The Indian stock market extended its losing streak on Monday, with indices ending in the red for the seventh straight session. The Nifty 50 dropped by 0.34% to close at 23,453.80, down from the previous close of 23,532.70. The BSE Sensex also slid by 0.31%, finishing at 77,339.01, compared to 77,580.31 on Friday.
Market Outlook: What Experts Say
Siddhartha Khemka, Head of Research at Motilal Oswal, noted that with the Q2 earnings season concluding and foreign institutional investor (FII) selling pressure persisting, the Nifty is likely to trade within a broad range, as there are no strong positive triggers.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, highlighted that the Nifty faced continuous selling pressure, ending the day on a weak note at 23,454. The volatility index (India VIX) rose by 2.65% to 15.17, signaling heightened uncertainty.
Technically, the Nifty has broken below its 200-day exponential moving average (23,540), which now acts as a resistance zone. Support is seen near the 50-week simple moving average at 23,300. Yedve expects the index to consolidate within the range of 23,300 to 23,600 in the near term.
The Bank Nifty, on the other hand, showed resilience, closing 0.16% higher at 50,364. It managed to hold above its 200-day EMA at 49,910, suggesting some strength. If it remains above this level, Yedve anticipates a pullback to 50,500–50,600, with potential to touch 51,000 if bullish momentum sustains.
US Dollar Update
The US Dollar Index, which measures the greenback against six major currencies, fell 0.23% to 106.48, just below its 52-week high of 107.07. Meanwhile, the dollar gained 0.36% against the Japanese Yen, trading at 154.9.
Top 5 Stocks to Watch Today
1. Aegis Logistics (₹842.9)
- Buy: Target ₹899, Stop Loss ₹810
Aegis Logistics has broken a key resistance level, signaling strong buying momentum. The stock shows a bullish pattern, supported by its RSI at 66, indicating further upside potential.
2. Syrma SGS Technology (₹560.1)
- Buy: Target ₹590, Stop Loss ₹540
Syrma has recently seen a strong breakout with high volumes. It’s trading above key moving averages, suggesting a continuation of its uptrend. RSI at 70 indicates solid buying interest.
3. State Bank of India (₹815)
- Buy: Target ₹835, Stop Loss ₹800
SBI is holding firm above its ₹800 support level. A rebound in price action suggests the stock could move higher, targeting ₹835 in the short term.
4. Jindal Steel & Power (₹887)
- Buy: Target ₹910, Stop Loss ₹870
Jindal Steel has shown a bullish reversal pattern, with its current support at ₹870. Analysts expect a potential move to ₹910 in the coming days.
5. Ramkrishna Forgings (₹940)
- Buy: Target ₹970, Stop Loss ₹920
Ramkrishna Forgings has broken out from a key price level, supported by strong RSI momentum. Traders can expect the stock to climb towards ₹970 if the current trend holds.
These stocks are showing promising patterns, offering short-term opportunities for investors. As always, manage your risk with appropriate stop-loss levels.
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