Indian Stock Market Continues to Surge: Nifty 50 Index Hits Record Highs for Fifth Consecutive Day
Despite a gap-down opening, the Indian stock market showed remarkable resilience on Thursday, with the Nifty 50 index gaining 167 points to close at a record high of 22,570. The BSE Sensex also surged 486 points to end at 74,399, while the Bank Nifty index finished 305 points higher at 48,494. This marked the fifth consecutive day of gains for the market, with the small-cap index outperforming the Nifty 50 index.
Looking ahead to Friday’s trading session, experts are optimistic about the market’s outlook. Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, noted that the Nifty 50 index has crossed a bearish gap and is likely to continue its upward trend, potentially breaking its all-time high of 22,776. The index’s short-term support levels are at 22,500 and 22,300, with resistance around 22,780 and 23,000.
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, expects the Bank Nifty to continue its momentum, with the next hurdle at 49,000. He advised holding long positions with a trailing stop loss at 48,200. Rajesh Bhosale, Technical Analyst at Angel One, highlighted the trend of buying into dips and recommended maintaining a positive outlook on the market, particularly focusing on mid and small-cap stocks.
In terms of stock recommendations, experts like Sumeet Bagadia, Shiju Koothupalakkal, and Kunal Kamble provided insights on potential buys for the day. Stocks like ICICI Bank, Carborundum Universal, REC, GMR Infra, IRFC, CONCOR, and UPL were highlighted for their positive technical indicators and potential for upward movement.
It’s important to note that the views and recommendations provided by analysts are their own and investors are advised to consult with certified experts before making any investment decisions. With the market showing strength and potential for further gains, investors may find opportunities for profitable trades in the current market environment.
