.
3. Larsen & Toubro Ltd-Dongre recommends buying Larsen & Toubro, or LT, at around ₹ 3537, keeping the stop loss at ₹ 3470 for a target price of ₹ 3700.
Stock has exhibited a strong, notable, and continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 3537 and maintaining strong support at ₹ 3470. The technical setup indicates the potential for a price retracement towards the ₹ 3700 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 3470 offers a prudent approach to capturing the anticipated upside.
4. Rashtriya Chemicals and Fertilizers Ltd (RCF)—Dongre recommends buying RCF at ₹ 151, keeping stop loss at ₹ 145 for a target price of ₹ 161.
Stock has exhibited a strong, notable, and continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 151 and maintaining strong support at ₹ 145. The technical setup indicates the potential for a price retracement towards the ₹ 161 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 145 offers a prudent approach to capturing the anticipated upside.
5. Jindal Steel & Power Ltd—Dongre recommends buying Jindal Steel & Power, or JINDALSTEL, at around ₹ 937, keeping Stoploss at ₹ 920 for a target price of ₹ 970.
In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 937 and holding above a key support level at ₹ 920. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 920 to manage downside risk. The target for this trade is set at ₹ 970, suggesting a favourable risk-to-reward ratio and a continuation of the prevailing upward trend.
6. Paradeep Phosphates Ltd—Koothupalakkal recommends buying PARADEEP PHOSPHATE at around ₹ 164.70 for a target of ₹ 175, keeping Stop loss at ₹ 161
The stock, after witnessing a short period of correction, has once again consolidated and taken support near the important 50EMA zone at the ₹ 156 level, which is also the upper band of the ascending channel pattern on the daily chart, and with an indication of improvement in the bias with bullish candle formation, one can anticipate a further rise in the coming sessions. The RSI has corrected quite significantly from the overbought zone and is currently well-positioned, indicating a positive trend reversal to signal a buy. With the chart looking good, we suggest buying the stock for an upside target of the ₹ 175 level, keeping the stop loss at the ₹ 161 level.
7. NRB Bearings Ltd—Koothupalakkal recommends buying NRB BEARING at around ₹ 289.50 for a target price of ₹ 306, keeping Stop loss at ₹ 283
The stock has indicated a series of higher bottom formations on the daily chart with an overall rising trend, and currently taking support near the ₹ 278 zone has improved the bias with a decent pullback to anticipate further rise. The volume has been improving, and with the RSI indicating a positive trend reversal to signal a buy, it can carry on with the positive move further ahead in the coming sessions. With much upside potential visible and the chart technically looking good, we suggest buying the stock for an upside target of ₹ 306, keeping the stop loss at the ₹ 283 level.
8. Gujarat Pipavav Port Ltd—Koothupalakkal recommends buying Gujarat Pipavav Port, or GUJ PIPAVAV PORT, at around ₹ 158.25 for a target price of ₹ 168, keeping the stop loss at ₹ 154
The stock has maintained above the important 50EMA zone at the ₹ 154 level, and currently, after a short period of correction, has indicated a positive candle formation to improve the bias, expecting a continuation of the positive move further ahead in the coming sessions. The RSI is currently well placed and indicating a buy signal, has much upside potential to carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for an upside target of ₹ 168, with a stop loss at the ₹ 154 level.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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