Indian Stock Market Remains Range-Bound Despite Strong Global Cues
Despite strong global cues and buzz around a possible US Fed rate cut, the Indian stock market remained range-bound last week. The Nifty 50 index added 19 points and closed at the 22,493 level, while the BSE-sensitive index Sensex went up 33 points and ended at the 74,119 mark. The Bank Nifty index, however, finished 129 points lower at the 47,865 level.
While the major indices saw minimal movement, the broad market witnessed buying interest with the small-cap index going up by 0.70 percent and the mid-cap index shooting up by 0.39 percent.
Intraday trading tips for Monday were provided by Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher. Parekh mentioned that the Nifty 50 index touched a new lifetime high of 22,525 on Thursday, signaling overall positive market sentiment. She also highlighted strong buying in Tata group stocks, which could lead to the index surging to new peaks.
Parekh recommended three stocks to buy or sell for the day – PVR, HDFC Life, and ITC. She also shared her outlook for the market, stating that the Nifty 50 index is expected to carry on its momentum and reach levels of 22,800 to 23,000. The Bank Nifty index is also showing strength, hovering near the 48,000 zones with positive bias.
Support levels for the week are seen at 73,000/22,000 levels, with resistance at 75,200/23,000 levels. Parekh advised investors to keep an eye on frontline banking stocks like HDFC Bank, Kotak Bank, and IndusInd Bank for potential gains.
The recommended buy levels for the three stocks are as follows:
1. PVR: Buy at ₹1415, target ₹1500, stop loss ₹1360
2. HDFC Life Insurance: Buy at ₹622, target ₹660, stop loss ₹600
3. ITC: Buy at ₹413, target ₹440, stop loss ₹398
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