The Nifty 50 index has been on a consistent upward trend, maintaining positive momentum for the third week in a row. This surge is driven primarily by global market cues and the stimulus measures rolled out by China. Despite this, market experts anticipate possible consolidation in the coming week, with key support levels likely to play a crucial role.
In this article, we’ll break down the trade setup for Nifty 50, provide insights into the global market outlook, and highlight five stocks to consider buying or selling on Monday, September 30, 2024.
Nifty 50 Trade Setup for Monday
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty 50 is expected to see short-term consolidation but should bounce back later in the week. Immediate support is placed at 25,900, while a rebound is expected once this level holds firm.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, highlights that Bank Nifty may also experience consolidation near the 54,000 level, with strong support at 53,400. A decisive breach above 54,470 will indicate a continuation of the current rally.
Key Levels to Watch:
- Support: 25,900
- Resistance: 26,200
- Bank Nifty Support: 53,400
- Bank Nifty Resistance: 54,470
With the short-term trend still intact, traders are advised to watch these levels closely for potential entry or exit points.
Global Market Outlook
The global market landscape remains optimistic, with positive cues from the US markets continuing to influence the Indian stock market.
According to Ajit Mishra, SVP of Research at Religare Broking, the Dow Jones Industrial Average is nearing a decisive breakout above 42,300, which could fuel further gains. However, some consolidation is possible if this level isn’t breached. Similarly, both the S&P 500 and Nasdaq Composite are trending higher, indicating widespread participation across sectors.
Key Global Trends:
- US Markets: Dow Jones approaching critical resistance at 42,300.
- China’s Stimulus Measures: Continued optimism in sectors like metals and energy.
- Europe: Positive economic recovery signs, particularly in industrial sectors.
Stocks to Buy or Sell Today: Top Picks for September 30, 2024
Several stocks are set to gain attention based on technical setups and recent market movements. Here are five stock recommendations from market experts for Monday:
1. Apollo Hospitals Enterprise (Buy)
- Current Price: ₹5,050
- Support: ₹4,950
- Resistance: ₹5,150
- Expert View: Sumeet Bagadia, Executive Director at Choice Broking, recommends buying Apollo Hospitals with a near-term target of ₹5,150. The stock has shown strong momentum and is expected to continue its upward trajectory.
2. Bombay Burmah Trading Corp (Buy)
- Current Price: ₹1,000
- Support: ₹950
- Resistance: ₹1,050
- Expert View: Bombay Burmah is showing positive price action, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggests buying with a target of ₹1,050.
3. Sonata Software (Buy)
- Current Price: ₹1,000
- Support: ₹980
- Resistance: ₹1,040
- Expert View: Sonata Software is recommended for buying with a short-term target of ₹1,040. The stock has been trending upwards, and analysts expect it to maintain its bullish outlook.
4. Piramal Enterprises (Buy)
- Current Price: ₹1,150
- Support: ₹1,100
- Resistance: ₹1,180
- Expert View: Piramal Enterprises is well-positioned for gains, with a near-term target of ₹1,180. Bagadia advises buying for medium-term gains.
5. Maharashtra Seamless (Sell)
- Current Price: ₹700
- Support: ₹680
- Resistance: ₹730
- Expert View: Dongre recommends selling Maharashtra Seamless at current levels, with an immediate target of ₹680 due to bearish technical indicators.
Conclusion
While Nifty 50 continues its upward momentum, market experts suggest that consolidation is not out of the question in the short term. Traders are encouraged to closely monitor the support and resistance levels mentioned for both Nifty and Bank Nifty. Additionally, the stock picks for today offer a mix of buy and sell opportunities, providing a balanced approach to trading for the week ahead.
As always, investors should be prepared for market fluctuations and continue to monitor global economic cues for further direction in the markets.
Disclaimer
The information provided is for educational purposes only and should not be construed as financial advice. Please consult a financial advisor before making any investment decisions.
