Indian Stock Market Ends Lower on Weak Global Trends and Rising US-China Tension
The Indian stock market closed lower on Friday following weak global market trends and escalating tensions between the US and China. The Nifty 50 index corrected 269 points to close at 24,530, while the BSE Sensex lost 738 points and ended at 80,604. The Bank Nifty index also nosedived 355 points to finish at 52,265.
Tech outages, down 8.8 percent, hindered cash market volumes on the NSE, leading to a broad market decline. The advance-decline ratio fell to 0.18:1, the lowest in 1.5 months.
Sumeet Bagadia, Executive Director at Choice Broking, shared his stock recommendations amidst the market turmoil. He believes that the Nifty 50 index has formed a bearish candle after sharp selling at the 24,850 level. Bagadia highlighted the crucial support for the index at 24,200, stating that a breach below this level could weaken market sentiment.
For Monday, Bagadia recommended buying Glenmark Pharmaceuticals, Colgate Palmolive, and Asian Paints. He provided specific buy recommendations for each stock, including target prices and stop losses.
Glenmark Pharmaceuticals, currently trading at ₹1412.95, showed a solid upward trend with potential for further gains. Bagadia suggested buying the stock at the current market price with a target of ₹1525, contingent on maintaining the upward trajectory.
Colgate Palmolive, trading at ₹3120.95, exhibited a rebound from the support level of ₹2980, signaling a positive trend. Bagadia recommended buying the stock with a target of ₹3370, considering its strength above key moving averages.
Asian Paints, trading at ₹2946.05, showed strength above short-term moving averages and resistance levels. Bagadia advised buying the stock with a target of ₹3190, highlighting the potential for further gains if it surpasses the resistance level of ₹3030.
Investors were cautioned to conduct thorough research and consult certified experts before making any investment decisions, as the views and recommendations provided are those of individual analysts or broking companies.
