Indian Stock Market Rallies Following Global Trend, Expert Recommends Stocks to Buy Next Week
The Indian stock market witnessed a surge in trading activity as it followed the global market rally after the US Federal Reserve and Bank of England decided to keep the interest rates unchanged. The Nifty 50 index added 84 points to close at the 22,096 level, while the BSE Sensex gained 190 points to finish at the 72,831 mark. The Bank Nifty index also saw a significant increase of 178 points, closing at the 46,863 level. In the board market, the small-cap index outperformed the Nifty 50 index, with the advance-decline ratio remaining positive at 2.7:1.
Looking ahead to the next week, Sumeet Bagadia, Executive Director at Choice Broking, shared his insights on the stock market strategy. With stock market holidays falling on Monday and Friday for Holi 2024 and Good Friday 2024 respectively, Bagadia emphasized the importance of the Nifty 50 index maintaining above the psychological 22,000 level. He identified support at the 21,850 mark and a hurdle at the 22,200 level for the 50-stock index.
Bagadia also recommended three stocks to buy next week – ITC, IndusInd Bank, and Mahindra & Mahindra (M&M). For ITC, he suggested buying at ₹428.60 with a target of ₹455 and a stop loss at ₹415. The stock showed strong support at ₹415 levels and a potential resistance at ₹438 levels. IndusInd Bank was recommended for buying at ₹1512 with a target of ₹1610 and a stop loss at ₹1440, while M&M was advised for buying at ₹1879 with a target of ₹2020 and a stop loss at ₹1800.
Technical analysis of these stocks revealed positive momentum and potential for upward movement, with key support and resistance levels identified for each stock. Investors were urged to consider these recommendations in light of their own investment strategies and risk tolerance.
It is important to note that the views and recommendations provided by individual analysts and experts are not endorsed by Mint, and investors are advised to seek advice from certified experts before making any investment decisions.
