Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Tuesday — May 28

Stock market today: Despite strong global market sentiments, the Indian stock market ended flat on Monday. The Nifty 50 index finished 24 points lower at 22,932 after touching a new peak of 23,110 mark. The BSE Sensex ended 19 points lower at the 75,390 mark after touching a new lifetime high of 76,009. However, the Bank Nifty index gained 310 points and closed at 49,281. Cash market volumes on the NSE were flat compared to the previous day. The mid-cap index closed 0.63 percent higher even as the advance-decline ratio remained negative at 0.62:1.

Trade setup for Tuesday

On the outlook for Nifty today, Osho Krishan, Sr. Analyst - Technical & Derivative Research at Angel One, said, "The Nifty 50 index has reverted from the upper band of the 'Rising Channel', suggesting a potent resilience in the near term. Also, the advance-decline ratio favouring the bears portrays the exhaustion among the bulls. At the current juncture, the upper band of the channel placed around 23150-23200 is likely to be an intermediate hurdle. On the other hand, the neckline of the breakout around 22800-22750 is expected to provide a cushion to the benchmark. For now, the index is likely to hover within the range above with bullish biases, and one needs to act accordingly and use proper risk management."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 28

On the outlook for Bank Nifty today, here is Rahul Ghose, CEO of Hedged. Said, "Bank Nifty showed strength and managed to trade above the opening range for the day 49050 to 49220; it traded above the CPR throughout the day, which indicates the upward momentum continues to be strong. The change in OI shows the increased ITM Put writing for the strike 49500 and below levels. The PCR opened at 1.12 levels made the high at 1.39 in the mid-session, to fall & close for the day at 0.98."

The India VIX index performed well for the day. In the opening range, it tested 18.44 on the downside and 26.2 on the upside. Although it remained flat for most of the session, it managed to close 7 percent higher at 23.36 than last week's levels.

Buy or sell stock ideas by experts

Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended eight buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] Indian Hotels Company or IHC: Buy at ₹581, target ₹618, stop loss ₹560.

Indian Hotels share price is currently trading at ₹581, displaying a ready breakout of a rounding bottom chart pattern with significant volume, indicating strong bullish momentum. Additionally, the stock is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, suggesting the potential for sustained upward price movement.

2] Godrej Consumer Products: Buy at ₹1329, target ₹1410, stop loss ₹1290.

Godrej Consumer Products Limited (GODREJCP) has exhibited a notable resurgence in its stock price. It recently rebounded from a support level at ₹1290, which is also close to its 20-day EMA levels, and is presently trading at around ₹1328.95. The fact that the stock trades above all the essential Exponential Moving Averages (EMA) suggests significant strength.

Ganesh Dongre's shares to buy today

3] Infosys: Buy at ₹1472, taret ₹1520, stop loss ₹1430.

We have seen major support in Infosys's share, around ₹1430. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1472 price level, which may continue its rally until its next resistance level of ₹1520. So, traders can buy and hold this stock with a stop loss of ₹1430 for the target price of ₹1520 in the near term.

4] Voltas: Buy at ₹1408, target ₹1450, stop loss ₹1380.

In the short term, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until ₹1450. So, holding the support level of ₹1380, this stock can bounce toward ₹1450 in the short term. Hence, the trader can use a stop loss of ₹1380 for the target price of ₹1450.

5] Bank of Baroda: Buy at ₹270, target ₹282, stop loss ₹263.

We have seen strong support in this stock, around 263 rupees. So, at the current juncture, BoB share price has again seen reversal price action and bullish candlestick pattern formation at the ₹270 price level, which may continue its rally until its next resistance level of ₹282. Hence, traders can buy and hold this stock with a stop loss of ₹263 for the target price of ₹282 in the near term.

Shiju Koothupalakkal's buy or sell stocks

6] Jindal Saw: Buy at ₹565.75, target ₹587, stop loss ₹554.

The stock has indicated a series of higher lows on the daily chart. Currently, with a positive bullish candle formation on the daily chart, it has improved the bias. With the RSI well placed, it has much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹587, keeping the stop loss of ₹554.

7] Bank of India: Buy at ₹132.45, target ₹140, stop loss ₹129.50.

After the decent erosion, the stock has witnessed consolidation, taking support near the ₹121 zone. It has indicated a decent pullback to improve the bias, anticipating a further rise. The RSI reversing from the highly oversold zone has signalled a buy, and with the chart looking good, we suggest buying the stock for an initial upside target of ₹140, keeping the stop loss of ₹129.50.

8] AU Small Finance Bank: Buy at ₹634.60, target ₹665, stop loss ₹622.

After taking support near the ₹600 zone for the second time, the stock has indicated a pullback to move past the 50EMA level of the ₹621 zone to improve the bias, and further rise can be anticipated. The RSI is well placed, indicating a trend reversal after the gradual slide, and has much upside potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹665, keeping the stop loss of ₹622.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.