Indian Markets Scale New Heights on Global Optimism
The Indian stock market delivered an impressive performance on Thursday, with both benchmark indices climbing close to their historic peaks. The Sensex surged by approximately 446 points, while the Nifty 50 settled just below the crucial 26,200 mark, reflecting strong bullish sentiment across trading floors.
Market experts attributed this upward movement primarily to positive global cues, particularly the outstanding results from US chipmaker Nvidia that exceeded market expectations. This development triggered a worldwide rally in technology stocks and boosted investor confidence throughout Asian markets, including India.
Expert Insights and Market Outlook
Abhinav Tiwari, Research Analyst at Bonanza, highlighted the ongoing optimism among global investors. "Looking forward, optimism continues as global investors anticipate favorable cues from both AI-driven technology trends and upcoming US macroeconomic data that could impact risk sentiment," he stated. Tiwari further emphasized that market participants would closely monitor foreign fund flows, domestic corporate earnings performance, and progress in global trade discussions for further direction.
Rupak De, Senior Technical Analyst at LKP Securities, provided technical perspective on the Nifty's movement. "The Nifty 50 closed higher as index bulls pushed to challenge the all-time peak on Thursday. On the daily chart, the index surpassed the recent swing high, which enhances the bullish sentiment," De observed. He noted that the increasing EMAs on the daily timeframe indicate a robust bullish trend.
De outlined crucial levels for traders: "Market sentiment continues to favor long positions as long as the index stays above 26,100. A decline below 26,100 could lead to short-term weakness, potentially driving the index down to 25,900. Conversely, if it holds above 26,160, a recovery towards 26,300 and beyond may occur."
Multiple Factors Driving Market Momentum
Vinod Nair, Head of Research at Geojit Investments, identified several factors contributing to the market upswing. "Indian stocks increased due to optimism surrounding trade discussions between India and the US and advancements on phase-1 agreements, enhancing market sentiment overall," he commented.
Nair also pointed to global indicators showing strength, propelled by gains in the tech sector following robust earnings. "New Foreign Institutional Investor (FII) inflows and the resilience of large-cap sectors such as Automotive, Financials, and Information Technology contributed to the positive trend," he added. However, he advised caution ahead of significant US economic data that could introduce short-term fluctuations.
Expert Stock Recommendations for Traders
Market experts from leading brokerages have recommended eight intraday stocks for consideration:
- Man Industries (India) Ltd
- MTAR Technologies Ltd
- Indian Energy Exchange Ltd (IEX)
- Container Corporation of India Ltd (CONCOR)
- Punjab National Bank (PNB)
- Waaree Energies Ltd
- Ideaforge Technology Ltd
- Ramco Industries Ltd
Sumeet Bagadia, Executive Director at Choice Broking, provided detailed analysis on his top picks. For Man Industries, he recommends buying at ₹464 with a stop loss at ₹448 and target of ₹500. "Man Industries share price has delivered a strong bullish performance, closing at ₹464, up sharply for the session and finishing near the day's high," Bagadia noted.
Regarding MTAR Technologies, Bagadia suggests buying at ₹2,696 with stop loss at ₹2,600 and target of ₹2,900. "MTAR Technologies share price has posted a strong bullish performance, closing at 2,696.90, gaining sharply for the session," he stated.
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended three stocks with specific targets:
- IEX: Buy at ₹142, stop loss ₹135, target ₹150
- CONCOR: Buy at ₹516, stop loss ₹500, target ₹540
- PNB: Buy at ₹123, stop loss ₹118, target ₹128
Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, provided his technical picks:
- Waaree Energies: Buy at ₹3,246, target ₹3,370, stop loss ₹3,180
- Ideaforge Technology: Buy at ₹493.50, target ₹524, stop loss ₹483
- Ramco Industries: Buy at ₹324.60, target ₹340, stop loss ₹316
The analysts emphasized that these recommendations are based on technical analysis and current market conditions, advising investors to consult certified experts before making investment decisions.
