Sensex and Nifty 50 Reach New All-Time Highs, Analysts Recommend Stocks to Buy
In a volatile trading session, the Sensex and Nifty 50 both reached new all-time highs before closing slightly lower. The Sensex hit a record high of 75,636.50 but ended the day 8 points lower at 75,410.39. Similarly, the Nifty 50 reached a new high of 23,026.40 before closing 11 points down at 22,957.10.
According to Prashanth Tapse, Senior Vice President of Research at Mehta Equities, the Nifty 50’s milestone of 23,000 is cause for celebration. Despite weak cues from Wall Street, the benchmark managed to end the session just below the dotted lines, showing resilience in the face of market fluctuations.
Investors are optimistic about the upcoming general elections and the decline in oil prices, with buyers showing confidence in the market. Analysts are recommending certain stocks for investors to consider on Monday, May 27.
Sumeet Bagadia recommended three stocks to buy on Monday: Larsen & Toubro (L&T), Axis Bank, and Bharti Airtel Ltd.
L&T is currently trading at ₹3,625 and showing strong bullish signals, with potential to reach a target price of ₹3,860 in the near term. Axis Bank is exhibiting a rounding bottom pattern and has the potential to move higher towards ₹1,270. Bharti Airtel is trading at ₹1,388.50 and has broken out above the ₹1,360 level, with a target of ₹1,490 as projected by Fibonacci extension levels.
Overall, the market outlook remains positive, with analysts recommending these stocks for investors looking to capitalize on the current upward trends. It is advised to consult certified experts before making any investment decisions.
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