Indian Stock Market Ends Lower Despite Strong Global Sentiments
Despite strong global market sentiments, the Indian stock market ended lower on Friday. The Nifty 50 index closed 172 points lower after reaching a new peak of 22,794, while the BSE Sensex dropped 732 points from its lifetime high of 75,124. The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.
Trade Setup for Monday
Looking ahead to Monday, experts have provided insights into the potential trading scenarios for the Nifty 50 and Bank Nifty indices. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, mentioned that the short-term trend of the Nifty 50 index appears to have reversed, with a short-term downward correction expected. Immediate resistance for the Nifty today is at 22,600, with downside levels to watch around 22,120.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted that the Bank Nifty index faced selling pressure but maintained its uptrend, closing near the immediate support of 49,000. He noted that immediate resistance is at 49,200, while immediate support lies at 48,800-48,700.
Intraday Trading Strategy and Stock Recommendations
Aditya Gaggar, Director of Progressive Shares, shared an intraday trading strategy, mentioning the potential outperformance of the Pharma sector and anticipating extreme volatility due to result-oriented activities and the progress of the general election.
Stock market experts Sumeet Bagadia and Shiju Koothupalakkal provided stock recommendations for Monday. Bagadia suggested buying Zomato at ₹197.25 with a target of ₹208, and Polycab at ₹5832 with a target of ₹6099. Koothupalakkal recommended buying HBL Power at ₹555.60 with a target of ₹580, Jindal Saw at ₹575 with a target of ₹607, and NMDC at ₹269 with a target of ₹285.
Disclaimer: The views and recommendations provided by analysts are their own and not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions. Market conditions can change rapidly, and individual circumstances may vary.
