The Indian stock market extended its rally for a fourth straight session and finished with decent gains after recovering from daily lows on Thursday following the RBI meeting. The 50-stock index Nifty ended with 42 points increase at 17,599 levels, while the 30-stock index BSE index closed at 143 points greater at 59,832. The Nifty Bank Index closed 41 points to 41,041. The broad market indices increased more than the Nifty as the advance decrease ratio was positive at 2.01:1.
Sumeet Bagadia, Executive Director of Choice Broking, believes the market is in an uptrend that could continue in the short term following RBI’s decision to hold rates. Choice Broking’s Sumeet Bagadia said the Nifty is between 17,300 and 18,000 today, while the Nifty Bank Index is between 40,500 and 41,700. The technical expert advised the investors to preserve buy-on dips until the declined levels on both indices were managed.
For buying or selling stocks to watch at the Indian Stock Exchange’s opening on Monday, Sumeet Bagadia recommended buying three stocks next week, and three stocks to buy or sell are DLF, IGL, and Sun Pharma.
The price persists above ₹1,000, which is o.50% of the Fibonacci retrenchment. So, based on the above technical structure, you can open a long position on CMP ₹1012. But to be on the safer side, a better entry range would be at levels near ₹1000-1005. A close and hold above ₹1020 will lead to ₹1060-1070 levels in the coming days. SL can be kept at ₹975.
In the ₹365-360 range, the DLF share price has stable support. The stock price currently stands at ₹381. Charts show a slight resistance near the ₹383 level. After breaking the above resistance, the stock could be closer to its price target of ₹410 and above. The stock has formed a bullish candlestick on the weekly chart, signaling its strength. The RSI indicator is also approaching 54, indicating that the stock room has room for further growth.
The stock is currently trading at a 52-week high since September 2022. IGL’s share price has faced major resistance in the ₹445-455 range.
According to the above technical analysis, it is recommended to buy IGL down. Traders buying at the CMP of ₹462.4 should add shares up to the ₹450 level.
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
Key Points: USD/MXN closed at 17.1268, down by 0.64%. The US Dollar Index increased by 0.67%, highlighting its strength at…
Key Points AUD/USD Pair shows early recovery, currently priced at 0.6525, indicating a subtle improvement and a possible shift in…
This website uses cookies.