Indian stock market: On Friday, the domestic benchmark equity indices Sensex and Nifty 50 closed the session in positive territory.
In broader market movements, the Nifty Midcap 100 rose by 1.05%, and the Nifty SmallCap 100 gained 0.8%, both surpassing the performance of the benchmark indices.
Additionally, the VIX settling below 18-20 mark suggests a low market volatility," said Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi.
This hints at a continuation of bullish momentum in the forthcoming trading sessions, with support at 23100–23200 and resistance at 23500–23600 levels for the Nifty."
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Indian stock market: On Friday, the domestic benchmark equity indices Sensex and Nifty 50 closed the session in positive territory. The 30-share BSE Sensex concluded the session up by 181.87 points or 0.24 per cent at the level of 76,992.77, while the Nifty 50 finished at 23,465.60, marking an increase of 66.70 points or 0.29 per cent.
In broader market movements, the Nifty Midcap 100 rose by 1.05%, and the Nifty SmallCap 100 gained 0.8%, both surpassing the performance of the benchmark indices. The India VIX, a measure of market volatility, ended Friday 4.93% lower.
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“On the nifty front, we are now closed at the level of 23400–23500 mark. The discussion last week centered on the aftermath of the majority win of the NDA in the Lok Sabha elections, foreseeing the formation of a stable government and thereby an expected settling of Nifty around the 23500-23600 zone, a prediction now reflected in the current closure. Additionally, the VIX settling below 18-20 mark suggests a low market volatility," said Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi.
Stock market update
On the Nifty outlook, Dongre said, “Looking ahead, on the nifty front sustaining above the 23600 zone is crucial for further rallies; failure to do so could result in short-term profit booking, with support standing at 23100-23200 mark. However, momentum remains bullish on the stock specific front. In the last week we have seen a gap-up opening on Monday, with the Nifty maintaining its bullish trajectory throughout the week, culminating in a green closure above the 23400 marks. This hints at a continuation of bullish momentum in the forthcoming trading sessions, with support at 23100–23200 and resistance at 23500–23600 levels for the Nifty."
On the Bank Nifty outlook, he further said, “On the other hand, on the bank nifty front, we have seen a gap-up opening on monday and continue its bullish trend for the whole week, so for the upcoming trading session, bank nifty support will be at the 48500 level and resistance will be at the 51000 level, the stand remains bullish till it holds 48500 level."
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Anand Rathi's stock picks for today
Dongre provides his expert analysis and recommendations for the Nifty 50 index. For day trading stocks, he recommends three shares to buy today — Birla Corporation Ltd, HCL Tech and GMM Pfaudler Ltd.
Stocks to buy
1] Birla Corporation Ltd: Buy at ₹ 1560-1580 | Target Price: ₹ 1750 | Stop Loss: ₹ 1400
2] HCL Tech: Buy at ₹ 1445 | Target Price: ₹ 1550 | Stop Loss: ₹ 1390
3] GMM Pfaudler Ltd: Buy at ₹ 1355 | Target Price: ₹ 1420 | Stop Loss: ₹ 1300
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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