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Today’s Stock Market: Nifty 50 Trade Setup and Q1 Results, Top Five Stocks to Consider Buying or Selling on Tuesday, July 16th

Posted on July 16, 2024

Stock Market Updates and Expert Recommendations for Trading Today

The Indian stock market saw a positive trend on Monday despite mixed global cues. The Nifty 50 index gained 84 points, closing at 24,586, while the BSE Sensex rose by 145 points to finish at 80,664. The Bank Nifty index also ended higher at 52,455. Cash market volumes on the NSE were slightly lower at ₹1.32 lakh crore.

In the mid-cap segment, the index outperformed the Nifty 50, with most sectors ending in the green. Sectors like PSU Bank, Oil & Gas, Realty, and Healthcare saw buying interest. The PSU Banking sector was up 3% following reports of potential reforms in the upcoming Budget session.

Looking ahead to Tuesday’s trade setup, experts have a positive outlook for Nifty and Bank Nifty. Nagaraj Shetti from HDFC Securities expects Nifty to gradually move towards 24,950, with immediate support at 24,450. Om Mehra from SAMCO Securities sees Bank Nifty trading in a narrow range but remaining above crucial support levels.

Additionally, twenty-three listed companies are set to declare their Q1 results today, including Bajaj Auto, L&T Finance, CRISIL, and others. Stock market experts have recommended buying stocks like UTI AMC, OFSS, Max Financial Services, KFin Technologies, and Bajaj Auto. Technical analysis and target prices have been provided for each recommendation.

Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for more updates on the stock market and trading opportunities.

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