Banking, FMCG and IT stocks recovered sharply in Indian equity indices on Monday after three sessions of losses amid a positive trend overseas. However, a weak rupee and continued outflow of foreign funds limited the gains.
The 30-share BSE Sensex closed 326.8 points higher at 53,234.7 while the Nifty closed 0.5% higher at 15,835. In the broader market, the BSE Midcap gauge rose 0.8% and the Smallcap index rose 0.59%. The market trend was in favor of the upside with gains in 24 out of 30 counters of the Sensex.
Energy, healthcare, IT, auto, metals, oil and gas were behind. The Nifty Metal index fell up to 3% on Monday as fears of a global economic slowdown weighed on prospects of aggressive rate hikes in iron ore and steel prices.
for day trading guide stock market today
“Short term trend of Nifty remains positive with range movement. Market is now indicating to see a decisive upside breakout of the crucial resistance of 15900 in next 1-2 sessions. A permanent bounce above 15900-15950 will make Nifty short term. It is expected to pull towards the next resistance level of 16300. Immediate support is placed at 15750,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
Buy Stock Today as per Analyst Advice –
Sumeet Bagdia, Executive Director, Choice Broking
HDFC Life: HDFC Life Buy Stop Loss 560, target 585-590
Power Finance Corporation: Buy PFC, Stop Loss 104, target 111-114
Mehul Kothari, AVP-Technical Research, Anand Rathi
Concor: Buy Concor, Stop Loss 606, target 635
IndusInd Bank: Buy IndusInd Bank, Stop Loss 816, target 865
Rajesh Bhosale, Technical Analyst, Angel One Limited
IndusInd Bank: IndusIndbank Buy Stop Loss 811, target 867
Jubilant Food: Buy Jublefood, Stop Loss 525, Target 595
Avinash Gorakshakar, Head of Research, Profitmart Securities
Cummins India: BUY CUMMINSIND, STOP LOSS 1,015, target 1,120
TVS Motor: Buy TVSMOTOR, Stop Loss 815, Target 895
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.