The Indian stock market opened lower on Thursday after a sharp selling spree in small and mid-cap stocks. However, the bulls made a strong comeback in the last session, leading to a significant uptick in most sectors, ultimately aiding Dalal Street in recovering losses and closing higher for the day. With the exception of the Bank Nifty index, all sectors ended in positive territory, with IT and auto sectors outperforming.
The Nifty 50 index closed 162 points higher at the 22,217 level, while the BSE Sensex gained 535 points to end at 73,158. In contrast, the Bank Nifty index finished 99 points lower at 46,919. The mid-cap index outperformed the Nifty 50 index, with an improved advance-decline ratio of 1.22:1.
Global stocks also rallied, with Japan’s benchmark hitting a record high and Europe set to follow suit after Nvidia’s strong sales forecast reinforced investor confidence in generative AI use.
Looking forward, technical research analysts provide insights into the Nifty 50 and Bank Nifty index trends. Nagaraj Shetti from HDFC Securities anticipates a bullish trend for the Nifty index, targeting levels between 22,500 and 22,600 in the short term, with immediate support at 22,050. Vaishali Parekh from Prabhudas Lilladher highlights the Bank Nifty’s underperformance and suggests a breach above 47,400 for a more positive bias.
Experts Sumeet Bagadia, Ganesh Dongre, and Shiju Koothupalakkal recommend seven stocks for trading considerations:
1. Maruti Suzuki: Potential uptrend after breakout.
2. Godrej Consumer Products: Bullish momentum above important EMAs.
3. GAIL: Bullish reversal pattern with support at ₹177.
4. LT: Expect uptrend towards ₹3410.
5. ONGC: Positive outlook with initial target at ₹100.
6. Mishra Dhatu Nigam: Rebound from support to target ₹462.
7. LIC: Positive candle formation suggests upward movement towards ₹1117.
Traders are advised to consider these stock recommendations from analysts to navigate the market effectively. It’s essential to consult certified experts before making investment decisions.
