Stock Market Today: Trade Setup for Nifty 50 & Global Markets, Five Stocks to Watch on June 24th

Monday, June 24th, 2023 – Get ready for another trading week! The Indian stock market is set to open on a cautiously optimistic note, mirroring the positive sentiment from global markets. Here’s a look at the key factors driving market sentiment and the top five stocks to watch for potential trading opportunities today.

Nifty 50 Outlook:

Global Market Momentum: Positive cues from US markets, where the Dow Jones Industrial Average closed higher on Friday, are expected to boost sentiment in the domestic market.
Crude Oil Prices: Keep an eye on crude oil prices, which have been fluctuating. A sustained rise in oil prices could impact Indian equities.
Domestic Factors: Keep in mind the upcoming monsoon season and its impact on agriculture and the broader economy.

Trade Setup for Nifty 50:

Potential Support: 19,000
Potential Resistance: 19,300
Focus on: Index heavyweight stocks, especially in the banking, IT, and FMCG sectors.

Global Market Overview:

US Markets: The Dow Jones Industrial Average closed higher on Friday, fueled by strong earnings from several companies.
European Markets: European markets are also expected to open positively, reflecting the optimistic global sentiment.
Asian Markets: Key Asian markets are expected to follow the lead of global markets, opening on a positive note.

Five Stocks to Watch:

1. Reliance Industries (RELIANCE.NS): Keep an eye on Reliance Industries due to its strong performance and potential for further growth.
2. HDFC Bank (HDFCBANK.NS): This leading private bank is a key player in the Indian financial sector and worth tracking.
3. Infosys (INFY.NS): Infosys is a major IT player and is expected to benefit from growing global demand for technology solutions.
4. TCS (TCS.NS): Another IT giant, TCS is a well-established player in the IT services sector.
5. HUL (HINDUNILVR.NS): This FMCG giant is a consumer staple and benefits from its strong brand portfolio.

Disclaimer: This information is for informational purposes only and does not constitute financial advice. It is essential to conduct your own research and consult with a qualified financial advisor before making any investment decisions.

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