Indian equity markets celebrated a historic session on Thursday, with the key benchmark indices, the Nifty 50 and the BSE Sensex, scaling unprecedented heights. Fueled by strong global market cues, the indices opened with a gap-up and swiftly climbed to fresh all-time highs.
Market Soars to New Records
The Nifty 50 index registered a new peak of 26,310.45, while the BSE Sensex touched a record high of 86,055.86. The Bank Nifty index was not to be left behind, also achieving a new milestone by hitting 59,866.60, marking its second consecutive session of creating a fresh high. However, as the day progressed, some profit-booking was witnessed, causing the indices to trim a portion of their impressive gains.
Sectoral performance was a mixed bag. The Media index emerged as a gainer, rallying 0.60%. On the flip side, the Reality and Oil & Gas indices were the top laggards, each shedding 0.70%.
Expert Outlook: Bullish Sentiment with Clear Targets
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the market sentiment is robustly positive. She stated that the Nifty 50 index, after breaching its previous peak, has entered a new territory with a strong bias, suggesting further upward movement is likely.
Parekh identified a crucial support band for the Nifty 50 between 25,750 and 25,800. She emphasized that if this support holds firm, the index is poised to reach fresh upside targets of 26,500 and 27,200 in the near term. For intraday trading, she pegs immediate support at 26,100 and resistance at 26,400.
Bank Nifty Eyes the 60,000 Landmark
Commenting on the Bank Nifty's stellar performance, Parekh noted that the index is showing strong momentum and is on the verge of conquering the 60,000 mark. She attributed this strength to frontline banking stocks like ICICI Bank, HDFC Bank, Kotak Bank, and Axis Bank, which she believes are well-positioned for further gains.
The Bank Nifty has its near-term support positioned at the 58,600 level. Sustaining above this could propel the index towards ambitious new targets of 61,400 and 63,500. The expected daily range for the index is between 59,300 and 60,400.
Intraday Stock Picks from an Expert
For traders looking for opportunities, Vaishali Parekh recommended three stocks for intraday trading on Thursday:
- Belrise Industries: Buy at ₹164, Target ₹174, Stop Loss ₹160
- Diamond Power Infrastructure: Buy at ₹141, Target ₹148, Stop Loss ₹137
- GNA Axles: Buy at ₹320, Target ₹335, Stop Loss ₹315
Disclaimer: This market analysis is for educational purposes only. The views and recommendations are those of the analyst and not of Mint. Investors are advised to consult certified experts before making any investment decisions.
