Monday, July 15, 2024

Trade Setups for Nifty 50 and Five Stocks to Consider Buying or Selling on July 9, 2024 Influenced by Q1 Results

Stock Market Updates and Expert Recommendations for Today’s Trading

The Indian stock market faced a downturn on Monday, with the Nifty 50 index closing slightly lower at 24,320 and the BSE Sensex dropping 36 points to 79,960. The Bank Nifty index also experienced a loss of 234 points, finishing at 52,425. Cash market volumes on the NSE saw a 7 percent decrease to ₹1.45 lakh crore.

Looking ahead to Tuesday’s trading session, experts provided insights on the market outlook. Nagaraj Shetti from HDFC Securities noted that the short-term trend of Nifty remains positive, with a potential breakout above 24,400 leading to further upside. Om Mehra from SAMCO Securities suggested that Bank Nifty has been range-bound and a breakout in either direction could drive the index towards that trend.

Intraday trading strategies were also discussed by Rajesh Bhosale from Angel One, highlighting the need for traders to focus on opportunities outside the index. FMCG and OIL & GAS sectors were noted as points of interest for traders.

Additionally, six listed companies are set to declare their Q1 2024 results on Tuesday, including Delta Corp, GM Breweries, and Eraaya Lifespaces, among others.

Expert recommendations for stock picks included National Aluminium Company, Zuari Industries, Bajaj Auto, Ashok Leyland, and Bank of Baroda. Sumeet Bagadia and Ganesh Dongre provided buy recommendations for these stocks based on technical analysis and market trends.

Investors were advised to exercise caution and seek advice from certified experts before making any investment decisions.

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