Indian Stock Market Maintains Upward Trajectory
The Indian equity markets continued their positive run last week, with the Nifty 50 index recording gains across most trading sessions. Despite experiencing some intraday fluctuations, the overall market sentiment remained optimistic with consistent buying interest. The benchmark index successfully preserved its weekly advances, concluding the period on a stable and promising note.
The Nifty 50 approached its record high near 26,277 points but fell short of achieving a new breakthrough, eventually settling around the 26,100 mark. However, the broader market segments faced challenges, with both the Midcap and Small Cap indices witnessing continuous declines throughout the trading week.
Expert Analysis and Market Outlook
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, maintains a positive outlook on the Indian stock market despite the Nifty 50 closing lower on Friday. She emphasizes that the index has successfully maintained its position above the crucial 26,000 level, establishing significant support at 25,800 points.
Regarding the Nifty 50's performance, Parekh observed, "The index experienced significant volatility, declining due to profit-taking activity and closing near 26,000. The broader markets also retreated after encountering resistance near peak levels, though the underlying positive bias remains intact."
She identified immediate support for the Nifty 50 at 25,900 and resistance at 26,300. Parekh added that "once the index confirms a breakthrough above 26,200, we can anticipate fresh upward targets of 26,700 and 27,200 levels in the coming sessions."
Bank Nifty Performance and Stock Recommendations
The Bank Nifty index encountered resistance near 59,440 before experiencing profit-taking pressure, closing around 58,900. Parekh noted that the banking index has near-term support positioned at 58,000, with critical support at the 50EMA zone of 57,300.
She projected that "maintaining the 58,500 level could trigger another upward movement with visible targets of 60,000 and 61,600 levels." The daily trading range for Bank Nifty is expected between 58,500 and 59,400.
Vaishali Parekh recommended three stocks for trading today:
NIIT Learning Systems: Buy at ₹361.75 with target price of ₹377 and stop loss at ₹354
Suryoday Small Finance Bank: Buy at ₹141 with target price of ₹150 and stop loss at ₹138
Texmaco Infrastructure & Holdings: Buy at ₹100 with target price of ₹105 and stop loss at ₹98
Disclaimer: This market analysis is intended for educational purposes only. The views and recommendations expressed belong to individual analysts and broking companies, not Mint. Investors should consult certified experts before making any investment decisions.
