“Indian Stock Market Ends Higher on Friday, IT Stocks Lead the Rally: Expert Recommendations for Today’s Trading”
Despite mixed trends in the global markets, the Indian stock market ended higher on Friday, with the Nifty 50 index finishing 186 points higher at 24,502. The BSE Sensex also shot up 622 points and closed at 80,519, while the Bank Nifty index ended marginally higher at 52,278. The rally in the Indian stock market was fueled by strong buying of Indian IT stocks following strong TCS Q1 results in 2024. Cash market volumes on the NSE rose 11.2% to ₹1.55 lakh crore, but the broad market indices ended negatively with an advance-decline ratio of 0.67:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has broken out of its consolidation range and is poised for a bull run, with a potential target of 24,900 in the near term. She recommended buying stocks like Birlasoft, Cyient, and Ramkrishna Forgings for today’s trading.
Parekh also provided insights on the outlook for the Nifty and Bank Nifty indices, stating that Nifty has immediate support at 24,400 levels and resistance at 24,700, while the Bank Nifty index has a daily range of 51,900 to 52,700. She advised investors to keep an eye on the 53,300 zone for a potential breakout in the Bank Nifty index.
For today’s trading, Parekh recommended buying Birlasoft at ₹732.35 with a target of ₹770 and a stop loss at ₹716, Cyient at ₹1838 with a target of ₹1935 and a stop loss at ₹1800, and Ramkrishna Forgings at ₹920 with a target of ₹965 and a stop loss at ₹898.
Investors are advised to consult with certified experts before making any investment decisions, as the views and recommendations provided are those of individual analysts or broking companies.
