Indian equity markets concluded the trading week on a positive note, with both benchmark indices registering gains driven by multiple favorable factors including the reopening of the US government, encouraging domestic corporate earnings, and a positive political outcome from the Bihar elections.
Market Performance Highlights
The Nifty 50 index edged higher by 0.12% to settle at 25,910.05, while the BSE Sensex climbed 0.1% to reach 84,562.78 during Friday's trading session. More significantly, both indices demonstrated robust weekly performance, advancing approximately 1.6% over the entire week.
The broader market sentiment remained equally buoyant, with small-cap and mid-cap indices posting gains of about 1% and 1.5% respectively, indicating widespread investor confidence across market capitalizations.
Expert Market Outlook and Analysis
Sumeet Bagadia, Executive Director at Choice Broking, maintains a positive outlook on the Indian stock market, noting that the Nifty 50 index is successfully sustaining above the crucial 25,750 level. However, he identifies a significant resistance point at 26,100 for the index.
"The 50-stock index is facing a hurdle at 26,100. So, a bullish or a bearish trend can be assumed in the breakage of either side of this range," Bagadia commented. He advises investors to maintain a stock-specific approach and focus on technically strong stocks displaying promising chart patterns.
Stock Recommendations for Monday Trading
Bagadia has identified three stocks that present buying opportunities based on technical analysis for Monday's trading session.
Bharat Electronics Limited (BEL)
Recommended Action: Buy in Cash at ₹426.85
Target Price: ₹460
Stop Loss: ₹410
BEL is currently exhibiting a bullish technical structure on daily charts, having recently witnessed a significant trendline breakout followed by a successful retest. This pattern has strengthened upside momentum and reaffirmed buyer conviction. The stock is trading comfortably above its key 20, 50, and 200-day Exponential Moving Averages, reinforcing a rising trend structure.
The formation of higher-high and higher-low patterns from recent bottom levels indicates sustained strength in the broader trend. Momentum remains supportive with RSI at 60.15, suggesting room for continued upward movement. A decisive break above 430 could unlock further bullish momentum toward higher targets.
State Bank of India (SBI)
Recommended Action: Buy in Cash at ₹967
Target Price: ₹1040
Stop Loss: ₹934
SBIN is demonstrating strong bullish momentum after a steady upward movement over recent weeks, reflecting sustained buying interest and positive sentiment in the banking sector. The price action clearly shows a pattern of higher highs and higher lows, indicating continuation of its broader uptrend.
The stock is trading well above its 20-day, 50-day, 100-day, and 200-day EMAs, showcasing a robust bullish structure. Rising volumes during upward price moves signal healthy accumulation and institutional participation. A decisive close above the 970+ zone could initiate the next rally phase.
Eternal
Recommended Action: Buy in Cash at ₹304
Target Price: ₹324
Stop Loss: ₹292
ETERNAL has shown stabilization signs after a corrective phase, currently indicating a mild recovery attempt as buyers re-emerge near key support zones. Despite recent correction, the stock has managed to hold above the 200-day EMA, which remains upward-sloping, signaling that the broader trend structure remains intact.
The recent price uptick coupled with supportive volume activity suggests accumulation at lower levels. A decisive move above ₹310-315 could confirm renewed momentum and open the path for a short-term upswing. The stock appears well-positioned to resume its upward trajectory if it maintains levels above 300.
Investment Disclaimer: This analysis is strictly for educational purposes. The views and recommendations expressed belong to individual analysts and broking firms, not Mint. Investors should consult certified experts before making investment decisions, as market conditions can change rapidly and individual circumstances may vary.
