Indian Stock Market Witnesses Worst Session Since June 4th, 2024 Following Global Weakness
In a tumultuous day for the Indian stock market, investors saw significant losses as global markets weakened and uncertainty loomed over the US Fed rate cut in 2024. The Nifty 50 index plummeted by 108 points, closing at 24,324, while the BSE Sensex dropped by 426 points to finish at 79,924. The Bank Nifty index also saw a decline of 379 points, ending at 52,189.
The small-cap index took a harder hit than the Nifty and Sensex, with the advance-decline ratio falling to 0.42:1. Cash market volumes on the NSE were 9% higher at ₹1.48 lakh crore, indicating heightened trading activity amidst the market turmoil.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, shared her insights on the current market conditions. She highlighted that the Nifty 50 index is facing resistance at 24,450 and emphasized the importance of maintaining support above 24,000 for a positive market bias. Parekh also noted that the Bank Nifty has been struggling near the 52,600 zone and has a crucial support level around 52,000.
For investors looking for opportunities in this volatile market, Parekh recommended three stocks to consider: Hindustan Petroleum Corporation Limited, ICICI Prudential Life Insurance Company, and MFSL. She provided specific buy recommendations for each stock, along with target prices and stop-loss levels.
Looking ahead, Parekh outlined the key support and resistance levels for the Nifty and Bank Nifty. She advised that the Nifty has immediate support at 24,200 and resistance at 24,500, while the Bank Nifty’s daily range is expected to be between 51,800 and 52,600.
As always, investors are reminded to exercise caution and seek advice from certified experts before making any investment decisions. Market conditions can change rapidly, and individual circumstances may vary, so it is essential to stay informed and make well-informed choices in these uncertain times.
