“Indian Stock Market Ends Flat Following Weak Global Sentiments, Day Trading Stocks for Today Recommended by Experts”
The Indian stock market saw a flat ending on Friday last week, influenced by weak global market sentiments. The Nifty 50 index closed marginally lower at 22,513, while the BSE Sensex added 20 points to finish at 74,248. On the other hand, the Bank Nifty index surged 432 points to end at 48,493. Despite the Nifty 50 index’s performance, small-cap and mid-cap indices outperformed, finishing 0.50 percent higher in the previous session.
Looking ahead to today’s trading, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, predicts that the Nifty 50 index may continue its upward momentum as long as it stays above the 22,250 mark. Dongre highlighted strong resistance at 22,600 levels and projected a potential rise to 22,900 once the index surpasses the 22,600 hurdle on a closing basis. For day trading, Dongre recommended three stocks to watch – NBCC, Hindustan Aeronautics Ltd (HAL), and Mahindra and Mahindra Financial Services Ltd (M&MFIN).
In terms of the overall market outlook, Dongre emphasized the importance of the support level at 22,250 to 22,300 for the Nifty 50 index. He also mentioned resistance levels at 22,550 to 22,600, with the possibility of an upward rally towards 22,900. Additionally, Dongre highlighted the performance of Bank Nifty stocks, pointing out fresh long-buildup in HDFC Bank, ICICI Bank, and Kotak Bank.
For investors looking for potential opportunities, Dongre provided insights on three stocks to consider buying today:
1. HAL: Buy at ₹3553, target ₹3630, stop loss ₹3500.
2. NBCC: Buy at ₹138, target ₹152, stop loss ₹132.
3. M&MFIN: Buy at ₹298, target ₹310, stop loss ₹290.
It is important to note that the views and recommendations mentioned above are from individual analysts and experts, and investors are advised to consult with certified professionals before making any investment decisions.
