Our Terms & Conditions | Our Privacy Policy
Market update: Nifty and Nifty Bank analysis
The Nity50 opened with a significant gap up of 102 points at 23,306.20. However, sellers intervened and pulled the index down 136 points to 23,170.65. Nevertheless, it found strong support at 23,170 and rebounded 215 points to close at 23,337.05. The BSE Sensex closed at 77073.44, up 0.59%.
View Full Image
Source: TradingView
The Nifty Auto, Nifty India Consumption and Nifty FMCG indices underperformed the market and closed in red.
The top performers among Nifty50 stocks were KOTAKBANK (+9.06%), WIPRO (+6.5%), BAJFINANCE (+3.42%) and BAJAJFINSV (+3.25%). The top losers were SBILIFE (-2.65%), TRENT (-2.20%) and SHRIRAMFIN (-1.98%).
Indian stock market outlook
As mentioned in an earlier report, the market was expected to bounce back to the 23,350–23,400 range. Today, the market is trading near this level, which also corresponds to the 38% retracement from the recent swing high and swing low. For the next few days, 23,400 will be a key level. If the market fails to sustain above this, we anticipate a fresh sell-off.
Also read: Metro Brands had a decent Q3 but remains in the slow growth lane
View Full Image
Source: TradingView
Three stocks to buy, recommended by Ankush Bajaj
REDINGTON | Buy at: ₹222; Target: ₹236-242; stop loss: ₹214
The stock has crossed its lifetime high after a prolonged consolidation phase. Additionally, the surge in volume confirms a bullish trend in the near term.
Also read: Wipro fights its way back into the game
BIOCON | Buy at: ₹401.55; target: ₹428-435; stop loss: ₹386
The chart of Biocon has been showing a strong bullish trend for a long time. Today, the stock closed at a lifetime high. Taking a long trade with a small stop-loss could be a good strategy.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Also read | Kotak Bank: Lower cost of funds prevents margin slide
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.