The Indian stock market saw a positive trend today, following the strong performance of the US markets. This was fueled by improved investor sentiment due to easing tensions in the Middle East and a decline in oil prices. Vinod Nair, Head of Research at Geojit Financial Services, noted that the Bank Nifty stood out domestically, thanks to its impressive fourth-quarter performance. It’s expected that steady profits and reduced tensions in the Middle East will keep the market upbeat. However, the overall market dynamics will depend on factors like US non-farm payroll statistics and FED policy.
The BSE Sensex closed at 74,671.28 points, up 941.12 points, or 1.28%, while the NSE Nifty 50 ended at 22,643.40 points, up 223.45 points, or 1%.
Stock Recommendations by Anand Rathi
Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, observed that the Nifty 50 closed above the resistance level of 22,500–22,600, suggesting sideways movement in the coming days. He suggested that the next resistance for the Nifty 50 spot would be 22,800-22,900.
Dongre recommended three stocks for day trading: Bajaj Finserv Ltd, State Bank of India, and Bank of Baroda.
Stocks to Buy Today
- Bajaj Finserv Ltd: Buy at ₹1,596; Stop Loss: ₹1,565; Target Price: ₹1,645
- The stock has strong support around ₹1,565 and is showing a reversal price action formation at ₹1,596. Traders can buy with a stop loss of ₹1,565 for a target price of ₹1,645 in the upcoming weeks.
- State Bank of India: Buy at ₹826; Stop Loss: ₹810; Target Price: ₹845
- The stock has seen a bullish reversal pattern in the short term and could bounce towards ₹845 while holding the support level of ₹810. Traders can buy with a stop loss of ₹810 for a target price of ₹845.
- Bank of Baroda: Buy at ₹273; Stop Loss: ₹265; Target Price: ₹284
- There’s been a fresh breakout in this stock around ₹265. With a reversal price action and bullish candlestick pattern formation at ₹273, the stock may rally towards ₹284. Traders can buy with a stop loss of ₹265 for a target price of ₹284.
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