Stock Market Today: After a disappointing sell-off trigger Lok Sabha election resultsIndian Stock market On Tuesday, there was a huge crash. The Nifty 50 index fell to its worst session in four years. The 50-stock index fell 1,379 points to close at 21,884. The BSE Sensex ended down 4,389 points at 72,079. The Bank Nifty index closed down 4,051 points at 46,928. The volume of the cash market on the NSE reached a record high. 2.71 lakh crore. The broad market index fell more than the frontline Indian index even as the advance decline ratio touched a low of 0.10:1 – the lowest since March 13, 2024.

Trading setup on Wednesday

Regarding Nifty’s outlook today, Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities said, “Nifty’s short-term trend is highly volatile with negative bias. 21250 levels for Nifty There is immediate support around (20-day EMA). Once the election results are volatile, the market is likely to move upwards towards the 21,250 to 21,000 level.”

Also read: Buy or Sell: Vaishali Parekh recommends three stocks to buy today – June 5

Commenting on Bank Nifty’s outlook today, Jitin Gidia, technical research analyst at Sharekhan at BNP Paribas said, “Bank Nifty has also broken out of the rising channel, indicating a trend reversal. We expect That Bank Nifty will correct towards 46150. – 44000, which is the 200-day moving average and 38.2% Fibonacci retracement level from 32300 – 51100. Conversely, 48600 – 49200 acts as an immediate barrier will do.”

Expecting continued volatility in the Indian stock market, Sumeet Bagadia, Executive Director, Choice Broking said, “The India VIX index has breached the barrier of 25, and the index may touch 28 in the near term. The ride on Dalal Street may continue for a few more sessions.”

On today’s Indian stock market scenario, Ajay Menon, MD & CEO, Broking & Distribution at Motilal Oswal said, “While market volatility may continue in the near term, retail investors should be aware of this. The reform should be taken as an opportunity to gather quality. In the next few days, the name, government formation and monetary policy of the RBI will be brought to the fore.

Effect of Lok Sabha Election Results

How Lok Sabha Election 2024 Results Will Impact Dalal Street On Wednesday, Amneesh Aggarwal, director of research at Prabhudas Laladhar, said, “After giving an absolute majority to the BJP in 2014 and 2019, the Indian electorate has turned its back on the 2024 Lok Sabha elections. Given a fractured mandate.An election that surprised the markets resulted in a ~6% cut in the NIFTY, even though the BJP failed to win an absolute majority, but in a drought environment (last year). , high global inflation, and massive spread of free and loan waivers PM Modi is likely to be a three-time mandate winning Indian leader and we believe that the NDA government’s policies will give BJP a major shock Social engineering, Maharashtra (elected parties) and West Bengal will maintain difficult reforms in PSU devolution, GST, labor laws, agriculture, modern retail/Ecom.”

Buy or sell stock ideas from experts.

On stocks to buy today, stock market experts — Choice Broking’s Sumeet Bugadia and Ganesh Dongre, senior manager of technical research at Anand Rathi — recommended buying or selling five stocks on Wednesday.

Sumit Bagadia’s stocks will buy today.

1] Dabur: Buy at 578.20, target 611, stop loss 560.

Dabur share price is currently trading at 578.2 After a minor decline and sideways consolidation, the stock recently broke the neck level. 577 and moving upwards rapidly with considerable volume. There are expectations for further upward movement, possibly reaching 611 levels. On the downside, substantial support is almost certain. 560.

2]Heritage Foods: Buy at 455.45, target 480, prevention of loss 440.

Shares of Heritage Foods are showing strong bullish momentum, currently trading at a 52-week high. 479.80. A recent breakout above critical resistance The 450 level is an important technical development supported by strong trading volume, reinforcing the stock’s strength. This development indicates a possible continuation of the upward trend, which offers an optimistic outlook for investors.

Buy or sell Ganesh Dongre stock.

3]Mariko: Buy at 613, target 645, stop loss 598.

We have seen significant support around, in this stock 598. Hence, at the current juncture, the stock has once again seen a reverse price action formation. 613 price level, which may continue the rally to its next resistance level. 645. So traders can buy and hold this stock with a stop loss. 598 for a target price of 645 in the near term.

4]McDowell-N or United Spirits: Buy at 1204, target 1245, stop loss 1175.

In the short term, the stock has seen a bullish reversal pattern. Technically, as long as severance is possible. 1245. Therefore, holding the support level of 1175, it may bounce towards the stock. 1245 in the short term. Therefore, the trader can use a stop loss. 1175 for a target price of 1245.

5]Tata User: Buy at 1087, target 1125, stop loss 1065.

We have seen significant support around, in this stock 1065. At the current juncture, the stock has once again seen an inverse price action formation. 1087 price level, which may continue the rally to its next resistance level. 1125. Therefore, traders can buy and hold this stock with a stop loss. 1065 for a target price of 1125 in the near term.

abandonment: The above views and recommendations are those of individual analysts, experts and brokerage firms, and not of Minutes. We advise investors to consult certified experts before making any investment decision.

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