“Indian Stock Market Ends Lower on Weak Global Cues, Intraday Trading Tips for Monday”
On Friday, the Indian stock market faced a downward trend due to weak global cues and the hotter-than-expected US PPI print. The Nifty 50 index lost 123 points but managed to close above 22,000 levels, while the BSE Sensex finished 453 points lower at the 72,643 mark. The Bank Nifty index also ended 195 points south at the 46,594 level. However, there was a strong buying interest in small-cap and mid-cap stocks, leading to a sharp rebound in the broad market ahead of the weekend session.
Looking ahead to Monday, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, highlighted that the Indian stock market bias has turned cautious. She mentioned that the Nifty 50 index has crucial support at 21,900 to 21,850 levels and is currently in the 21,850 to 22,300 zone. Parekh recommended three buy or sell stocks for the day – Jindal Saw, GNFC, and Godrej Properties.
Parekh also provided insights on the outlook for the Nifty 50 and Bank Nifty indices, stating that maintaining support levels is crucial for the market trend. She emphasized the importance of breaching key resistance levels to improve the overall bias.
For intraday trading on Monday, Parekh suggested the following stock recommendations:
1] Jindal Saw: Buy at ₹435.45, target ₹457, stop loss ₹426
2] GNFC: Buy at ₹626.50, target ₹657, stop loss ₹614
3] Godrej Properties: Buy at ₹2218, target ₹2300, stop loss ₹2175
It is important to note that the views and recommendations mentioned are those of individual analysts and experts, and investors are advised to consult certified experts before making any investment decisions.
