Last week, the Indian stock market showed stability amid positive global indicators hinting at a possible US Fed rate cut. While the Nifty 50 index gained 19 points to close at 22,493, the Sensex rose 33 points, ending at 74,119. However, the Bank Nifty index closed 129 points lower at 47,865. Small-cap and mid-cap indices witnessed buying interest, climbing 0.70 percent and 0.39 percent, respectively.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, Nifty’s consolidation above 22,500 levels and broader market buying were notable. The majority of sectors, including Metals, FMCG, Financials, and Consumer Durables, ended in green, with attention on Tata group stocks amidst buzz surrounding Tata Sons’ IPO.
Looking ahead, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, maintains a positive outlook on Nifty, targeting around 22,800 levels in the next week. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expects Bank Nifty to maintain its upward trajectory, with frontline banking stocks showing promise. Support and resistance levels for Bank Nifty are estimated at 73,000/22,000 and 75,200/23,000, respectively.
Market participants are keeping an eye on the ECB interest rate meeting and US Non-Farm Payroll data, expecting continued market momentum. Khemka predicts Nifty to move towards 22,700 to 22,750 levels, focusing on large-cap stocks.
In terms of options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, notes significant open interest at 22,500 and 22,600 strike prices for Nifty Call options and 22,500 and 22,400 for Put options.
For Bank Nifty, major open interest lies at 48,000 and 48,500 Call options and 48,000 and 47,500 Put options, indicating potential trading zones.
Day trading recommendations include:
- Zensar Technologies: Buy at ₹591 with a target of ₹622 and stop loss at ₹580.
- Blue Star: Buy at ₹1,324 with a target of ₹1,367 and stop loss at ₹1,292.
- Hero Motocorp: Buy at ₹4,645 with a target of ₹4,850 and stop loss at ₹4,570.
- Raymond: Buy at ₹1,760 with a target of ₹1,820 and stop loss at ₹1,730.
- Tata Power: Buy at ₹424 to ₹425 with a target of ₹445 and stop loss at ₹413.
- Chambal Fertilisers: Buy at ₹372 to ₹373 with a target of ₹385 and stop loss at ₹367.
Disclaimer: The above recommendations are from individual analysts and broking firms, not LegalParivar.com. Investors should consult certified experts before making investment decisions.
