The S&P BSE Sensex went up by 0.1% to 73,961 points, while the NSE Nifty 50 ended the day with a 0.2% rise to 22,531 points. Both indexes initially gained as much as 0.7% in early trading before giving up some of those gains.
Market Outlook Ahead of Election Results
Today, June 1, marks the end of India’s election campaign. The votes will be counted on June 4. Investors are closely watching the exit polls, which predict the results.
According to data from the Controller General of Accounts (CGA) on May 31, the government’s budget deficit for 2023-24 was 5.63% of GDP, slightly better than the 5.8% predicted in the Union Budget. The fiscal deficit, the gap between revenue and spending, was Rs 16.53 lakh crore.
Vinod Nair’s Market Insights
Vinod Nair, Head of Research at Geojit Financial Services, noted, “Investors are adjusting their portfolios to align with strong sectors and stocks. Good Q4 FY24 earnings and better-than-expected GDP growth will support valuations in the medium term. Weak global cues and high core inflation in the Eurozone may keep the ECB from changing rates. The short-term market direction will depend on the election results. Major economic indicators like RBI policy, PMI data, and auto sales numbers will give investors a clearer market picture.”
Stocks to Buy on Monday — June 3
Sumeet Bagadia recommends three stocks to buy on Monday: Adani Ports and Special Economic Zone Ltd, Power Grid Corporation of India Ltd, and Tata Steel Ltd.
Adani Ports and Special Economic Zone Ltd
- Current Price: ₹1,437.40
- Analysis: The stock has formed a higher high, higher low pattern on the daily chart with increased trading volume, signaling a potential breakout. If it closes above ₹1,450, it could reach ₹1,600. Support is at ₹1,375, offering a buy-on-dip opportunity.
- RSI: 62, trending upward, indicating strong buying momentum.
- Stop-Loss: ₹1,375
- Summary: Adani Ports looks like a good buy with a target of ₹1,600, provided risk management measures are in place.
Power Grid Corporation of India Ltd
- Current Price: ₹310
- Analysis: The stock has formed a higher high, higher low pattern with increased trading volume, indicating a potential breakout. If it closes above ₹320, it could reach ₹350. Support is at ₹304, offering a buy-on-dip opportunity.
- RSI: 52, trending upward, indicating strong buying momentum.
- Stop-Loss: ₹304
- Summary: Power Grid Corporation of India looks like a good buy with a target of ₹350, provided risk management measures are in place.
Tata Steel Ltd
- Current Price: ₹167.2
- Analysis: The stock has experienced profit booking from its all-time high of ₹177.7. It has strong support near ₹163.3, aligned with its 50-day Exponential Moving Average (EMA). Investors should wait for a price reversal. A breakout above ₹172 could push the stock to ₹180 and ₹188. A breakdown below ₹163.3 could lead to further correction to ₹155.
- Stop-Loss: ₹155
- Summary: Tata Steel appears to be a good buy with a target of ₹188, provided risk management measures are in place.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
