Indian Stock Market Rebounds After Global Market Sentiments Improve
Following a five-day losing streak, the Indian stock market saw a significant rebound on Friday, driven by strong global market sentiments. The Nifty 50 index surged 428 points to reach a new peak of 24,861, while the BSE Sensex skyrocketed 1,292 points to close at 81,332. The Bank Nifty index also ended 407 points higher at 51,295. In the broader market, the small-cap index gained one percent, and the mid-cap index saw an impressive growth of 2.12 percent.
Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism about the market sentiment, noting that the Nifty 50 index has closed above the 24,850 hurdle. Bagadia highlighted a key resistance level at 25,000 and set an immediate support level at 24,650 to 24,700. He predicted a target of 25,400 for the index once it surpasses the 25,000 mark on a closing basis.
For investors looking for stock recommendations, Bagadia suggested three stocks to consider for Monday: Cipla, Wipro, and Coal India.
Cipla, currently trading at ₹1575, has shown strong bullish momentum with a double bottom pattern on the daily chart. Bagadia recommended buying Cipla with a target of ₹1720 and a stop loss at ₹1495.
Wipro, trading at ₹524.80, is in a long-term uptrend and has found support near the 0.618 Fibonacci retracement level. Bagadia advised buying Wipro with a target of ₹580 and a stop loss at ₹499.
Coal India, trading at ₹509.85, is showing signs of a potential breakout from its consolidation range. Bagadia recommended buying Coal India with a target of ₹560 and a stop loss at ₹483.
Investors are advised to conduct their own research and consult with financial experts before making any investment decisions.
