Tuesday’s Trading Strategy: Top 8 Stocks to Watch, Including Bitcoin (BTC) and Ethereum (ETH)

• Despite a downturn in the morning session, the Indian stock market showcased significant recovery, closing higher on Monday.
• The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776.
• Experts provide insights and recommendations for trading in the upcoming sessions.

Explore the resilience of the Indian stock market and gain insights from experts on trading strategies for the upcoming sessions.

Market Resilience Amidst Downturn

Despite a downturn in the morning session, the Indian stock market demonstrated its resilience by showcasing a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754. Notably, cash market volumes on the NSE escalated to Rs.0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades, underlining the market’s resilience.

Trade Setup for Tuesday

On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “The Nifty 50 index closed near the support level of 21800–21900 zone. If the 50-stock index holds this support level, then upward movement can be seen for the Nifty in the upcoming days. Now the next resistance for the frontline index will be at 22,300. In the previous session, we have seen the gap down opening and then continuously Nifty has seen upward movement in the market for the rest of the day. After this, majorly all the indices closed in positive territory except oil and gas, textile and automobile sector at the end of the day. So, we may see further short covering in upcoming trading sessions, if Nifty holds its support at 21800-21900 level.”

Buy or Sell Stock Ideas by Experts

Regarding stocks to buy today, Sumeet Bagadia of Choice Broking; Ganesh Dongre of Ananad Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — have meticulously recommended eight buy or sell stocks for today, providing you with a well-informed guide for your trading decisions.

Sumeet Bagadia’s Stocks to Buy Today

1] Sun Pharma: Buy at ₹1525, target ₹1620, stop loss ₹1480. Sun Pharma share price is presently valued at ₹1525.15. It recently consolidated at the bottom and is showing signs of a breakout, indicating a bullish reversal accompanied by robust trading volume.

2] ICICI Bank: Buy at ₹1128, target ₹1200, stop loss ₹1100. ICICI Bank share price has demonstrated noteworthy resilience, staging a rebound from a pivotal support level at ₹1100.

Ganesh Dongre’s Shares to Buy Today

3] State Bank of India or SBI: Buy at ₹810, target ₹850, stop loss ₹797. SBI share price has seen a reversal price action formation at the ₹810 price level, which may continue its rally till its next resistance level of ₹850.

4] Federal Bank: Buy at ₹162, target ₹170, stop loss ₹155. Federal Bank share price has seen a bullish reversal pattern, technically retrenchment could be possible till ₹170.

5] HCL Tech: Buy at ₹1313, target ₹1365, stop loss ₹1280. HCL Tech share has seen a reversal price action and bullish candlestick pattern formation at the ₹1313, which may continue its rally till its next resistance level of ₹1365.

Shiju Koothupalakkal’s Buy or Sell Stocks

6] GMR Infra: Buy at ₹82.35, target ₹85, stop loss ₹81. GMR Infra share price has bottomed out near ₹78 zone with consolidation witnessed and currently has indicated a positive candle formation on the daily chart to improve the bias.

7] Olectra Green: Buy at ₹1625, target ₹1720, stop loss ₹1594. Olectra Green share price after the decent erosion has indicated signs of bottoming out and with a pullback witnessed has improved the bias with rising volume participation.

8] BHEL: Buy at ₹283.30, target ₹296, stop loss ₹277. BHEL share price after a short correction has stabilised and taken support near ₹267 level witnessing a pullback with a positive candle formation on the daily chart to improve the bias.

Conclusion

The Indian stock market demonstrated resilience amidst a downturn, showcasing significant recovery. Experts provide insights and recommendations for trading in the upcoming sessions, offering a well-informed guide for your trading decisions.