Stock market today: Amid strong global market sentiment, the Indian stock market closed higher on Friday as fading recession fears in the US revived rumours of a rate cut by the US Federal Reserve. The Nifty 50 index closed 396 points higher at 24,540, the BSE Sensex shot up 1,330 points to close at 80,436 while the Bank Nifty index gained 788 points to close at 50,515. In the broader market, the BSE small-cap index shot up 1.70 percent while the mid-cap index gained 1.80 percent in Friday trade. All sectors closed higher with IT and real estate the biggest gainers with over 2 percent intraday gains.

Trading setup for Monday

On the outlook for Nifty today, Nagaraj Shetti, senior technical research analyst at HDFC Securities, said, “The recent downside breakout seems to have resulted in a false breakout and this has turned into a strong upside bounce on Friday. The next upside is around 24,700 and then 25,000 in the short term. The immediate support is at 24,350.”

Commenting on today’s outlook for Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C Mehta said, “Bank Nifty index also opened with a gap up and after initial volatility, witnessed strong buying interest to close in positive territory at 50,517. Technically, it formed a green candle on the daily chart, indicating strength. However, the index may face resistance at 50,805, where the 21-DEMA is positioned. A sustained move above 50,810 could push the index towards the 51,200-51,500 zone.”

Focus on US Federal Reserve interest rate cut

“Investors are expected to remain alert to the US Federal Reserve’s news regarding the Jackson Hole symposium which begins on Thursday this week. So, I expect a volatility in Dalal Street. However, the overall trend in the Indian equity market is positive. So, I recommend investors to maintain a buy-on-dip strategy until the US Federal Reserve minutes are released this week,” said Avinash Gorakshkar, Head of Research at Profitmart Securities.

Stocks you should buy today

In terms of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Gamnesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommend five stocks to buy or sell for intraday trading.

Sumeet Bagadia’s stock recommendations for today

1) Colgate Palmolive or COLPAL: Buy at ₹3534.65, Target ₹3710, Stop Loss ₹3415.

COLPAL is showing solid upward momentum and is trading at an all-time high of ₹3540.85. The recent breakout above the crucial resistance at ₹3424 is a significant technical development supported by robust trading volumes, highlighting the stock’s strength. The breakout suggests a possible continuation of the uptrend and offers investors an optimistic outlook.

2) Coromandel International: Buy at ₹1759.75, Target ₹1845, Stop Loss ₹1695.

COROMANDEL is currently trading at ₹1759.75. After minor declines and a sideways consolidation, the stock recently reached the neckline of ₹1699 and is rising rapidly with considerable volume. A further upward movement is expected, which may ₹1845 levels. On the downside, considerable support is evident near ₹1695.

Ganesh Dongre shares you can buy today

3) Bata India: Buy at ₹1420, destination ₹1460, stop loss ₹1400.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests a temporary correction in the stock price, possibly around ₹1460. The stock currently holds an important support level at ₹1400. Given the current market price of ₹1420, a buying opportunity is emerging. This suggests that investors are considering buying the stock at the current price as they expect a rise towards the set target of. ₹1460.

4) BPCL: Buy at ₹333, Target ₹342, Stop Loss ₹326.

On the daily chart of this stock, a breakout is at ₹A price level of 333 was observed, indicating a possible uptrend. Complementing this breakout, the Relative Strength Index (RSI) continues to point upwards, suggesting increasing buying momentum. Given these technical indicators, traders can consider buying on dips and acquiring the stock at a lower price. To manage risk, a stop loss of ₹326 is recommended. The price target for this strategy is ₹342 in the coming weeks, suggesting a potential gain as the stock continues its uptrend.

5) Hindustan Unilever Ltd or HUL: Buy at ₹2755, destination ₹2800, stop loss ₹2700.

On the short-term chart, this stock is forming a naturally bullish rounding bottom pattern. The current price is ₹2755, this formation signals a possible uptrend. To manage the risk effectively, a stop loss should be placed at ₹2700 is recommended.

The price target for this strategy is ₹2800 in the coming weeks. This indicates a possible gain as the stock continues its uptrend, supported by the bullish technical signals.

Disclaimer: The views and recommendations above are those of individual analysts or brokerage firms, not Mint. We advise investors to seek advice from certified professionals before making any investment decisions.