Indian Stock Market Hits Record High Despite Weak Global Sentiments
Despite tensions between the US and China causing a dip in global market sentiments, the Indian stock market continued its winning streak on Thursday. The Nifty 50 index closed at a record high of 24,800, gaining 187 points, while the BSE Sensex surged 626 points to 81,343. The Bank Nifty index also ended on a positive note, up 223 points at 52,620. Cash market volumes on the NSE saw an 18 percent increase, reaching ₹1.48 lakh crore.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed optimism about the Indian stock market’s bullish undertone. She predicted that the Nifty 50 index could reach 25,000 in the near future, with a higher target of 25,400. Parekh recommended three stocks to buy today: Snowman Logistics, Ajanta Pharma, and Chambal Fertilisers.
Parekh’s outlook for the Nifty index remains positive, with expectations of reaching 25,000 before the budget announcement. She highlighted the strong support zone at 24,400 and projected further targets at 25,000 and 25,400. Additionally, Parekh mentioned that a breakout above the 52,800 level for the Bank Nifty index could lead to upward momentum, with targets at 53,500 and 55,100 in the coming days.
For investors considering Parekh’s recommendations, here are the buy levels, targets, and stop losses for the three stocks:
1] Snowman Logistics: Buy at ₹76.55, target ₹81, stop loss ₹74.50
2] Ajanta Pharma: Buy at ₹2285, target ₹2400, stop loss ₹2235
3] Chambal Fertilisers: Buy at ₹512, target ₹535, stop loss ₹500
It is important to note that the views and recommendations provided are those of individual analysts or broking companies and not endorsed by Mint. Investors are advised to consult certified experts before making any investment decisions.
