Stock Market Today: Nifty 50 Trade Setup Amid Q1 2024 Results, Top Five Stocks to Buy or Sell on Friday Analysis

Following robust gains on Wall Street and positive global market sentiment, the Indian stock market closed higher for the second consecutive session today. The Nifty 50 index ended marginally up at 24,302, while the BSE Sensex finished 62 points higher at 80,049. The Bank Nifty index also saw a modest increase, closing at 53,103, up by 14 points. Cash market volumes on the NSE rose by about 2 percent to ₹1.38 lakh crore. Despite the Nifty 50 index's performance, broader market indices showed stronger gains, although the advance-decline ratio dipped to 1.19:1.

Trade Setup for Friday: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted, "The overall trend of Nifty remains positive across various timeframes. While Nifty is currently near the highs, there's no clear reversal pattern yet at these new all-time highs. However, a consolidation or minor dip towards 23,990 (10-day EMA) could be expected in upcoming sessions."

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Om Mehra, Technical Analyst at SAMCO Securities, analyzed the Bank Nifty, stating, "Bank Nifty reached a new high of 53,357.70 before settling at 53,103.70, showing stability around the rising trendline. If Bank Nifty slips below 52,800, there could be a short-term pullback towards 52,200. The daily RSI at 67 indicates strength in the index."

Outlook for the Indian Stock Market: Siddhartha Khemka, Head of Retail Research at Motilal Oswal, highlighted, "The release of pre-quarterly business updates has instilled confidence in robust Q1 earnings. Positive sentiment is further buoyed by expectations of a US rate cut amid signs of economic softening. We anticipate the current momentum to persist with Nifty consolidating within a broader range. Investors will keenly await US non-farm payroll and unemployment rate data, due later today."

Stock Recommendations: Experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested these stock picks:

Sumeet Bagadia's Stock Picks:

1. Bharat Dynamics Limited: Buy at ₹1684, target ₹1770, stop loss ₹1625.
2. Aurobindo Pharma Limited: Buy at ₹1254.65, target ₹1355, stop loss ₹1200.

Ganesh Dongre's Stock Picks: 3. Exide Industries: Buy at ₹566, target ₹585, stop loss ₹545. 4. Bank of Baroda: Buy at ₹270, target ₹282, stop loss ₹264. 5. HCL Technologies: Buy at ₹1520, target ₹1570, stop loss ₹1470.

These recommendations are based on technical analysis and market trends, aiming to guide investors in making informed decisions in today's trading session

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