The Indian stock market faced its fifth consecutive decline on Friday, influenced by mixed global signals and ongoing Q2 results for 2024. The Nifty 50 index fell 218 points, closing at 24,180, while the BSE Sensex dropped 662 points to finish at 79,402. The Nifty Bank index also experienced a significant decrease of 744 points, ending at 50,787. Cash market volumes rose compared to the previous session, but both Small-cap and Mid-cap indices fell even more sharply, indicating growing concerns among retail and high-net-worth investors.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the overall market trend is weak as the Nifty 50 is now below the 24,700 mark. He noted that the index has crucial support at 23,700, and it would need to break above 24,700 for any signs of stability. The Bank Nifty index has also slipped below 51,000, with support now at 50,400.
Regarding today’s stock recommendations, Parekh suggests the following three shares:
- Indian Hotels Company
- Buy Price: ₹690
- Target: ₹720
- Stop Loss: ₹678
- Kansai Nerolac Paints
- Buy Price: ₹279
- Target: ₹292
- Stop Loss: ₹271
- Lupin
- Buy Price: ₹2,156
- Target: ₹2,240
- Stop Loss: ₹2,100
In summary, Parekh’s analysis indicates that the market sentiment remains fragile, with the Nifty’s immediate support at 24,000 and resistance at 24,400. Meanwhile, the Bank Nifty’s range is expected to be between 50,300 and 51,300.
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