Indian stock market: Domestic benchmark stock indexes Sensex and Nifty 50 closed in positive territory on Friday. The 30-stock BSE Sensex closed at 76,992.77, up 181.87 points or 0.24 percent, while the Nifty 50 rose 66.70 points or 0.29 percent to 23,465.60.
In broader market action, Nifty Midcap 100 rose 1.05 per cent and Nifty SmallCap 100 added 0.8 per cent, both outperforming the benchmark indices. India VIX, a gauge of market volatility, ended Friday down 4.93 per cent.
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“As for Nifty, it has currently closed at 23400-23500 levels. Last week's discussion was centred around the situation after the NDA won majority in the Lok Sabha elections and it was expected that a stable government would be formed and Nifty would settle in the 23500-23600 zone, which is reflected in the current closing levels. Moreover, VIX settling below 18-20 suggests low volatility in the market,” said Ganesh Dongre, senior manager, technical research, Anand Rathi.
Stock Market Updates
Commenting on the outlook for Nifty, Dongre said, “Going forward, it is crucial for Nifty to sustain above 23600 zone for further upside. Failure to achieve this may lead to short-term profit booking with support at 23100-23200 levels. However, stock-wise momentum remains bullish. Starting last week with a gap up on Monday, Nifty maintained its bullish trajectory throughout the week and ended in the green above 23400 levels. This suggests continuation of bullish momentum in the coming trading sessions with support for Nifty at 23100-23200 and resistance at 23500-23600 levels.”
Talking about the outlook for Bank Nifty, he further said, “Meanwhile, as for Bank Nifty, it has started gapping up on Monday and the bullish trend is continuing for the week. Hence, in the coming trading sessions, support for Bank Nifty will be at 48,500 levels and resistance at 51,000 levels and it will remain bullish until it sustains the 48,500 levels.”
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Anand Rathi's Stock Pick of the Day
Dongre provides expert analysis and recommendations on the Nifty 50 index. For day trading stocks, he recommends three stocks 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 expressed above are those of the individual analysts, experts and brokerage firms and not of Mint. You are advised to consult a qualified professional before making any investment decisions.
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